STOP Bailiffs, Freeze Interest/charges, Legally Write Off debt. The bills are piling up and the interest on your credit accounts is rapidly increasing. Paying back your contractual monthly payments or the monthly payments they are asking for on your debts such as –
Credit Cards (Aqua, Vanquis, MBNA, Capital 1, Barclaycard, Tesco, HSBC etc),
Personal Loans (Provident, 118118 Money, Lloyds, Barclays, HSBC, Halifax, Natwest etc), Payday Loans (Indigo Michael, Safetynet Credit, Piggy Bank, 247 Moneybox, Satsuma, Quick Quid, Mr Lender, PoundstoPocket, MyJar, Lending Stream etc)
Catalogue accounts (Very, Fashion World, Littlewoods, Shop Direct, Studio, JD Williams etc)
Debt owed to the DWP (Benefit overpayment), Council Tax debt and many others isn’t a viable option for you.
Debt collection companies or Bailiffs such as – Moorcroft, Past Due Credit Solutions, Lowell, Advantis Credit, Arc-Europe, Arvato Collections, Asset Capital Link, Cabot Financial, Equita, Hoist Portfolio, PRA Group, Resolvecall, Robinsons Way, BW-Legal and others and you are constantly being called by them for payment.
You have now reached a point where you can no longer manage your debt alone or you are not sure what help is available and would like to find out. Maybe now is the time to start looking at 3rd party debt counselling companies who can help you with your worrying financial situation and who do not charge a fee for the service.
A debt counselling company such as www.debtinformationservice.org.uk will be able to point you in the right direction when it comes to looking at debt solutions and which ones are available to you.
You’ve probably heard about IVAs and Debt Management plans – they are both excellent solutions to unmanageable debt. If you are not sure, what the difference is between an IVA and a Debt Management Plan is, here are some key points:
* Stands for ‘Individual Voluntary Arrangement’
* A formal agreement to repay creditors an AFFORDABLE monthly amount based on your income and your monthly expenditure.
* ALL interest and charges on debts included in the IVA are frozen.
* There are no upfront fees.
* Contact from creditors is stopped and only the agreed IVA payments can be requested.
* Once you have made the final payment on your IVA, the remainder of your debt is written off. This can be as much as 75%
Debt Management Plan (DMP)
* An arrangement with a 3rd party Debt Management company that isn’t legally binding so the agreement can be changed at any time.
* Your debt management company will deal with your creditors directly. You will no longer receive phone calls and letters asking for money
* After working out your incomings and outgoings, a monthly repayment amount is agreed.
* Your monthly repayment is divided and used to make individual payments to each of your creditors,
* No longer having to deal directly with creditors, will help to alleviate some of the stress associated with debt
* If your financial situation changes, you can adjust your monthly payment amount
STOP Bailiffs, Freeze Interest/charges, Legally Write Off debt
If you have £1700 or more of debt and you are being harassed by your creditors and you can’t pay what they are asking you to pay, there is a company who will help you put a stop to the calls, letters and threats of legal action.
They can arrange for you to speak with a qualified Debt Adviser, pay back your debts in affordable monthly instalments so that your creditors have no further involvement and you are free to continue with your day-to-day life without the thought of debt and how you are going to pay it. They might even be able to help you write off a large amount of your debt legally! Click here to find out more about IVAs and Debt Management Plans, or you wish to find out whether you are eligible.
If you consider a debt plan such as an IVA or DMP it is important to think about each option carefully before committing to one or the other. Both options will improve your current situation if you owe over £1700 and you’re struggling to make repayments to creditors however there may be restrictions on further borrowing while you are in the plan and your credit score will be effected although if your debt has already been passed to a debt collection company then it is likely that your credit score has already been adversely effected.