Get debt free

get debt free now

get debt free now

Keeping debt down

‘Neither a borrower nor a lender be’ wrote Shakespeare some 400 years ago. But then he never had to buy a new van for work, or get the central heating fixed.

For most people in the UK today, borrowing is a key part of their financial planning, whether it be through mortgages, car leases, personal loans or credit cards.

The problem arises when something drives you off course and you struggle to repay the debt and keep up repayments. Death, sickness, redundancy, reduced working hours – all of these issues can, and do, cause problems for the borrower.
As a specialist in the adverse credit mortgage market, many of our clients have had, or now have, problems repaying existing debt – but what happens if matters do get out of control?
Are you experiencing:

  • Constant worry?
  • Hounding by lenders?
  • Interest on interest?
  • Late payments fees?
  • Debt collectors and bailiffs?

Get debt free

If you feel there is no light at the end of the tunnel, don’t despair. There are a number of practical, legal, and effective steps you can use to take back control, ease your worries, and put your life back in order.
Here are some commonly used debt solutions.

Debt management plans

Under a debt management plan your interest and charges can often be stopped and you renegotiate your monthly payments with your creditors. This allows you to rebalance your outgoings with your income and stop the post, aggressive calls, front door visits and harassment.

Consolidation

Sometimes you can benefit from taking one loan to repay all your debts. This can leave you with a single lower manageable monthly repayment and just one bank to deal with.

Debt relief order

If you have totals debts of under £15,000 and very little assets, a debt relief order could help you. Under a debt relief order the interest and charges on your debt are stopped and your debts can be written off.

Individual voluntary arrangement (IVA)

To enter into an IVA you typically need to have debts of over £15,000 and be in a position to offer your creditors around 20% of the value of your debt over 5 years. Under an IVA you can write off close to 60% of your debt on average and interest and charges are stopped immediately.

Bankruptcy

Under bankruptcy your debts are written off under a legally binding contract and interest and charges are stopped. Entering into bankruptcy can affect your home and in some cases your employment. You need to think carefully and get expert advice before you consider bankruptcy as an option.

Get help

If your debts are spiralling and worrying you, you may like to consider having a chat with someone who helps people like you every day and can explain your options to becoming debt free.
if so please call our team on 020 8979 9684.

share this content

Top