When it comes to debt management, UK consumers who are struggling with their unsecured debts have a range of debt solution options available which can help.

Are you finding that you can no longer afford to pay your unsecured debts? Are your outgoings more than your incomings? If this is you, you are not alone. You may be looking to seek debt advice or have already got in touch with a financial solutions company, either way it is essential that you understand what your debt solutions options  are and what a debt management company can do to help

There is not just one debt solution out there. The right debt solution for you is dependant on a number of different circumstances, such as your income, level of unsecured debt and secured debt commitments. We would always recommend that you seek professional advice from an ethical debt solutions company, as you want to be sure that you are advised about the right debt solution for you.

Debt solution options include:

  • Debt Management Plan: A debt management plan allows you to consolidate your debt into one lower monthly payment without the need for any further borrowing.
  • Individual Voluntary Arrangement (IVA): A legally binding agreement between you and your unsecured creditors, allowing you to repay an affordable amount of your unsecured debt over a typical period of 60 months. All additional interest and charges will stop and any unpaid debt will be written off on completion of the agreement.
  • Bankruptcy: One debt solution which you could consider is bankruptcy, however this is an extreme debt solutions with long-lasting effects. You should always consider alternate debt solutions and explore your options before declaring bankruptcy.

Whatever your personal financial situation, we would always recommend that you seek expert advice so you can benefit from experienced and professional advice in dealing with your debts and be advised about the right solution to deal with your a debt management problems.