Debt Management is the best way for many people to deal with the debt problems they are finding themselves in with todays financial situation. There are a number of options available to people living in the UK.
An IVA or individual voluntary arrangement is the most appealing option, over a five year period a person can become debt free, get the majority of their debt written off, without significant risk to their house or assets.
It is legally binding which gives substantial protection from creditors, interest charges and other charges they like to add to the debt.
Another appealing option is a debt management plan a plan like this reduces your monthly payments to one affordable payment, allowing you to continue with your current lifestyle, but often means extending the length of you period of debt.
Bankruptcy can be seen as an unappealing debt management option, but it can be the perfect solution with someone with large debts and no property. It is quick, writes off all debt and allows for a clean break.
It is both unwise and illegal to recommended debt solutions off the shelf. To find out which is the best debt solution for your circumstances we would recommend you should get personally tailored debt advice from a professional debt management company.
Author: JoshuaHunter
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment