Finding the Right Solutions
Being in debt can be incredibly stressful. No one enjoys balancing the books, and when you are struggling to make ends meet with creditors and more besides, it can be incredibly difficult to support your family while clearing any funds that are left owing in your name. Therefore, seeking safe, thorough and tested debt solutions is always the way forward – and you need to ensure that you have an experienced and empathetic debt advisor at your side.
Not all debt is the same, and this is why it’s always important to look for debt advice that is flexible and which offers plenty of different routes for many different circumstances. While you may have arrears, CCJs or simply poor credit that you wish to amend, not all debt options may be convenient or applicable for your situation.
Debt advisors who care will ensure that you not only have the time to discuss and plan for repayments, but that you are also given calming support and guidance through an incredibly difficult time. A good debt advisory service will never force you into a choice that you do not wish to make – and, at the same time, they will never allow you to fall into a worry cycle. While the threat of repossession or worse may seem to be the end of the world right now, all debt has a solution – and we are both experienced and considerate in our approach to helping our clients find the most appropriate debt solutions for their given situations.
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Which Debt Solution is Right for Me?
This, of course, all depends upon your personal circumstances, how much you are in debt by, and your ability to make payments. These are the most basic facets – but there are many different routes and techniques you can employ to lessen the strain on your finances as well as on your mind. Let’s take a look at some of the more common approaches that good debt advisors propose to many different clients.
Many firms and creditors will be happy to set you up on a Debt Management Plan that allows you to clear debt on a regular basis – though this may mean arranging for interest to be frozen and for your monthly payments to be lowered. It is likely that this will be approached as a temporary measure. For Scottish applicants, there are Debt Arrangement Schemes, which work in a virtually identical manner.
Anyone living in Scotland who is looking to manage debt repayments may be interested in setting up a DAS ( Debt Arrangement Scheme) to make things easier. This can help you deal with the current financial problems and help prevent the issues from getting worse. Contact us for more advice on this method.
Another option is snowballing, and this is the act of paying off the minimum your creditors expect of you on a monthly basis. While this debt advice may not allow you to clear money owed as quickly as some of the other options listed, this is the perfect route to take if you are keen to protect and rebuild your credit rating. If this is in your sights and you can afford it, snowballing is the perfect route for you.
You could also think about Loan Consolidation as a way of managing your debts more efficiently. Loans should only ever be entered into as one of many last resorts, as it means that you have another creditor on board – though it does at least mean that you can borrow enough money to relieve several others you may have requesting money. This form of debt solution is advisable if you are in a position to be able to afford minimum monthly payments to a loan company who can accept such consolidation. You may also travel a similar route through equity release or even re-mortgaging your home.
People often choose to get IVA Advice when looking to manage their debts. These arrangements are very popular with people who are struggling to clear payments with several different creditors. Essentially, an insolvency practitioner will be able to accept a monthly payment from you to split between creditors – making things simpler long term as well as short term. For Scottish clients, Trust Deeds work in a very similar manner.
Any good debt solutions advisor will tell you that Declaring Bankruptcy is nothing to be scared of – it is essentially wiping the slate clean, and is the easiest way to do so for many people and businesses. Our team will be happy to help you look at declaring bankruptcy safely should it be an option applicable to your situation. Debt Relief Orders, or DROs, can often be sought as more financially viable options.
If you are a resident of Scotland, the option of a Sequestration Order is similar to applying for bankruptcy. This can be done as a way of settling debts which are owed and making sure that you don't have to pay any more money to your creditors. This is effectively a way of getting a fresh start, but there are of course some risks to be aware of so don't hesitate to ask for more information.
You could propose a Full and Final Settlement Offer to help relive your debt problems. These orders can be useful, particularly if you have shown willing to clear the minimum of debt with your creditors previously. These statements can be used to supply or propose creditors with a final payment – and they are often accepted if deemed reasonable. A debt advice expert will be able to help you draft such a settlement if convenient and applicable to you.
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Finding the Right Debt Advisor
The right debt advice expert will be able to help you visualise your debt in a whole new light. Our team are empathetic and supportive of all whom need our support – and we will not just help you to understand and gain confidence on your ability to clear debt, but we will also source the most convenient ways for you to do so based upon your individual circumstances.
As debt advisors with a wealth of experience in helping people with ranges of debt find new ways to support themselves, we are often able to help turn lives and minds around in just a few conversations. If you’re not sure where to turn to for impartial, confidential debt advice – and feel you have tried every avenue – let us help look at your situation in a whole new way.
Our team never pass judgment on your circumstances – we’re here to help you find painless, feasible ways to clear debt with a range of creditors. This may mean changing the way you handle your debts, proposing legal solutions to help boost your credit score, or simply finding an avenue to help you break free of debt for good.
Depending on the debt levels and circumstances we will look to choose the best insolvency practitioner. We work with various large IPs like hanover insolvency who are the UKs biggest and creditfix who is the biggest in Scotland.
Whether clearing debt quickly or helping people manage their finances, our talented team will be on call for you. Call or email today to learn more.