Many people all over the UK are in need of help from expert debt advisers’ on how to handle their financial circumstances & manage their repayments.
Usually, people try to handle their debts by themselves, occasionally this can work for them however often matters get worse, people end up juggling loans and other means of procuring credit and they end up in a “debt spiral” where things go from bad to worse.
The good news is in certain situations you may qualify for expert help from a debt adviser, there are many companies’ out there offering free debt management plans & other forms of debt advice for any situation.
One option for people in need of the expert opinion of a financial adviser is to make contact with a company that has experienced agents who can help in this situation, one of these companies’ in particular is “PayPlan” – a debt management and IVA company that has been helping people in debt for more than 20 years.
For people with different levels’ of debt there are different options (dependent on that debt level).
For people with debts between £3,000-£12,500 – A debt management plan may be the right option for you.
This is an informal arrangement made by the debt management company in order to consolidate all of your monthly debt repayments into one, low, monthly repayment; this is designed to make the debt more manageable and the associated costs easier to meet each month.
Debt management plans are a very popular and common way to deal with debt and should be considered by anyone who’s financial situation could be improved as a result of a managed debt consolidation (such as people who have repayments that they consider unsustainable).
For People with debts over £12,500 – One option could be what is known as an “IVA” (Individual Voluntary Arrangement).
An IVA is a formal agreement between creditors and a debtor (with the help of a licensed insolvency practitioner) in order to pay off as much of the debt as possible over a period of time (usually this period of time is 5 years) after which the debt itself is generally considered to be paid off.
IVA’s in particular are popular with people who have large debts who are facing bankruptcy & are looking for ways to avoid bankruptcy, for this purpose an IVA is a very good solution.
For people whom are unemployed with a high level of debt, some would recommend finding a job & applying for an IVA, another option for this particular circumstance would be to file for bankruptcy, however bankruptcy itself carries a set of disadvantages such as the negative impact on the credit rating of the debtor and thus it should only be considered as a last resort.
For people who need to be pointed in the right direction, there are a range of debt charities who can offer free, impartial advice for those in desperate need, a quick internet search can bring a range of results for those looking for expert debt help.