In Debt? Stressed? Need Help?
If you feel like you are drowning beneath a sea of debt then you’ve come to the right place for Debt Advice. Being in debt can be a very lonely and stressful situation and in these circumstances every one of us needs someone to talk to.
No one sets out to deliberately get themselves into difficulties with debt, but it can happen all too easily these days. All it takes is one change in circumstances and what was a manageable debt situation can quickly become unmanageable. So if you need debt advice, where do you turn, and what can be done about it?
Here at the Money Advice Group we have been helping people with debt problems for almost a decade and every week we deal with hundreds of people just like you. Many people we speak to have slipped into debt through no fault of their own, and are just looking around for some Debt Help and Debt Advice. Many people are unsure about the options available to them so our qualified debt advisors are trained to understand the nature and size of your debts and then propose the best solution for your circumstances.
If you need debt advice there are typically five solutions available to you.
- Pay back what you owe – this is the simplest way of dealing with the debt but because you may have a lot of debts across many different lenders sometimes this is the hardest thing to do. Lenders will always be more helpful to those people who are facing up to their difficulties, so communication with your lenders is a good first step. But if you find that this is impossible, or the sheer size of your debts is so great that you cannot see a way to resolve the issue then you may need to consider one of the following options.
- Debt Consolidation – this option is open to home-owners and typically takes the form of a loan which is secured against your property. Failure to meet the payments on a loan of this type can put your home at risk so you need to think carefully before embarking on this course of action. If your difficulties are short term and you are still in employment this may be the right option for you however if you don’t own a property then you could consider…
- Debt Management Plan – this is a plan where a Debt Management Company, such as Kensington Finance who are part of the Money Advice Group, help you by establishing how much you can afford to pay each month and then negotiating directly on your behalf with each of your creditors so you only pay what you can afford. You still have enough money left each month to pay essential bills and to live normally but your debts are handled professionally for you by our Debt Help Specialists. This type of plan will incur monthly fees however it is simple to run and ensures that you only have to meet a single payment every month to meet your obligations.
- If your debt situation is more serious, with £15,000 or more of unsecured debt across three or more lenders then you could qualify for an Individual Voluntary Arrangement (IVA). This is a legally binding agreement between you and your creditors to pay back what you can reasonably afford, and is usually run over a five year period.
- In more extreme cases you could consider Bankruptcy which would free you from your debt obligations and, subject to some restrictions, help you to make a fresh start. This is however something which would need to be discussed with your Debt Advisor as it will affect your credit rating.
To get the Debt Advice you need to better understand which of these options is the best one for you – simply fill in our form on this page to request a call back at a convenient time or call us on our Free phone number 08002 800 492 and let us help and advise and guide your start on the road to a Debt Free future.
Illustrations of the fees charged for our various debt solutions are available Here