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Tens of thousands of people across the UK are struggling with debt problems in the current economic climate and are looking for help. If you feel that you could benefit from a specialist debt solution, then a debt management program could be for you.
“The Debt People can help you solve your debt problems”
If you are having difficulty with your outstanding debts, and are struggling to meet your monthly payments, the sooner you seek professional debt help, the sooner you can get your finances under control.
If credit card bills, overdrafts, store cards or loan repayments are proving difficult to manage, then it’s time to talk to The Debt People about their full range of debt solutions.
Take the Debt Test
With our debt advice, we may be able to solve your debt problems by:
- Negotiating for a reduction (or even freezing) additional interest and charges
- Putting you back in control of your money
- Dealing with demand letters and calls from creditors on your behalf
- Combining all of your debts into a single, affordable monthly payment
- Giving you helpful debt advice in complete confidence
Debt help from experts
Tens of thousands of people over the years have trusted us to help with their debts. When you’re looking for debt help there are many common questions, such as:
- What is a debt management plan?
- What is an IVA?
- What is a trust deed?
- Will an IVA affect my credit rating?
The Debt People are fully qualified to give you the best advice on the different debt solutions available. With many years of experience helping tens of thousands of people across the UK, the debt solutions information we provide can help you beat your debt burden.
Take our free debt test and you will know within minutes if we can help you. If you want more information, call our debt solutions experts – they are all fully trained to give you comprehensive advice on the debt solutions available to meet your circumstances, and can answer any questions you may have. They can provide immediate help to ease your debt worries, and set you on the road to being debt free today.
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Debt Management Plans
Our Debt Management Plans (DMP) are a more informal way to resolve your debt issues. They are perfect for helping people who can’t always make their minimum repayments on all their loans, bank and store cards, who have debts of below £12,000. A Debt Management Plan combines all your unsecured monthly debts (such as personal loans, pay day loans, overdrafts, credit card debts etc.) and condenses them into one monthly payment, which is determined by how much you can afford to pay after your living expenses have being taken into account.
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Individual Voluntary Arrangement (IVA)
An IVA is a legally binding, formal agreement. Each case is dealt with on an individual basis and is tailored to the circumstances of the person involved. It is often a solution that is normally proposed if outstanding debts are worth more than £12,000 and money is owed to three or more creditors.
It can be an excellent way of solving severe debt issues, leaving you debt free after (usually) five years. A monthly payment is made based on what you can realistically afford to pay (once all living expenses have been taken into account), and this is split between all your creditors. If agreed, an IVA could reduce your monthly payments, prevent your creditors from taking further action against you, and once complete (usually after five years), it could write off the remaining unsecured debt.
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A trust deed is setting up a voluntary agreement between you and the people you owe money. The agreement is to repay part of what you owe and is generally an agreement to pay out part of your income for a set amount of time. Trust deeds has to be supervised by an insolvancy practitioner which is the type of people we can provide. An ordinary trust deed is not binding on creditors unless they agree to its terms.
Bankruptcy is a form of insolvency (like an IVA). It is a legal process that takes available assets and shares their value fairly among your creditors. Bankruptcy can protect you from further legal action and upon successful completion (normally after 1 year), your outstanding debts will be written off, allowing you to make a fresh start.
Bankruptcy is a viable option for some people, for who there is no way to repay what is owed to creditors in a reasonable amount of time. If your outgoings are more than your income, your are technically ‘insolvent’, and if your debts are particularly high and are eating away at a large part of your disposable income, and you don’t think your financial situation will improve in the short to medium term, you may need to think about declaring yourself bankrupt.
For more information on Bankruptcy, call our specialist debt advisors now. They will be able to advise if this is the best course of action for you, and also discuss other debt solutions.
If you are trying to manage multiple different debts across credit cards, store cards and other loan or HP agreements, juggling all these commitments can be difficult. With debt consolidation, all your outstanding debts are accumulated together into one affordable monthly payment, to one company, not only making it easier to keep track of your debts, but also giving you an idea of when they will be repaid.
As everyone’s circumstances are different, there are numerous ways of consolidating your debts. These include:
Call The Debt People today on 0800 037 0053 to find out more about your debt consolidation options.
Debt Relief Order
A debt relief order (DRO) is an order given by the Insolvency Service in cases where an individual can’t afford to pay off their debts. Debt relief orders are only available in extreme circumstances, where total outstanding debt is less than £15,000, income levels are particularly low (where disposable income is less than £50 a month), and the individual does not own any assets worth more than £300.
With a debt relief order, no creditor is able to take action to get their money back, a ruling which lasts for as long as you have the DRO, which is normally about a year. At the end of this time, all the debts included in your order are written off.