When you're looking for a debt management solution you want to be sure that your debt advisor has understood your situation and has considered every debt management solution before making their recommendation.
If you've got unsecured debts like credit card debt and loan debt and are struggling with the repayments, you will want to be considering one of a number of debt solutions available like free debt management plans, IVA's and loan consolidation. Assuming it's not too late, bankruptcy would only be considered as a last resort.
What's The 'Right' Debt Management Solution?
When we talk about finding the right debt management solution by ‘right’ we mean the solution that:
- Is going to pay your debts off the fastest with the least money
- Protects assets like your home
- Minimise damage to your credit rating
- Return you finances back to health in a known period of time
Get An Expert Opinion On The Best Debt Solution For You
Use our Debt Smart Calculator to help identify which debt advice organisation is suited to your type of debt and which advisor will guide you safely to the best solution and help you get it in place when the time is right for you. Try it now >>
Comparison Table Of Debt Solutions
| Solutions | Debts Written Off | Legally Binding | Interests & Charges | Residential Status | ||
|
Average 58%*
|
Yes
|
Stopped
|
Tenant or Homeowner (Eng/Wales)
|
|||
|
Not Normally
|
No
|
Many Freeze
|
Tenant or Homeowner
|
|||
|
Consolidated
|
Yes
|
New Rates & Charges
|
Tenant or Homeowner
|
|||
|
Bankruptcy is a severe last resort if you are in serious debt and no other debt solution can save you from going bankrupt. Bankruptcy may protect you from your creditors and allows you to start fresh, but you need to think carefully about all the implications involved.
|
||||||
|
*58% was the average debt write off with an IVA, April - June 2008, CCCS
|
||||||
