Call the Debt Helpline for free help and advice.
When you’ve got debt problems you need the right advice and here at the Debt Helpline we specialise in helping people like you, people who for a variety of reasons have found themselves with debt problems.
The first stage is to recognise you’ve got a problem and the very fact you’ve undertaken some research and found the Debt Helpline, suggests that you are well on your way.
Although being in debt is daunting, there are a number of debt solutions available to you when you are having debt problems and the sooner you do something to solve your debt problems the better.
Here at Debt Helpline we offer free advice and if you wish can arrange all of the main debt solutions.
Debt Consolidation Loans from the Debt Helpline
The first debt solution is a debt consolidation loan, which can be unsecured or secured.
A debt consolidation loan is when you take out a new loan to pay off all your other unsecured debts. A debt consolidation loan can be unsecured, or alternatively it can be secured against your home.
A secured debt consolidation loan will generally attract a lower interest rate than an unsecured debt consolidation loan, however you should think carefully before taking out a secured loan, as securing debts against your home could lead you to lose your home if you do not meet your repayments.
Debt Management Plans from the Debt Helpline
If a debt consolidation loan is not right for you, a debt management plan could be the answer.
A debt management plan enables you to consolidate all your unsecured debts into one affordable monthly payment, without taking out further loans.
Debt management plans are suitable for people with unsecured debts of up to £15,000. You simply make one monthly payment to us and we make payments on your behalf to all of your creditors.
This monthly payment is set at a realistic cost to you, one which you can afford after reasonable living expenses.
There is also no need to worry about letters or calls from your creditors, as we take care of all communication with your creditors for you.
When we set up your debt management plan we negotiate with your creditors to reduce or freeze any interest or charges on your debts, although of course this cannot be guaranteed.
IVAs from the Debt Helpline
If you are having serious debt problems and are unable to keep up on your minimum repayments, and if you have more than £15,000 of unsecured debt, then an IVA (otherwise known as an individual voluntary arrangement) could help you to avoid bankruptcy.
Whereas a debt management plan is an informal agreement, an IVA is a legally binding contract between you and your creditors.
The great advantage of an IVA is that providing that you maintain your monthly payments, your creditors cannot take any further legal action against you.
Therefore after your IVA has been set up your assets are protected, interest and charges on your debts are frozen and you will pay only what you can afford each month after reasonable living expenses have been calculated.
If you keep to the repayment schedule which will be set for you, then after your IVA terms is complete (typically 60 months), your remaining debts are written off.
Call the Debt Helpline for Free Help & Advice
So, whatever financial difficulties you find yourself in, call the Debt Helpline Free today on 0808 131 9113. We’ll give you free, impartial advice as to which debt solution is right for you and then, if you wish, make all the necessary arrangements.
Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.
Failure to complete the term of an IVA can result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)