Solutions to Get You Debt Free
Being debt free is the ultimate goal for many people and it doesn’t have to be an impossible dream. With the right debt solution you can make your debts more affordable to you on a monthly basis, meaning that you can keep to the agreed repayment and begin to pay your debts off and become debt free.
There are a number of debt solutions to get you debt free and the one which is right for you will be dependant on your personal situation. Each of our debt solutions is designed to help you manage your debts appropriately and we will make this process as simple as possible.
The best way that we can discover which of our debt solutions to get you debt free is the most appropriate, it is essential that you get expert debt advice. We have a team of leading debt advisors who will take details of your income, expenditure and help you decide which of our debt solutions is the perfect one to put you on the track to becoming debt free.
Debt solutions offered by One Advice include:
Debt Management Plans: One of the most popular debt solutions to get you debt free is a debt management plan. This informal agreement between you and your unsecured creditors which allows you to repay what is affordable to you on a monthly basis.
Your monthly payment will be based on what is affordable to you after all your expenses have been taken into account. This means that you will be left with enough money to pay for your essential expenditure, such as mortgage/rent, utility bills, food shopping etc. Repaying your debt at a slower rate means it will take you longer to become debt free and your creditors may not agree to freeze your interest and charges.
Individual Voluntary Arrangement (IVA): An IVA is a debt solution to get you debt free in as little as 60 months. It is an agreement between you and your unsecured creditors which is legally binding and you commit to repaying as much of the unsecured debt that is affordable over the IVA period. Once you have successfully completed the IVA the rest of your debt will be written off.
This type of debt solution is only suitable for those with debts of at least £12,000 and you must always be sure that you get professional IVA advice to ensure it is the right debt solution for you.
Trust Deeds: An IVA is only available to those who live in England, Wales and Northern Ireland. If you are a resident of Scotland a Trust Deed is your IVA alternative. Like an IVA you only pay the debt that is affordable to you and unaffordable debt will be written off, but the typical Trust Deed term is 36 months.