One Advice | Bankruptcy, IVA & Debt News

Personal Debt levels are on the rise, in fact, an article on our blog (Personal Debt Exceeds Income) shows how our UK debt levels are getting out of hand. The reason for this has been blamed on the previous easy access of unsecured credit, such as personal loans, credit cards and store cards.

Personal Debts Help

Being in debt doesn’t have to mean that you no longer have control over your finances, One Advice can offer you personal debts solutions which could allow you to regain grip over your personal debts and financial situation.

• Personal Debts: IVA
  – IVAs are instruments of public policy which are designed to help debtors who are struggling with high levels of personal debt, typically over £12,000. An IVA allows you to reduce the level of personal debts. You make one lower payment for an average period of 60 months.An IVA is a legally binding contract and once you have made the required IVA payment you will be free of any unsecured debt. The amount of debt write off is dependant on your personal debt levels and other circumstances. Please call our IVA advisors on 0800 048 1752 for more information about this.
• Personal Debts: Bankruptcy
  – Bankruptcy is an extreme way to deal with your personal debts as you lose complete control over your finances and your assets, meaning that you could lose your home. But for some people, bankruptcy is the only way to deal with personal debts.If you think this is the case then you need to seek professional advice before you declare bankruptcy. One Advice have a dedicated bankruptcy team who can offer you advice.
• Personal Debts: Debt Management Plans
  – A Debt Management Plan is a way for debtors to deal with their debts if they have a low personal debt level, typically £12,000. They are informal arrangements between the debtor and their creditors to enable smaller monthly payments to their debt. You make one monthly payment to us and we will distribute this between your creditors.As part of the debt management plan service from One Advice. we will deal with your creditors on your behalf, and some are willing to freeze interest and charges on the personal debt.

Remember, if you are worried about personal debts then One Advice can offer you professional advice about your debts and can help you find the right debt solution to help you deal with your debts.