Debt Management

Solutions To Getting Out Of Debt

It is a sad fact of life today that many people suffer from debt problems as a result of the financial squeeze and recession. Whilst in the bad old days the only option for escaping debt was bankruptcy, these days there are better and more tailored solutions to help get individuals or families back in control of their finances.

For those with debts of less than £15,000 a wide range of options and support exists to help solve the problem. Companies such as payplan.com can help to work out a debt management programme that works within your budget and is acceptable to your lenders. There is no need to even consider bankruptcy as an option when skilled help is on hand to find a workable solution to making ends meet.

For those with debts in excess of £15,000 it may be advisable to consider an Individual Voluntary Arrangement (IVA). This plan was introduced in recent years to help people to avoid bankruptcy and work out a structured and legally enforceable debt management plan between lenders and borrowers. It may be that at the end of the IVA period (usually 5 years) any remaining debt can be written off. This has to be arranged through an authorised insolvency practitioner but companies such as payplan.com have a number of professionals on hand to talk through your options and arrange the best plans to ease your debt problems.

So whether your problems come from mortgage arrears or credit card borrowing there is generally always a way to get back in control and rarely the need to consider bankruptcy. This really is the final resort to clearing all debt problems but can have many long lasting and penal consequences for your job prospects and future credit rating. Whilst an IVA may impact your credit rating and make borrowing more difficult, the details are not published and no one need know unless you choose to tell them. If considering bankruptcy then get free advice before you act from any debt management company such as payplan.com.

Whilst problems caused by debt rarely go away unless you take positive action, help is at hand and free advice is available so you can always know what your options are. In addition to payplan.com free advice can be sought from your local office of the Citizens’ Advice Bureau. Avoid bankruptcy and act today to sort out your debt problems fast.

Most lenders would rather have you repay over a longer period than not at all. That means that monthly payments can be eased by arranging with them for a reduced amount over a longer period of time. If you have a number of lenders then looking at a debt consolidation loan or using website providers such as payplan.com can ease the burden of liaising with them all to get a manageable plan in place.

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