Solve your debt problems with Debts Management.co.uk
It’s difficult to know where to turn when you’ve got debt problems, but thankfully help is at hand.
By undertaking the research that led you to us, you have taken that important first step – recognising that you’ve got a debt problem.
Although your debt problems may seem to be getting worse and worse, there are a number of debt solutions available to you.
The key is to take action as soon as possible, so pick up that phone today and give us a call for free. We’ll give you the best possible advice and can arrange all the main debt solutions for you.
The first debt solution many people consider is to consolidate their debts via a debt consolidation loan, either unsecured or alternatively one that is secured against your home. Secured debt consolidation loans generally attract a lower interest rate than unsecured debt consolidation loans, however you should think carefully before taking out any secured loans, as securing debts against your home could lead to your home being re-possessed if you do not meet your repayments.
Debt Management Plans
If debt consolidation loans are not appropriate for you, debt management plans could be the answer. These enable you to consolidate all your unsecured debts, making one affordable monthly payment without borrowing any more money.
Debt management plans are suitable for people with unsecured debts up to £15,000 and allow you to make repayments to your creditors via one monthly payment, which you make to a debt management company such as ourselves. We then make payments on your behalf to your creditors, with the monthly payment set at a cost you can realistically afford. There is also no need to worry calls or letters from your creditors, as we handle all communication with your creditors once your debt management plan has been set up.
Whilst setting up your debt management plan we will also negotiate with your creditors to try and persuade them to reduce or freeze the interest and/or charges on your debts, although obviously we cannot guarantee this. However the beauty of a debt management plan is that you have the flexibility to change your payment plan at any time, particularly if your personal circumstances change.
If you are having serious problems with debt, for example if you are unable to keep up on your minimum repayments to your various creditors, and if you have more than £15,000 of unsecured debt, then an Individual Voluntary Arrangement (IVA) could be more appropriate and help you to avoid bankruptcy.
Individual Voluntary Arrangements (IVAs)
IVAs are a less drastic alternative to bankruptcy.
Whereas a debt management plan is an informal agreement between you and your creditors, an IVA is a legally binding contract. There are real benefits to this option, as the IVA is as legally binding on your creditors as it is for you.
If you maintain your monthly payments your creditors can’t take further action against you, your assets are protected, interest and charges are frozen, and you’ll pay only what you can afford each month.
If you keep to the repayments that have been agreed for you over the duration of your IVA (which is typically 60 months), your remaining debt is written off at the end of the repayment period.
Debts Management.co.uk can help with all your debt solution needs
So, if you are having debt problems call us today for free advice on the different debt solutions and which one is right for you.
Whilst we specialise in debt management, sister companies within our group offer the other debt solutions, including IVAs and debt consolidation loans.
So whichever debt solution is right for you, we’ll be able to arrange it for you.
Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.
Failure to complete the term of an IVA can result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)