When debt levels get too much to handle, it can be hard to ignore these thoughts. If the worry of bankruptcy or overwhelming debt are always on your mind, then it could be time for you to seek some form of debts advice.
Some people wait too long to seek debts advice as they feel afraid to askfor debt help, or they feel as though they should be able to handle their own financial situation. But there is no need to worry, the current economic climate has put a big squeeze on all our finances, so it is almost inevitable that the number of people who need to seek debts advice will increase.
Searching through the internet will give you an array of debts advice and information potential debt solutions available through debt management companies, like One Advice. There are a number of debt solutions available and it can sometimes be confusing to work out which one may be best for you, contact a debts advisor to see if they can help.
Debts Advice: Potential Debt Solutions
Some debt solutions which would might come across when searching for debts advice includes:
Debt Management Plan: A debt management plan is usually only suitable for those with lower levels of debt. If you are experiencing financial difficulties then a debt management plan can reduce your monthly payments to your unsecured creditors to a realistic amount that you can afford. Some creditors may even freeze your additional charges or interest on your debt.
Individual Voluntary Arrangement (IVA): If you want to reduce your monthly payments but you have high levels of debt, then an IVA may be the best debt solution for you. Not everyone is eligible for an IVA, so please seek professional debts advice.
You will probably have higher levels of unsecured debt spread over a number of creditors. IVAs are a bankruptcy alternative, interest and charges will be frozen and you can usually be free of debt in 60 months. An IVA can write off your unaffordable debt, as long as you commit to making agreed monthly payment over your IVA term.
Bankruptcy: Bankruptcy should always be seen as a last resort, and you should try other debt solutions first. If you are thinking about declaring bankruptcy then please speak to us we have specialist bankruptcy advisors who will be able to offer you free information and help you to decide if bankruptcy is the right form of debts advice for you.
If you feel as though you would benefit from professional and ethical debts advice, then please contact us. We will be more than happy to go through your financial situation and give you debts advice.