Coping With Debt

For many, debt can be a very stressful part of their lives, and the impact that it can have can be brutal. Debt can cause sleepless nights, stress and worry.
In order to cope with debts, some may seek a debt solution or want to more easily manage debt. There are some good solutions in the market that could reduce debts or even get debts written off. The 3 options we will look at are Individual Voluntary Arrangements (IVA), Debt Management Plans and bankruptcy.
IVA’s
An IVA or individual Voluntary Arrangement is a formal agreement between you and your creditors that you will pay back a percentage of your unsecured debts over a fixed period. Any remaining unsecured debts will subsequently be written off.
If accepted by 75% of voting creditors (by value), an IVA will give you complete legal protection from all unsecured creditors, even if they did not vote. A typical Individual Voluntary Arrangement lasts for five years, during which you will pay back only what you can realistically afford.
Debt Management Plan
A Debt Management Plan (DMP) allows you to make a single, affordable, monthly payment and regain control of your finances. An advisor will negotiate directly with your creditors on your behalf, to arrange an affordable payment plan. This means you won’t have to deal with the burden of daunting paperwork and letters through your door.
Bankruptcy
Bankruptcy is a legal process which occurs when your debts are greater than your assets. Declaring yourself bankrupt is often considered the last resort when relieving you of your debts and all other debt solutions should be considered first. You may lose any property or valuable assets and you could struggle to get credit in the future. After the end of the bankruptcy period (Usually 1-3 years), All your debts are written off.
If you need help with your debt worries and debt advice and guidance please contact Debt Release Direct on 0800 0197465 or visit http://www.debtreleasedirect.co.uk

Debt Management Plans
A Debt Management Plan allows you to make a single, affordable, monthly payment to help you regain control of your finances. Our advisors deal with your creditors on your behalf, often freezing or reducing interest and charges and negotiating a simple and predictable monthly payment.

Debt Release Direct will handle the letters and phone calls, arranging an affordable and timely payment plan for your unsecured debts which will save you time, pressure and money.

Is a Debt Management Plan right for me?
A debt management plan can be suitable for individuals who want to consolidate debts so that they will be able to pay their debts in full within a reasonable amount of time.

If you cannot afford to repay all of your debts, then ask for advice on IVAs (Individual Voluntary Arrangements), Full & Final Settlements or Bankruptcy. If you would like to speak to a Debt Release Direct advisor to discuss your debt consolidation options, you can call for FREE on 0800 804 7538.

What are the advantages of a Debt Management Plan?
You can manage your debt with a single, affordable monthly payment
Our experienced advisors will negotiate directly with your creditors on your behalf
Interest and charges can often be reduced or frozen
A Debt Management Plan is an informal agreement which you can cancel at any time
How does a Debt Management Plan work?
If you decide a Debt Management Plan is right for you, we will speak to your creditors and negotiate a debt repayment plan. Once this agreement has been reached, you will make a single payment to Debt Release Direct every month and we will handle the rest.

You receive a dedicated emergency telephone number and ongoing support and advice whenever you need it, and every month we provide you with a breakdown of receipts, costs, and exactly what each of your creditors have been paid.