Debt Solutions

If you are worried about your debts getting out of control, then there are a number of debt solutions which you could consider to help you get debt free. First, you need to gather together some information, such as your income, your total debts and other expenditures so that you can work out a budget and start repaying your creditors. The debt solutions available to you include:

A Debt Management Plan – If you have more than £5,000 in debt, then you could opt for a DMP, whereby you come to an agreed repayment plan with your creditors. You set up a fixed monthly payment, and could also lower or freeze interest rates on your debts. Debt Management companies can do all this on your behalf.
Consolidation Loan – This would bring all your debts together into one place, so you can have just one manageable monthly payment. It could lower your monthly outgoings but might take longer to repay as a result.
IVA – An Individual Voluntary Arrangement can help you to repay the money which you owe by coming to an arrangement with your creditors so that they will stop hassling you and you can work towards getting debt free.
Bankruptcy – If you have so much debt that your budget will not stretch even to lower monthly repayments, then you could consider bankruptcy as a last resort. However, this will severely damage your credit report and can affect your eligibility for other credit such as mortgages for a fixed period of time.

Whatever your debt situation, debt advice is sure to help. Click on the link below and fill in our quick debt enquiry form and a specialist debt advisor will call you back to discuss the debt solutions available to you.