Help with Debts: Seek advice and face debt pressure with dignity

Sometimes fortune likes to play by summoning misfortune and making one's life a purgatory. We tend to feel like the fortune's toy when losing a job or a tangible chunk of our salary if the employer's turnover has sharply gone south. That situation is being especially exacerbated by long-term commitments such as a sizeable debt. Now we can either wave the white flag and slowly – or quickly? – submit to despair or quickly redesign your life strategy and seek for a solution. All the better if you do so with the right adviser and moral help. You might start with your debt

Introduce yourself to the alternatives


Depending on your legal status as well as residence within the UK, you have several debt options to consider. You can first opt for debt management and/or debt consolidation. They see the monthly instalments for all your loans repaid with a single monthly payment. Secondly, if you are permanently employed you might be eligible for the Individual Voluntary Agreement (IVA) alternative. This formal agreement with your creditors, legally introduced in 1986, can help you write off up to 70% of your debt.


Of course, you can file for bankruptcy or a debt relief order both if you are a natural person or a legal entity. If you reside in Scotland, then you can sign a trust deed which entitles you to pay off as much as you can within the trust deed term, the remainder of your debt being written off.



Clarify your situation


Knowing the alternatives, it is time to match them against your own situation and needs. It is important to revisit the papers of all your loans to see how much you are still to repay and what the best option for their management is in view of your new financial situation.


You can freely do so with the help of StepChange. This provider claims it has helped 650,000 people last year which means they have the vast experience to deal with any type of situation. You are a phone call away from your expert debt advice or a text message away if you are in deep financial trouble.


If you fill in a form at DebtCentres, be sure you will soon be contacted by a debt adviser and will face the prospect of getting your interest payments frozen. They will make plan how to write off credit card, overdraft, personal loans and other debts with low monthly payments.


With MoneyExpert this all-around adviser, you can get the pros and cons of the variants for which you qualify. And do not forget to check their dedicated UK Debt Comparison tool.


The information on this page is designed to help you understand more and make more informed choices. We do not receive any commissions, instead we are funded from companies that we advertise on our website.


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