Debt consolidation blog
Finding the right debt solution can be a difficult task, with all the options on offer. An expert debt adviser can help you to find the right option for your individual circumstances - but what if those circumstances change?
You`ll only be able to enter into certain debt solutions (like a debt management plan or IVA (Individual Voluntary Arrangement)) if you and your lenders are satisfied that it`s a good long-term option. Others (such as a debt consolidation loan) are only appropriate for people who are sure they`ll be able to afford the repayments.
Read More...For people with unmanageable debt problems, an IVA (Individual Voluntary Arrangement) may be one option. An IVA is a legally-binding agreement with your lenders that enables you to repay as much of your unsecured debt as you can realistically afford within a set period of time (usually five years), after which your remaining unsecured debt will be written off.
However, an IVA is by no means the only option available to people with unmanageable debts - and you should make sure you explore all your options before making any decisions.
Read More... For people trying to tackle unmanageable debts, an IVA (Individual Voluntary Arrangement) is one option. It can enable the borrower to repay as much of their debts as they can afford, and have the remaining amount written off. Read More... If you`re experiencing debt problems in the current economic climate, you`re not alone. Official statistics suggest that the number of people with debt problems is rising quickly, and with the festive period ahead of us, many more people are likely to get into debt they can`t afford. Read More...One of the most important things to look at when it comes to any kind of borrowing is the interest rate. The higher the interest rate, the more interest you`ll pay per month, and the faster your debt can grow if it`s left unpaid.
This isn`t exclusive to credit card debts, of course - but with an average interest rate of around 18%, credit cards can be a particularly expensive form of debt.
A major advantage of credit cards, though, is that if you repay the balance on time, you`ll never have to pay any interest whatsoever. But if you allow any of that balance to cross over into the next month or beyond, you will be charged interest.
Read More...It can be hard to know what to do when you find yourself struggling with unmanageable debt. There are a range of options available, each of which can help with different circumstances and different levels of debt.
One option for people with high levels of debt may be an IVA (Individual Voluntary Arrangement).
Read More...If it doesn`t look like you`ll ever be able to repay your debts in full, you may think that the best way to clear your debts is bankruptcy. In some cases, this may be true - but bankruptcy is by no means the only option for people with serious debt problems.
One alternative to bankruptcy is an IVA (Individual Voluntary Arrangement). Many people consider IVAs to be preferable to bankruptcy, although this isn`t the case for everyone.
Read More...People talk about `prioritising` debt in two ways: making overpayments in the order that saves them the most money, or prioritising problem debts (which is the focus of this article).
When it comes to repaying problem debts, establishing which debts are your biggest priorities is important.
It`s important that you repay all your debts, but because some carry a higher risk of serious consequences (such as repossession) if you miss payments, different types of debt must be treated differently - when it comes to certain debt solutions, for example.
Read More...If your debt problems have become so serious that you can`t see yourself repaying your debts within a reasonable period of time, you`ll want to find a debt solution that can help you to clear as much of your debt as possible.
Some people may automatically think of bankruptcy in this situation - and in some cases, that may be the best option. However, for many other people, an IVA could be a more appropriate alternative.
Read More...For people struggling with debt, the worst-case scenario is often repossession. This is more likely if you`re having problems with your mortgage or other secured debts, but even unsecured debts are a risk if they`re left unpaid. Repossession is rare, but it`s something you should be aware of.
That`s why debt advice is important. If you find yourself facing the prospect of repossession, you should contact a debt adviser at the earliest opportunity.
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