Find basic information about how to clear personal debts and the associated problems
Get the help and advice you need to start to clear your personal debt!
- Confidential UK advice at your convenience!
What options are available to clear my debts?
When deciding which way is the most economical to clear your personal debt, it is imperative that you investigate the period of time it will take based on the solutions available to you.
- The following are the 4 main options that will assist you as a starting point to guide you through the personal debt help market place online.
Clear my debts through Bankruptcy – A process in which a court decides if you are eligible to have your debts written off or cleared in full based on your lack of ability to pay priority household bills and repay your personal unsecured debts within a reasonable period of time.
Clear my debts with an IVA or Individual Voluntary Arrangement – This is a 60 month or 5 year legal binding agreement between you and your creditors. After the 60 months or 5 years is over, the remainder of debt unpaid is written off and cleared in full. If you own a home an IVA could involve you releasing some of the equity from your property at the end or nearing the end of the IVA.
Refused or failed an IVA to Clear my debts!
Clear my debts with a Debt Management Plan – Debt Management is an informal arrangement and not legally binding between you and your creditors. There is no guarantee of an end date and no guarantee that interest and charges can be frozen unlike with an IVA. Debt Management is a good short term solution to regain control without legally binding commitment.
Clear my debts with a Debt Consolidation Loan – This is a good option if you have a small debt level with many creditors to pay each month. One reduced payment or repayment can help but if you are struggling at present to manage, another loan is not always the best option. These types of loans are often secured against your property if you are a home owner which can put your home at risk should you fail to keep up with repayments. Be cautious if using a secured loan to clear debts.
- IN FACT, BE VERY CAREFUL!
Lewis Alexander offers this information for people starting to embark on the journey of clearing their personal debt. If you would like help and advice from a trained personal debt counsellor in the UK regarding how to “clear my debts” then please call our personal debt helpline FREE from a UK land line using 0800 018 6868, lines are open 24 hours a day, 7 days a week.
- Call 0800 018 6868 today, your call is FREE!
- Obtain professional advice
- We will call you at your convenience
