Debt Solutions
A secured loan will not be appropriate for everyone wishing to consolidate their debts. For example if you are not a homeowner or don't have enough equity in your home. Perhaps a change in your circumstances has come out of the blue and you have found yourself unemployed, divorced or have a baby on the way and are now struggling to pay debts taken out in better times. Debt can be in the form of credit cards, store cards, unsecured and personal loans and bank overdrafts to name a few.
Debt solutions such as debt management plans and IVAs (Individual Voluntary Arrangements) can help relieve your debt problems and can reduce your overall debts making payments easier to afford. These are both run through our partner site DebtMatters.
IVAs - Individual Voluntary Arrangements
These are related to government legislation that looks after people in debt being chased for money they just don't have. IVAs are an agreement between you and your creditors which can freeze interest and charges on all your debts and writes off any amount you can't afford to pay. This reduces your overall debts and can mean you are debt free in just 60 months.
For more information and to find out how you can take advantage of an IVA, click to visit the DebtMatters IVA website
Advatages of an IVA
- Government Legislation - Your IVA is enforceable by law
- Reduce Overall Debt - An IVA will write off any amount you can't afford
- Free from Debt in 60 months - the typical amount of time an IVA lasts
- IVAs are for those who have a high level of debt
For more information and to apply online now, click here to visit DebtMatters IVA and Insolvency website
Debt Management Plans
These are a way of helping you make affordable payments. DebtMatters' debt advisors will assess your situation and try to prove to your creditors that you cannot meet all your payments. These could be for credit cards, store cards, unsecured and personal loans and bank overdrafts. Creditors do not have to accept the debt plan but more are willing to accept them if it can be proven it is beneficial and agreeable to both parties.
To find out more about debt management plans and to arrange to speak to a DebtMatters Advisor about debt solutions, click here to visit the DebtMatters Debt Management Plan website.