Get debt help from a specialist debt adviser
Seek Debt Help through Quotezone
In the UK, it is not uncommon for all types of people having debt problems, which can become so stressful and upsetting that it can have a negative impact on day to day life.
Whether you’re looking to consolidate your existing debts with a loan or need help with managing your payments to creditors. It is important to find practical help with your debts and find an adviser who can give you advice on your options. Quotezone makes this easy. Fill in a short form about the debt amount, the number of creditors and your circumstances and we will pass your details onto a UK debt adviser. They will then contact you with advice tailored to suit your needs.
Debt Help Options
An IVA (Individual Voluntary Arrangement) is a legal method of resolving debt.
By showing that your monthly living costs and debt repayments are more than your monthly income, you may be eligible for an IVA.
An IVA carries the benefits of relieving pressure on you, having an affordable monthly payment and can write off a portion of your debt. However, it is usually only suitable if you have £15,000 of unsecured debt or more and it is almost likely to appear on your credit file and affect your future credit rating.
Trust Deed (Available in Scotland only)
A Trust Deed is a legally binding agreement between an individual who is unable to pay his or her creditors and a licensed Insolvency Practitioner (the Trustee). You will begin a monthly repayment schedule based on what you can realistically afford. The agreement will be in place for a specific period of time, and is usually over three years.
It is aimed at those carrying debts of £5,000 or more, You may be able to pay a certain reduced amount per month towards your debt, or you may be able to release a lump sum through remortgaging your house or the sale of another asset.
As in a debt management plan, you have one affordable payment per month to your creditors and once the period expires, any remaining debts that the debtor owes are written off. However, homeowners may be required to release equity in their property if creditors cannot be paid from other sources and if you default on the arrangement then the Insolvency Practitioner can petition for your sequestration.
Debt Management Plan
This is aimed at those who have debts below the amounts usually required to enter an IVA.
Your monthly income and outgoings will be assessed. Based on your surplus income available to pay creditors, an adviser will negotiate with them to arrange a lower regular payment. Your debts are converted into one affordable payment per month which is distributed to your creditors, as well as a fee to the debt management firm.
A debt management plan can reduce or freeze your interest rates and presents a simple payment method with reduced hassle. However, missed payments on a credit or debt will or may already have been recorded by the creditors on your credit record. A debt management plan will not fix or repair those existing entries. There may also be a time period when the debt management plan is being negotiated with creditors. In addition, it is common for commercial Debt Management Firms to charge a set-up fee which is usually taken out of the first month or first two months agreed payment, during which arrears could increase. The main thing is that you should review and discuss what action is best for you to take. Ignoring the problem is only likely to increase the size of debt and make matters worse.
Some Useful Contacts
08457 90 90 90 (UK and Northern Ireland)
1850 60 90 90 (Republic of Ireland)
CCCS - tel. 0800 138 1111,