One Advice | Bankruptcy, IVA & Debt News

If you are feeling stressed because of the amount of debt that you owe then you might think that it is impossible for you to become debt free – But we can help. One Advice are able to offer a number of debt solutions to suit your circumstances so you can look forward to a debt free future.

If you want to become debt free then it might be worth looking at the amount of unsecured debt that your owe. Unsecured debt is lent without being secured against any of your assets, therefore it is usually at a much higher interest rate. Unsecured debt includes:

• Personal Loans
• Credit Cards
• Store Cards
• Overdrafts
• Catalogue Debts

If you are finding these payments a monthly struggle and your outgoings are starting to match your incomings, then you need expert debt advice.

Debt Free Solutions:

We have a team of expert advisors who can go through your finances to help you find your best solution to becoming debt free. There are many ways that you could begin your debt free path, for example:

Become Debt Free with a Debt Management Plan.
You can consolidate your debt with a Debt Management Plan where we can arrange one low monthly payment to your debt which is designed to relieve any financial burden.

Become Debt Free with an IVA.
If your unsecured debt level is over £15,000 then you might want to consider an IVA, which is Government introduced legislation designed to write off any debt that you can’t afford.

Please remember that our professional debt advisors are on hand to offer you free debt help and advice on how you can become free of debt, call us today on freephone 0800 048 1752.

Knowing if debt management is the right debt solution for you can be tricky. The right debt solution for you can be dependant on a number of different factors, such as your income, outgoings and level of unsecured debt. If you are looking to reduce your monthly outgoings and simplify your finances, a debt management plan could be the debt solution to help you do just that.

A debt management plan allows you to consolidate multiple unsecured debts into justa single monthly payment. This can make managing your debts much easier as you no longer have to worry about making several payments to different creditors throughout the month.

With a debt management plan you will benefit from reducing the amount of debt that you need to repay on a monthly basis. However, you will have to repay these debts over a longer period of time and some creditors will not freeze additional interest and charges on your debt.

Your level of debts is not the important factor when deciding if debt management is the right solution for your debts, it is more about your ability to repay your outstanding debts at a level that is affordable to you. Typically if your debts are over £12,000 you may find that your circumstances make you more suitable for an IVA. Like debts management, an IVA allows you to make one affordable monthly payment but offers you the additional advantage of having an element of debt write-off and becoming debt free in a typical period of 60 months.

For more information about whether debts management is right for you, fill in the Quick Enquiry Form to the right of this page.

When it comes to debt management, UK consumers who are struggling with their unsecured debts have a range of debt solution options available which can help.

Are you finding that you can no longer afford to pay your unsecured debts? Are your outgoings more than your incomings? If this is you, you are not alone. You may be looking to seek debt advice or have already got in touch with a financial solutions company, either way it is essential that you understand what your debt solutions options  are and what a debt management company can do to help

There is not just one debt solution out there. The right debt solution for you is dependant on a number of different circumstances, such as your income, level of unsecured debt and secured debt commitments. We would always recommend that you seek professional advice from an ethical debt solutions company, as you want to be sure that you are advised about the right debt solution for you.

Debt solution options include:

• Debt Management Plan: A debt management plan allows you to consolidate your debt into one lower monthly payment without the need for any further borrowing.
• Individual Voluntary Arrangement (IVA): A legally binding agreement between you and your unsecured creditors, allowing you to repay an affordable amount of your unsecured debt over a typical period of 60 months. All additional interest and charges will stop and any unpaid debt will be written off on completion of the agreement.
• Bankruptcy: One debt solution which you could consider is bankruptcy, however this is an extreme debt solutions with long-lasting effects. You should always consider alternate debt solutions and explore your options before declaring bankruptcy.

Whatever your personal financial situation, we would always recommend that you seek expert advice so you can benefit from experienced and professional advice in dealing with your debts and be advised about the right solution to deal with your a debt management problems.

One way for better debt management is to do your banking online so that you can keep a stricter eye one your incomings and outgoings.

According to the Association of Payment Clearing Services (Apacs), online banking is the best way to keep an eye on your accounts which may mean that you find yourself stricter with your spending habits, especially if you are on a budget.

Online banking has become a popular way to manage debt as it offers you easy access to your current account. There has been a 505% increase during the last seven years, with 1 in 2 adults now using online banking services.

Apacs spokesperson Michelle Mayer said: “I think what it will do is give people an exact picture of where they stand, which is always a good thing if you are trying to manage your budget. Having access to your finances whenever you want and seeing what is going in and coming out puts you in a good place.

