For those with high personal debt levels, being in debt can be a very worrying time. But you can seek debt advice for high personal debt levels as there are a number of debt solutions which are designed for these purposes:
Debt Advice for Personal debt levels less than £15,000 – If your debts are unmanageable and less than £15,000 then a Debt Management Plan may be the right debt solution for you.
A debt management plan is an informal agreement between you and your unsecured creditors. A lower monthly payment is negotiated with your creditors, based on what is affordable to you. Sometimes creditors will freeze interest and charges on the debt.
Debt Advice for Personal debt levels more than £15,000 – If you have high personal debt levels of over £15,000 then an IVA could be the right debt solution for you. An IVA (Individual Voluntary Arrangement) is a legally binding agreement between you and your unsecured creditors where you make affordable monthly payments towards your debt.
The average timeframe of an IVA usually lasts for 60 months and, on completion of the IVA, any unpaid debt will be written off.