If you are in debt as you read this you may be thinking you are a million miles away from becoming free of financial worries. When you read your household budget and the figures just won’t add up, then it is time to call in the debt professionals. Do this straight away – don’t make your situation even worse by cancelling essential outgoings such as pet insurance. This relatively small monthly premium may well save you thousands in the long run.
When you decide to enlist the specialist help of a reputable debt advisory service, choose one that is a member of DEMSA and is approved by the Office of Fair Trading. When you make that initial call you will be so glad you did because it is by speaking to a debt specialist that you will realise that you are not alone. There are so many people in the UK in debt, but fortunately there are professional debt management companies to help them get out of the debt mire.
After consultation your advisor will be in a position to suggest some options to get you debt free as quickly as possible. These options may include debt consolidation, which works by taking out a single loan that is enough to pay off all your creditors. The money borrowed is at a lower interest rate so you have the opportunity to repay the balance more quickly.
Another option may be an IVA (Trust Deed). You become eligible for an IVA if you owe debts of more than £15,000 and once your make all the payments as regulated you will be debt free within 60 months. When you enter into an IVA or Trust Deed it is a legally binding contract and you must ensure you make all of the payments. One of the many advantages of an IVA is that interest becomes frozen and any remaining monies outstanding after the 60-month period are written off and your debt is marked as satisfied.
Every debt advisory service of good standing will have both debt consolidation experts and IVA advisors on the team so you will always have a qualified debt representative at your disposal.
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