If you are looking for a way to reduce your outgoings to creditors but feel as though a Debts Management Plan is not the solution for you, our debts team can still offer you a number of alternatives to debts management.

To help you understand the debts management alternatives which are available, simply call now on freephone 0800 0481 777.

Debts Management Alternatives

A debts management plan is not suitable for everyone, but there are debt management alternatives which still allow you to manage your debt more effectively, including:

• IVA – Individual Voluntary Arrangement – An IVA is a legally binding agreement between you and your creditors. You pay a fixed affordable monthly amount over, typically 60 months. All interest and charges on your debts are frozen and anything you cannot afford to repay is automatically written off at the end of the agreement.IVAs are only suitable for those with over £15,000 worth of debt over three of more creditors. If you qualify for an IVA then it is often the best debt solution for you.If you are a Scottish resident then a Trust Deed is your alternative to an IVA.

• Consolidate Debts with a Secured Loan – Although a debts management plan will allow you to consolidate your debts into one low monthly payment, this is done without any form of a loan. But there are debt consolidation loans. A debt consolidation loan means that you swap numerous high-interest debts, including loans and credit cards with one lower-interest loan. This should offer you the benefit of making a single monthly payment which allows you greater control over your outgoings.A secured loan for debts consolidation purposes is only really suitable for those with more equity in their home than the amount of unsecured debts. If you think you might struggle to make payments to a secured loan then it is not the right debt solution for you, as failure to make these payments could lead to you losing your home.

• Bankruptcy – If you are considering bankruptcy then you need to consider your options and be aware that it is not an easy way out of debt. Bankruptcy should be seen as a last resort as it has serious and lasting implications for your future. Always take professional advice from a Licensed Insolvency Practitioner.

Considering Debts Management Alternatives?

If you are considering one of the alternatives to debt management but you are not sure which one is right for you then you need to get in touch with our specialist debt advisors. They will go through your finances and help you to find a debt solution which is right for you.

Call today on freephone 0800 0481 777 or fill in the quick enquiry form and we will call you back.

Terms and Conditions apply. Debt Management Plans are for unsecured debts only, and the main benefit of this plan is the capability to only repay an affordable monthly amount, meaning it will take longer to repay your debts. You will receive allowances to pay Secured/Priority debts. Whilst you pay our initial fee, monies are not distributed to your creditors. Where contractual payments are missed your debt and repayment term could increase.