Often, when coming across a range of debt solutions, you may come across the benefit that they can all consolidate your debt. But what does debt consolidation really mean and what is the difference between consolidation loan, debt management and IVA?

People often believe that debt consolidation can only come in the form of a loan and only a debt consolidation loan can be used to consolidate your debts into one lower monthly payment. But this is not always the case, as ‘debt consolidation’ also refers to any type of consolidation which allows you to combine your monthly unsecured debt repayments into one lower payment. This should make it easier for you to manage your debts as you only have to make one payment per month instead of separate payments to different creditors.

So, when deciding upon a debt solution it is important that you fully understand the difference between a debt consolidation loan, debt management plan and an IVA. The following gives you a brief overview of these differences, but for personalised debt advice about which of these solutions is right for you, call One Advice now on 0800 048 1752.

Debt Consolidation Loan – A Debt Consolidation Loan is a new loan which is taken out in order to pay off existing debts.  Many people opt for a debt consolidation loan as they find it makes managing their unsecured debts much simpler and easier to manage.
A key advantage of a Debt Consolidation Loan is that you can often benefit from a reduced monthly payments but it is likely that you will be repaying these debts over a longer period of time. It is important to note that a Debt Consolidation Loan is often secured against your home, so never agree to a loan if you feel as though you will fall behind on your debt repayments as you could lose your home to repossession. Always seek expert advice about a Debt Consolidation Loan before you agree.

Remember that not every debt consolidation option means that you take out a new loan:

Debt Management Plan – A Debt Management Plan is an informal, flexible debt solution which allows you to make lower payments towards your unsecured debts. Your monthly payment will be based on only what is affordable to you after your income and expenditure has been taken into account. Therefore you will still be able to keep a  standard of living and make a lower monthly payment to us which we will distribute between your creditors.
It is worth noting that a debt management plan offers no amount of debt write off so you  will continue to make payments to the plan  until your debts are paid off in full.

Individual Voluntary Arrangement (IVA) – An IVA is a legally binding agreement between you and your creditors, where you agree to make a single reduced payment to your unsecured creditors over a typical 60 month period, after which any unpaid debt will be written off.
Like a Debt Management Plan, you will be making payments which are affordable to you after your outgoings have been considered.

This is just an overview of the difference between consolidation loan, debt management and IVA, and we would always recommend that you seek professional information before deciding upon any type of debt solution.

It is possible to repay debt with a debt management plan and become debt free. A debt management plan is designed for individuals who are struggling to manage multiple debts and find themselves falling behind on repayments. A debt management plan can combine all of your existing debts into one lower monthly payment, this should mean you can take control of your finances much more easily as you only have to make a single monthly payment to us, which we will distribute between your creditors.

There are a number of potential benefits when you repay debt with a Debt Management Plan, including:

• It should be easier for you to repay one single reduced payment to your debt management plan rather than managing multiple debts.
• You don’t have to worry about your unsecured creditors as we will deal with them on your behalf.
• We may be able to freeze interest and charges on the debt although this cannot be guaranteed.

You will have to repay the full amount of debt with a debt management plan as it offers you no percentage of debt write off, therefore it could take you longer to repay the debts as you are making a lower repayment at a rate that is affordable to you.

If you have debts over £12,000, you may consider repaying debt with an IVA. An IVA is similar to a debt management plan where you make a lower monthly payment but it offers some additional benefits. It is a legally binding contract between you and your unsecured creditors which means, when agreed, they cannot revert back on the arrangement. It also allows a certain amount of debt write off so you only repay the debt that is affordable to you over a 60 month period.

There are a number of avenues which you might want to explore when repaying debt. We would always advise that you seek professional debt advice for help with this, contact One Advice now on 0800 048 1752.

A Debt Management Plan is a flexible, informal arrangement between you and your unsecured creditors where you agree to make a single reduced monthly payment towards your debts based on what is affordable to you after your income and other outgoings have been taken into account.

Your eligibility for a Debt Management Plan is dependant on a number of different circumstances, and the level of debt needed for a Debt Management Plan can differ. If you have unsecured debt levels over £12,000 you may find that an IVA is more suitable for your circumstances.

A Debt Management Plan is designed to make your debts more affordable to you on a monthly basis. We will negotiate with your creditors so you make the payments which are affordable to you. Some may agree to freeze interest or charges although this can not be guaranteed.

