Finding the Right Solutions

Being in debt can be incredibly stressful. No one enjoys balancing the books, and when you are struggling to make ends meet with creditors and more besides, it can be incredibly difficult to support your family while clearing any funds that are left owing in your name. Therefore, seeking safe, thorough and tested debt solutions is always the way forward – and you need to ensure that you have an experienced and empathetic debt advisor at your side.

Not all debt is the same, and this is why it’s always important to look for debt advice that is flexible and which offers plenty of different routes for many different circumstances. While you may have arrears, CCJs or simply poor credit that you wish to amend, not all debt options may be convenient or applicable for your situation.

Debt advisors who care will ensure that you not only have the time to discuss and plan for repayments, but that you are also given calming support and guidance through an incredibly difficult time. A good debt advisory service will never force you into a choice that you do not wish to make – and, at the same time, they will never allow you to fall into a worry cycle. While the threat of repossession or worse may seem to be the end of the world right now, all debt has a solution – and are both experienced and considerate in our approach to helping our clients find the most appropriate debt solutions for their given situations.

Which Debt Solution is Right for Me?

This, of course, all depends upon your personal circumstances, how much you are in debt by, and your ability to make payments. These are the most basic facets – but there are many different routes and techniques you can employ to lessen the strain on your finances as well as on your mind. A brief summary of the most commonly adopted solutions is provided below. It is important that before you enter into any debt solution, you get the appropriate advice from a properly regulated company. You can also seek free advice from the Money Advice Service.

A Debt Management Plan, or DMP, is an informal agreement between you and your unsecured creditors to pay back non-priority debts, reducing your monthly payments to a single affordable amount each month. There are both fee-paying and free-fee debt management plans available. A DMP will last for as long as it takes to repay what you owe in full.

You could also think about Loan Consolidation as a way of managing your debts more efficiently. This form of debt solution may be suitable if you are able to reduce your total debt repayments to an affordable amount. Before borrowing more money you should consult with a financial advisor and consider the cost of borrowing more money along with whether your credit rating will allow you to pursue this as a solution.

People often choose to get IVA Advice when looking to manage their debts. An IVA, or Individual Voluntary Arrangement, is a formal debt solution. Essentially, an Insolvency Practitioner will help you calculate an affordable repayment to split between your creditors. IVA's last for a fixed term, usually 5 or 6 years with the potential for a significant amount of debt to be written off if you complete it successfully. IVA's could affect your credit rating and fees may be payable.

Declaring Bankruptcy should always be considered if you are struggling to maintain your debt payments, but it should only be entered into once you understand the solution and potential implications and restrictions. Bankruptcy is usually the quickest solution with a fee payable before an order can be made. As well as Bankruptcy, A Debt Relief Order, or DRO, may be appropriate if you have little or no surplus income and meet further qualifying criteria on debt level and the value of any assets you own.

Whatever option you choose to proceed with, you should always seek professional advice before making a final decision. Some solutions require a fully qualified and licensed professional to act on your behalf. You should also make sure the Debt Advisor you work with is fully regulated.

Our specialist team can walk you through all the solutions available and help you identify the best way forward.

Finding the Right Debt Advisor

The right debt advice expert will be able to help you visualise your debt in a whole new light. The team are empathetic and supportive of all whom need support – and will not just help you to understand and gain confidence on your ability to clear debt, but also source the most convenient ways for you to do so based upon your individual circumstances.