Free Debt Help and Advice To Get Out Of Debt in the UK
Our debt advisers understand that a change in personal circumstances like being made redundant or the break up of a relationship can cause you to start struggling with debt and have bad debt problems.
Clear debts today – Our debt solutions are designed to meet your personal needs, we understand that each and every client has very individual needs and can include debt consolidation and free debt help.
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Has your debt spiraled out of control? The good news is that you’ve come to the right place for free debt help. An array of get out of solutions is available. Read on for free debt advice, from debt management plans to Individual Voluntary Agreements to trust deeds and debt arrangement schemes in Scotland. Taking into account your income and particular set of needs and circumstances, our expert staff can provide debt advice and free debt help, supporting you in your decision to get out of debt.
Debt Management Plans
Debt management plans enable you to pay off your debts at a comfortable rate. After assisting in the calculation of a realistic budget, we’ll then help you to figure out an affordable monthly repayment rate. Free debt management plans avoid the hassle and expense of unwanted fees – To find out more visit our Debt Management Advice Page and complete your details.
Trust deeds and debt arrangement schemes in Scotland
For people living in Scotland, these are important alternatives. Like free debt management plans, trust deeds and debt arrangement schemes in Scotland involve the freezing of charges and interest, while you pay off your debts via manageable monthly payments.
Debt consolidation means borrowing extra credit in order to get out of debt. It provides a way of decreasing the interest rate on your current debt and reducing the level of monthly repayments. Advantages include paying less money in the long run and avoiding going through insolvency. However, it is important to remember that debt consolidation does mean increased up-front costs. Here’s a crucial piece of free debt advice: be sure that you’re totally certain of being able to meet them before settling on this option. Otherwise, investigate alternatives.
Individual Voluntary Arrangements (IVAs)
When entering into Individual Voluntary Arrangements IVAs, you choose to pay off your debts by making monthly payments that you can manage. Once you’ve done this for an agreed period – usually five or six years – whatever debt is left over is written off. Do keep in mind that Individual Voluntary Arrangements IVA’s, though not as serious as bankruptcy, are regarded as a type of insolvency. After all, your debt is only partially repaid at the termination of an IVA.
These are available to you if your debt is smaller than £5,000. They are applicable if a judgement – from either the High Court or the county court – has come up against you and you’re unable to pay it. Payment of administration orders occurs on a monthly basis and goes directly to the court, who take responsibility for sharing it amongst your creditors. This means that you avoid having to deal with unwanted contact with third parties.
Debt Relief Orders
If you’re on a low income, have few assets, don’t own a home and owe less than £15,000, debt relief orders are worth considering. Note that they’re only an option in England, Wales and Northern Ireland. Scotland has a similar scheme with a different name – LILA bankruptcy. Debt relief orders are a cheaper form of insolvency than bankruptcy.
Needless to say, declaring bankruptcy is more or less a last resort. An important piece of debt advice is to take seriously the fact that bankruptcy has some significant consequences, such as a poor credit rating and losing valuable assets. Most companies won’t appoint employees as directors for some time following declaration of bankruptcy. That said, it’s possibly the fastest and most efficient way to ‘start all over again’. Our debt advice services and free debt help can assist you in making the best decision when it comes to announcing bankruptcy.
Bankruptcy and Sequestration in Scotland.
The rules are slightly different when it comes to bankruptcy and sequestration in Scotland . It’s only permitted if you haven’t gone bankrupt in the past five years and have lived in Scotland at some point during the past twelve months. Moreover, you need to have had a court action taken against you or hold a Certificate of Sequestration from an official debt adviser to apply for bankruptcy and sequestration in Scotland .
Whether your debt is small or large, please don’t hesitate to contact us if you’re serious about taking the steps to get out of debt. We can provide free debt advice, support when it comes to decision-making and options for facilitating solutions, from free debt management plans to administration orders to various forms of insolvency.