Debt Advice, Debt Solutions

Debt Management: Reduce your monthly payments

• Clear your debts with one affordable monthly payment which is based on what you can afford
• Take control of your debts without another loan and further increasing your indebtedness
• In most cases creditors stop interest and penalty charges whilst you repay your debts

• Repaying debts over a longer period may increase the total amount to be paid
• Your credit rating will be affected for 6 years which may affect your ability to obtain credit in the future
• Debt Management is an informal agreement creditors may still pursue default actions and creditors may not agree to stop interest and charges

IVA: Write off the debt you can't afford to pay

• Fixed period to repay your debts usually 60 months
• Interest & charges frozen once agreed.
• Maintain a reasonable standard of living whilst repaying your debts
• Prevent or stop legal action including bankruptcy

• Your credit rating will be affected for a minimum 6 years which may affect your ability to obtain credit in the future
• You will not be permitted to take out any further unsecured credit
• Homeowners may be required to release equity from their property
• Failing to make the agreed payments could result in the failure of the IVA

Debt Consolidation Have one monthly payment

There are different factors that can affect your credit score for good and for bad.

• Reduce payments without affecting your credit rating
• Consolidate debts into one lower monthly payment

• If you have a poor credit rating you may not be able to obtain a loan or you may be offered a loan with high interest rates
• You may have to pay an arrangement fee
• Consolidation loans are often repaid over a longer period

Bankruptcy: When you cannot pay your debts you want to start afresh

• Most Debt is written off and you gain a degree of freedom and a certain peace of mind
• Most cases are automatically discharged from bankruptcy after one year
• You are allowed to keep basic possessions and the tools of your trade if you are self employed

• Your bankruptcy is entered on a public register and is advertised
• You will remain liable to pay certain debts in particular student loans, fines and some debts arising from family proceedings
• Certain professionals are barred from practicing if they are made bankrupt
• If you apply to the court for your own bankruptcy, you will have to pay a court fee