Full Name:

Email:

Contact No:

Debt Articles

• Britain’s Elderly More at Risk of Debt Problems through Inflation
• Millions of Brits Admit to Neglecting Their Finances
• Fall in Personal Insolvencies in England and Wales for First Quarter of 2011
• Debt Problems Mean Millions of Middle-Income Brits Can’t Afford a Summer Holiday
• Signs of Compulsive Debting
• Coping With Debt
• Debt Collection Vs Debt Management
• Males are Less Likely to Seek Help with Debt
• Bankruptcy Is On The Rise For The Middle Class
• How To Settle an IVA
• People should start saving for retirement asap to avoid debt
• Student Fees Could Increase Debt
• Wrong Mobile Phone tariff could be wasting money
• Household Debt Causing People to Dip Into Savings
• Brits Avoid Summer Holidays Due to Debt
• Increases in Debt for UK Families

Coping With Debt

For many, debt can be a very stressful part of their lives, and the impact that it can have can be brutal. Debt can cause sleepless nights, stress and worry.

In order to cope with debts, some may seek a debt solution or want to more easily manage debt. There are some good solutions in the market that could reduce debts or even get debts written off. The 3 options we will look at are Individual Voluntary Arrangements (IVA), Debt Management Plans and bankruptcy.

IVA’s

An IVA or individual Voluntary Arrangement is a formal agreement between you and your creditors that you will pay back a percentage of your unsecured debts over a fixed period. Any remaining unsecured debts will subsequently be written off.

If accepted by 75% of voting creditors (by value), an IVA will give you complete legal protection from all unsecured creditors, even if they did not vote. A typical Individual Voluntary Arrangement lasts for five years, during which you will pay back only what you can realistically afford.

Debt Management Plan

A Debt Management Plan (DMP) allows you to make a single, affordable, monthly payment and regain control of your finances. An advisor will negotiate directly with your creditors on your behalf, to arrange an affordable payment plan. This means you won’t have to deal with the burden of daunting paperwork and letters through your door.

Bankruptcy

Bankruptcy is a legal process which occurs when your debts are greater than your assets. Declaring yourself bankrupt is often considered the last resort when relieving you of your debts and all other debt solutions should be considered first. You may lose any property or valuable assets and you could struggle to get credit in the future. After the end of the bankruptcy period (Usually 1-3 years), All your debts are written off.

If you need help with your debt worries and debt advice and guidance please contact Debt Release Direct on 0800 0197465