Debt problems? - here are some solutions
Debt problems? - here are some solutions
Rather than struggling to keep up multiple payments to multiple debts, some people in debt choose to consolidate their debts - applying for a loan that’s big enough to pay them all off. This means they’ll only have one payment to make per month, reducing the risk of missing payments (and the charges and damage to their credit rating that can result).
A form of insolvency, an Individual Voluntary Arrangement is a legally binding agreement between the borrower and their creditors. If you owe around £15,000 or more to more than two unsecured creditors, an Insolvency Practitioner can tell you whether an IVA might be the best way for you to get out of debt. If they think it is, they can draw up proposal, detailing how much you can afford to pay towards your debts every month for the next (normally) five years, once you’ve taken your essential expenses into account.
A Trust Deed is similar to an Individual Voluntary Arrangement (IVA), but only available to residents of
No debt solution is ‘right’ for everyone. If you are having debt problems, it’s vital to talk to a debt adviser who understands all the available debt solutions and can help you choose the solution that’s right for you.
