Debt-free
Can I really be debt-free?
Thousands of people in the UK struggle to make ends meet every month and find themselves in financial difficulty. Dealing with
debt can be scary and confusing. There are so many debt solutions, how do you know what the best option is?
We are debt solutions experts, offering a professional approach to setting you on the road to
financial freedom.
Contact us now to discuss the best solution for you to help you on the road to becoming
debt-free. These solutions in themselves will not free you of all your debt. Discuss your options with one of our advisors.
Solutions to help you become debt-free
Debt Management Plans
A Debt Management Plan is set up by a third party between you and your creditors. It involves a negotiation where debt repayments are evaluated according to what you can actually afford to pay back. The interest on your debts may be frozen but this is up to the creditor.
Individual Voluntary Arrangements (IVAs)
If you have unsecured debt in excess of £15,000, then an IVA may be the right debt solution for you. IVAs were introduced by the Government in 1986. An IVA is a binding legal agreement between you and your creditors. The IVA typically lasts for a period of up to five years and at the end you will be completely
free of your
unsecured debts.
Trust Deeds (Scotland only)
A Trust Deed is a legally binding voluntary arrangement, available only in Scotland, which offers debtors an alternative to bankruptcy. It is similar to an IVA, but normally lasts for three years.
Debt Consolidation Loans
A consolidation loan combines your debts together into one lump sum which you pay off over an extended period of time.
Remortgages
A remortgage involves switching your mortgage to a different mortgage lender and is particularly relevant if the value of your home has risen since you took out the original mortgage.
Bankruptcy
Bankruptcy is a debt solution that should be considered very carefully and thorough advice must be obtained from an Insolvency Practitioner. Filing for bankruptcy will rid you of your debts, however there are more serious consequences than with other solutions.
Full and Final Settlement Offers
A Full and Final Settlement Offer is an offer of partial repayment to your creditors in the form of a one-off lump sum payment in return for having the remainder of your debt written off.
Start the process to becoming debt-free now!
For more information contact us on freephone
0800 707 6109.