Debt Management Programs, etc

Negotiating debt settlements through the use of debt management programs or other techniques is key to your debt-free future. Take a moment to compare the options open to you.

Negotiating debt settlements through the use of debt management programs or other techniques is key to your debt-free future.

If, after you have minimised your monthly costs (by reducing your household bills and the % cost of your existing debt), there is still no prospect of being able to payoff your unsecured debt then your debt problem is severe/chronic. You need to confront the situation. Don't panic though as there are a series of options open to you. Over time these can release you from the burden of debt: Debt Management Programs or Plans Individual Voluntary Arrangements (IVAs) [England/Wales] Protected Trust Deed [Scotland] Bankruptcy [England/Wales] Sequestration [Scotland]

Options		Specialist Advice
Debt Management Program This is an affordable repayment plan set up by a debt management company. They help you work out what you can afford to pay each month. You pay this to the debt management company and they pay the money to your creditors on your behalf. As they deal with your creditors rather than you you are relieved of this pressure and stress. Individual Voluntary Arrangements/ Protected Trust Deed This is a formal arrangement through the county court to pay an agreed amount off your debts over a period of 3-5 years. Over this time you pay high monthly instalments and at the end of the period the rest of the debt is written off. Bankruptcy/Sequestration This is a way of dealing with debts that you cannot pay. Whilst you are bankrupt any assets that you have might be used to pay off your debts. After a period of time (usually one year) all your outstanding debts are written off and you can make a fresh start		We have teamed up with a specialist company (Solution IVAs) who can independently advise you which options are open to you and which is likely to be the best route for you. They will tell you in detail the implications of taking any particular course of action given your personal circumstances. They will: Assess your current financial position Advise you how to reduce your living expenses to a realistic level. Determine the options open to you (when your income is compared to your living expenses) Explain the pros/cons of each debt management option Allow you to choose the option you wish to take advising you as you go Run the debt solution for you Obviously all dealings you have with them are confidential. You initial enquiries are free, so you can decide if you wish to proceed You are under no obligation by completing the online enquiry forms - these are not contracts.

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