Clear my debts - Personal loans

What options are available to clear my debts?

When deciding which way is the most economical to clear personal debt, it is imperative that you investigate the period of time it will take.

  • The following are the 5 main debt solutions that will assist you as a starting point to finding the personal debt help you need online.

  • Clear my debts through bankruptcy - A process in which a county 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 debts within a reasonable period of time.
  • Clear my debts with an IVA - This is a 60 month or 5 year legal binding agreement between you and your creditors. After the 60 months or 5 years the remainder unpaid is written off and cleared in full. If you own a home an IVA could involve releasing some of the equity at the end or nearing the end of the IVA.
  • Clear my debts with a Protected Trust Deed - This is the Scottish equivalent to an IVA in England.  The Trust Deed is also a legally binding agreement between you and your creditors and will usually last for 36 months only.  After which, the remainder of the outstanding debt is written off.
  • Clear my debts with debt management online - An informal arrangement which is NOT legally binding between you and you creditors.  No guarantee of an end date and no guarantee that interest and charges can be frozen unlike an IVA.  This is a good short term measure to regain control.
  • 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 another loan is not the best option. These types of loans are often secured against your property which can put your home at risk.  Be cautious if using a secured loan to clear debts. Think carefully about this type of debt consolidation solution first!

Clear my debts with help -  If you would like help and advice from a trained personal debt advisor in the UK then please call our debt helpline available 24 hours, 7 days a week.

  • Call 0800 018 6868 today, your call is FREE from a landline!

Obtain our professional debt advice today - It only takes one FREE call to start to clear debts!



Bankruptcy
Debt Management
Insolvency or IVA
Debt Consolidation
Trust Deeds
Bank Accounts
Loans