How can I clear my debts?
Posted by Sam Smith on 26th January 2012 to Debt Management Blog
Being in debt can be a worrying time for anyone, often leading to a lot of stress and upset. If you are looking to clear your debts, there are many options available to you depending on such things as level of debt, whether you’re a homeowner or not or how many creditors you have.
Below is a brief outline of each debt solution to help clear your debts.
This option is available to both tenants and homeowners with unsecured debts of at least £5,000 and above.
With an IVA you can write off up to 60% of your debts, at the end of the IVA (usually 5 years) any unpaid debt is written off.
This option is available to both tenants and homeowners and you must owe to two or more creditors.
DFH offer a range of debt solutions tailored to your individual circumstances. These include IVA, Debt Management Plans & Debt Consolidation Loans. If you are worried about debt, contact of our trained debt advisor's today.
Below is a brief outline of each debt solution to help clear your debts.
Debt Consolidation
Debt Consolidation is one of the simplest methods to clear your debt. It is essentially a loan that is used to pay off your debts. This is a good option for homeowners who have a regular income and can afford the monthly loan repayments who are just looking to manage their debts more efficiently.Debt Management
Debt Management is an option for those that maybe in more serious debt and find it a problem to obtain a debt consolidation loan to clear their debts. Our debt advisors will calculate your disposable income each; this amount is then put together into a single monthly payment which is distributed amongst your creditors. Our advisors will speak and negotiate with your creditors for you. You won’t have to attend any meetings or talk with your creditors.This option is available to both tenants and homeowners with unsecured debts of at least £5,000 and above.
Individual Voluntary Arrangement (IVA)
An IVA is an option for those with serious debts over £15,000. It is a legally binding document between you and your creditors and it is arranged by a licensed insolvency practitioner who, as your nominee, is legally authorised to represent you in negotiations with your creditors.With an IVA you can write off up to 60% of your debts, at the end of the IVA (usually 5 years) any unpaid debt is written off.
This option is available to both tenants and homeowners and you must owe to two or more creditors.
DFH offer a range of debt solutions tailored to your individual circumstances. These include IVA, Debt Management Plans & Debt Consolidation Loans. If you are worried about debt, contact of our trained debt advisor's today.
