Debt Advice: Different Debt Solutions
Debt may arise from a variety of reasons and from a number of sources. Fortunately there are several solutions to help people who are struggling with money problems. There are numerous places which can be consulted for online debt advice, as well as professional loan companies who can offer free debt advice for those who are facing bankruptcy and other money problems.
Being in debt comes hand-in-hand with enormous pressure and stressful anxiety, and it isn't uncommon for small debts to quickly increase over time. But people who have found themselves in bigger money problems than they could handle, often don't realise that bankruptcy isn't the only way out. When enquiring for personal debt advice, people will often be recommended one of the following solutions, depending on their financial situation:
Debt Management Plan (DMP) Debt Management Plans are specific plans made depending on an individual's income and expenditure and are aimed to help them repay and clear debts at a rate they can afford. The Debt Management Plan will enable reduced monthly payments and could help against the repossession of personal belongings.
Debt consolidation
Debt consolidation loans allow the debts to be spread across a variety of sources. (Including unpaid bills multiple credit cards, and unsecured loans.) As many credit card loans charge a higher interest, Debt consolidation loans can help reduce monthly payments.
Debt Relief Order (DRO)
A Debt Relief Order is an order people can apply for when they are unable to pay off their debts. DRO's are granted by the Insolvency Service and are a cheaper debt solution than bankruptcy. Debt Relief Orders are aimed at people with debts less than ?15.000
Individual Voluntary Arrangement (IVA)
IVAs can be an effective debt solution is someone is in serious debt (Owing ?10.000 or more.) By applying for an IVA they will be enabled to make arrangements with their creditors in order to reach an affordable, final, and legally binding settlement.
Bankruptcy
When a person can no longer meet debt repayments to their creditors, either they, voluntarily, or their creditors can then file a bankruptcy petition to the court. Personal Bankruptcy should only be considered as a last resort as the implications of living with bankruptcy are very extensive.
Keywords: debt advice, free debt advice, online debt advice, personal debt advice
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