Debt Consolidation Loans
With a debt consolidation loan you consoliadte all of your existing debts into one. This can allow you to repay your loan over a longer period and as such reduce your monthly outgoings.
A debt consolidation loan may be the best solution to your debt problems if any of the following apply to you:
- You need a decrease in your monthly outgoings;
- You need to free up some equity tied up in your home;
- If you want to switch to a loan with lower interest charges.
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IVAs
An IVA is simply an arrangement between yourself and your creditors to pay a percentage of the debt over the term of the IVA, which normally run for 5 years. An appointed representative, called an insolvency practitioner, will overlook the entire IVA process. If any debts remain at the end of the 5 year term they will be written off.
- An IVA could be right for you if you have debts over £15,000 to more than 3 creditors.
- If you have less than £15,000 in debts then you are not eligible for an IVA. Consider a debt consolidation loan or debt management.
Debt Management
A debt management plan is an informal arrangement between you and your creditors.The debt management compnay will try to have the interest charges fozen on your debt and you pay the most that you can afford less your living costs. Your representative will then allocate these funds proportionately to your creditors. A debt management plan may be the right solution if
- Want to pay all your debts but are struggling with current repayment amounts
- Have a short term cash flow problem that will be resolved soon
- You do not wish to take any further loans or release equity in your home
- Do not want to deal with creditors directly
