If you’re struggling with debt contact Debt Free Direct on 0800 298 8836 for support and advice.
With many debt solutions on the market you need to be sure you choose the right one. This short guide explains the main debt solutions available.
If you owe more than £12,000, an IVA or Individual Voluntary Arrangement can be an effective way of clearing your debt over a 5 year period by only paying off what you can afford. An IVA is a legally binding debt solution available to those in England, Wales and Northern Ireland. For those in Scotland who are facing serious debt problems a Protected Trust Deed is equivalent to an IVA.
Even for very serious debts, bankruptcy should be viewed as your last resort. It is the most drastic solution with the longest lasting consequences. When you are made bankrupt, all your debts will be cleared, with the exception of student loans, however your house and all of your assets could all be sold off to pay your creditors.
Debt Relief Orders are aimed at those with low incomes and little assets to file for bankruptcy without the associated costs and can help insolvent individuals become debt free after just one year. To qualify you must owe up to £15,000, not own property or have assets of £300 or less and have a disposable income after all essential costs of £50 or less.
Finally, a Debt Management Plan or DMP is a debt solution used to reduce the monthly repayments on all of your unsecured debt. Your creditors are asked to accept lower payments and to make other concessions too, such as freezing interest. A Debt Management Plan is considered to be a solution for people who find themselves in short-term financial difficulties, or have debts of less than £12,000.
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A Debt Management Plan or DMP is a solution used to reduce the monthly repayments on all of your unsecured debt. Your creditors are asked to accept lower payments and to make other concessions too, such as freezing interest.
With debt management, you agree to pay a regular monthly amount to a debt management company. This company will deal with your creditors on your behalf, negotiating new repayments, usually at a much lower amount but over a longer period.
If you have debts over £3,000 and can make a regular monthly payment, a Debt Management Plan provides a way to become debt free within a set period of time.
However, it is worth remembering, a Debt Management Plan is generally only considered a solution for people who find themselves in short-term financial difficulties or have debts of less than £12,000.
For more information contact Debt Free Direct for specialist advice.
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