A Debt Solution that Works for you
If you are in debt it is easy to feel as if there is no way out. When this happens, you can lose sight of your goal of becoming debt-free. Feeling helpless and alone, most people in this situation struggle to cope; believing there is no solution. We are here to show you this is not true and that there are in fact many different debt solutions available to you. As an independent debt management advice service, we will help you to see what options you have and work closely with you to find the best solution for your own unique situation. Providing free debt solutions to people living in the UK, we will do everything we can to help you become debt-free as quickly as possible. The first thing to remember when you are in debt is that you do have options. Designed to help people with various types of debt, including credit card debt, these solutions include:
- Debt Management Programs (DMP)
- Involuntary Voluntary Arrangement (IVA)
- Debt Consolidation Loans (DCL)
- Trust Deeds
What is my best option?
Understanding all the options available to you and then deciding the right option can be a daunting matter, particularly with the stress of ongoing debt looming over you. This is why we have created a quick online assessment. Based on certain criteria such as the amounts and types of debt and your personal circumstances, we can help guide you to the most ideal solution whether that be a debt management plan, bankruptcy, IVA or DRO. Complete our quick online assessment now.Take our quick online test
The Different Debt Options Available to you
Providing first-class debt solutions services, we will work closely with you to find the right plan for your needs. Here are the various debt solutions:
Debt Management Plan
A Debt Management Plan (DMP) is an informal agreement between you and those you owe money to. Unlike other options, a DMP is not legally-binding and it is therefore important to remember that your creditors are not obliged to agree to your proposal. As well as helping to draw up a personal repayment plan for you, we can also assist you in your negotiations with your creditors.
Individual Voluntary Agreement
An Individual Voluntary Arrangement (IVA) is similar to a DMP in that it is an agreement between you and your creditors to repay your debts over an agreed period of time. However, unlike a DM, an IVA is legally binding. Whilst IVAs can be flexible in regards to how much you repay and the time you have to do this, these agreements can be expensive and there are some very real risks that must be considered.
Debt Consolidation Loan
A Debt Consolidation Loan is simply what it sounds. This involves you taking out a new loan out to pay off all of your existing loans; leaving you with just one loan to repay. A Debt Consolidation Loan is a useful strategy in that it allows you to reduce the interest you are paying, as well as your monthly repayments and the number of companies you owe money to. However, a Debt Consolidation Loan can at times involve extra costs and therefore, as with the other options, it is best to get expert advice before deciding which is best for you.
For people owing more than £5,000, declaring bankruptcy can also be an option. Whilst this may seem like an attractive proposition for some, there are many factors that must be considered before you do this, including the fact that your financial affairs can be restricted for up to 15 years after you have been declared bankrupt.
We also offer debt solutions specifically designed for people living in Scotland. A Trust Deed is a formal agreement that is available to people who have been living in Scotland for at least six months. Available to people with debts of more than £8,000, a Trust Deed eliminates multiple payments to different creditors by combining these into a single affordable monthly payment that is made to a Trustee. Viewed as a better alternative to declaring bankruptcy, a Trust Deed prevents creditors from taking legal action against you as well as protecting assets such as your home and car from repossession.