It is worth nothing that a Debt Management Plan offers you know no level of debt relief and you will have to repay all your debts in full. An IVA, on the other hand, allows you to only repay the debt that is affordable over a 60 month period; on completion of the IVA any unpaid debt will be written off.

The only way you can really see how you qualify for a Debt Management Plan is to get expert debt advice, and One Advice can help you with just that. Our specialist debt advisors will go through your individual circumstances and help you to find a debt solution which is perfect for you, for more information call now on 0800 048 1752.

Understanding the different debt solutions from a debt management company can be confusing. There can be a number of debt solutions on offer but it is essential that you fully understand the benefits which each debt solution can give you and what the advantages there are over alternate debt solutions.

The different debt solutions are specifically designed to help people with different kinds of debt problems, and the debt solutions you may come across include a Debt Management Plan, IVA, Debt Consolidation Loan or Trust Deed.

The advantage of there being a number of debt solutions means that it is likely that there is one to suit you, the downside can sometimes be knowing which one is the right one! This is where a Debt Management Company can help, they will take an holistic overview of your finances, take into account your incomings, outgoings and level of debt. From this information they will help you decide which debt solution can sort out your debt problems as quickly as possible.

One Advice can offer you a selection of different debt solutions but we would never over-complicate the situation for you. We will make the process as simple as possible  and, if you take one of our Debt Management Plans or IVAs, we will deal with your creditors on your behalf so you don’t have to worry about a thing!

If you wish to find out more about the different debt solutions from a debt management company, take the One Advice 1 Minute Debt Test to see what debt solutions options you have…

Debt worries are the biggest cause of stress with almost half (40%) of all adults being worried about the security of their jobs and their financial futures.

It is not just debt stress which we are all experiencing, it seems that we are turning into a nation of worries as we stress over problems with friends and family members (25%), health concerns (24%) and stress at work (22%). Coupled with debt worries is our concern about being made redundant from our jobs and unemployment, with almost a quarter (21%) of adults worried about this.

Senior health analyst at Mintel, Alexandra Richmond, who conducted the research commented: “Even though the recession may be over, people have become more aware of the fragility of their jobs, or indeed the price of their home, which is why employment and finance top our list of worries.”

It seems as though many of us are not seeking help with this stress, as only 6% of those surveyed would turn to professional help. If debt worries tops your stress list, One Advice can help. We can help with your unsecured debts by making them more affordable to you on a monthly basis.

If you have debt under £12,000 you may find that a Debt Management Plan can help you with your debt stress. We can make your debt more affordable to you on a monthly basis by negotiating with your creditors so you can benefit from a low monthly payment. We will take away any of the debt worries and stress that you are feeling as we will deal with your unsecured creditors on your behalf, just forward any contact onto us.

Those with debts over £12,000 may want to look at the IVA route. This is a legally binding contract between you and your creditors which allows you to repay only the debt that you can afford over a 60 month period, and any unpaid debt will be written off on completion of the agreement. If you have bankruptcy worries and fear losing your home, an IVA could be your opportunity to become debt free AND keep your home.

Call One Advice now on 0800 048 1752 for more details.

Being debt free is the ultimate goal for many people and it doesn’t have to be an impossible dream. With the right debt solution you can make your debts more affordable to you on a monthly basis, meaning that you can keep to the agreed repayment and begin to pay your debts off and become debt free.

There are a number of debt solutions to get you debt free and the one which is right for you will be dependant on your personal situation. Each of our debt solutions is designed to help you manage your debts appropriately and we will make this process as simple as possible.

The best way that we can discover which of our debt solutions to get you debt free is the most appropriate, it is essential that you get expert debt advice. We have a team of leading debt advisors who will take details of your income, expenditure and help you decide which of our debt solutions is the perfect one to put you on the track to becoming debt free.

Debt solutions offered by One Advice include:

Debt Management Plans: One of the most popular debt solutions to get you debt free is a debt management plan. This informal agreement between you and your unsecured creditors which allows you to repay what is affordable to you on a monthly basis.
Your monthly payment will be based on what is affordable to you after all your expenses have been taken into account. This means that you will be left with enough money to pay for your essential expenditure, such as mortgage/rent, utility bills, food shopping etc. Repaying your debt at a slower rate means it will take you longer to become debt free and your creditors may not agree to freeze your interest and charges.

Individual Voluntary Arrangement (IVA): An IVA is a debt solution to get you debt free in as little as 60 months. It is an agreement between you and your unsecured creditors which is legally binding and you commit to repaying as much of the unsecured debt that is affordable over the IVA period. Once you have successfully completed the IVA the rest of your debt will be written off.
This type of debt solution is only suitable for those with debts of at least £12,000 and you must always be sure that you get professional IVA advice to ensure it is the right debt solution for you.

