Getting Out Of Debt My Options
believe it or not there are ways to out of debt.
There are four main types of debt solution for people suffering with debt and financial problems:
Individual Voluntary Arrangement (IVA)
Debt Management :
Debt Management is the most flexible and efficient way of helping your sort out your debt.
As well as helping you sort out your financial budget, It usually help save you money by getting your creditors to freeze the interest mounting up on your debts as well as prioritising your debts to ensure that they are dealt with in the order of importance.
Debt Consolidation :
Debt Consolidation is one type of way you can manage your debt. Instead of paying different bills off at different interest rates you can consolidate your debt and arrange a loan at one APR rate. This is normally achieved by taking out a secure loan against your debts.
Individual Voluntary Arrangement (IVA) :
An IVA is a formal agreement that a debtor makes with their unsecured creditors whereby they make agreed monthly payments over a 5 year period. In exchange for maintain the agreed level of payment, the creditors undertake to write off all amounts outstanding at the end of the 5 years.
Bankruptcy is a last resort for people who have very severe debt problems and where other debt solutions cannot save you.
Although Bankruptcy will protect you from your creditors and will write off debts that you owe to them, you need to think very carefully before taking this course of action because of its implications to you in the future. While protecting you, the Official Receiver may still instruct you to make payments to your creditors. Remember: NONE of your assets will now longer belong to you.
If you are not sure about what the best option to help you with your debt is why not try our free debt solution to help you get out of debt.