Trust Deeds: An IVA is only available to those who live in England, Wales and Northern Ireland. If you are a resident of Scotland a Trust Deed is your IVA alternative. Like an IVA you only pay the debt that is affordable to you and unaffordable debt will be written off, but the typical Trust Deed term is 36 months.

These are just some of the solutions to get you debt free. For personalised debt advice please speak to One Advice directly or take the 1 Minute Debt Test to see your debt solution options.

There are a number of reasons why you need debt advice, and people come to One Advice for help and advice about their debts due to a number of different reasons. But the great news is that help is at hand, no matter how impossible your debt situation may seem there are debt solutions available.

Here are 3 reasons why you may need debt advice:

1. Unemployment: Since the begging of the credit crunch the number of people unemployed or facing redundancy has increased. Losing this income combined with little savings means that people can soon find that they are struggling with an increasing amount of debt that they simply cannot afford to pay.
2. Debt Management Problems: Many people struggle with juggling multiple debt repayments which are due multiple times of the month and many tend to ignore these problems in the hope that they will go away. In reality we all know that burying our heads in the sand will not work when it comes to dealing with debt management problems.
   The sooner you contact a professional financial management company, such as One Advice, the sooner you can get help with your personal debt management problems and solve them with one of our debt solutions which will be tailor-made for your circumstances.
3. Change of personal circumstances: As well as unemployment, there can be a number of personal reasons why you may need debt advice and why your finances get too much to handle. For example, you may be out of work due to illness and statutory sick pay means you are earning far less than your usual income. Divorce and separation can also be a very stressful time both personally and financially as you may find that you cannot fund your existing lifestyle.

No matter what the reason you need debt advice, there is no need to despair. A good financial management company will be understanding about the situational changes which have caused you to need debt advice and will do their best to ensure that a suitable debt solution, whether is be an IVA, Debt Consolidation Loan, Debt Management Plan or Bankruptcy,  can be found for your debt problems.

When you are struggling with debt, you may be thinking of ways in which you can pay off debt without a loan. Many people do go down the debt consolidation route but then find it a struggle to make this new loan payment when debt starts to build up on their consolidated credit cards once again. So how is it possible to pay off debt without a loan?

The first step is to make sure that you take expert debt advice. Talking to a professional about your debt means that you can benefit from their expert opinion and become more aware of the debt solutions which are on offer. If you are looking to tackle your debts but want to pay off debt without a loan, here are a number of ways which you could do that:

Cut your outgoings. Perhaps you are struggling to repay your debt because you are overspending in other areas. Working out your credit crunch luxuries and cutting back on these non-essentials really does mean that you could save a small fortune over the course of a month.

Think of places where your money regularly goes: takeaways, meals out, gym membership, nights out etc. Once you have identified the key areas where you spend the most money, this could make a big difference to your ability to repay your debts and manage to pay off debt without a loan.

If your outgoings are already cut back to the limit and you still find that your debt repayments are unaffordable, you need to see what debt solutions are on offer and how they can help you:

Debt Management Plan: This is an informal repayment agreement between you and your creditors where you agree to make smaller payments towards your debts over a longer period of time. Although it will take you longer to become debt free, your payments will be affordable to you.

Individual Voluntary Arrangement (IVA): An IVA is best suited to those with high levels of unsecured debt, typically over £12,000, and are struggling to repay their debts.
Like a debt management plan, you can take advantage of reduced monthly payments but with one big difference, an IVA is a legally binding contract and allows a certain amount of debt write off. You commit to making monthly payments towards your debts, based on how much you can afford after your other financial commitments have been accounted for over. On successful completion of the IVA, typically 60 months, any unpaid debt will be written off.

For further advice about how to pay off your debts, speak to one of our debt advice specialists on 0800 048 1752.

When you are looking at your debt solutions, you may wish to understand the difference between IVA and Debt Management. Each of these are potential a debt solution for those struggling with repayments but it is important that you are aware of the difference between IVA and Debt Management, and which of these two options would be a better debt solution for you:

Debt level: An IVA is typically only suitable for larger levels of unsecured debts of £12,000 or more. Debt Management is more suitable for those with smaller debt levels.

Type of agreement: An IVA is a legally binding agreement between you and your creditors and, once the IVA has been agreed, you are both bound by it. Failure to keep to the terms of an IVA may mean that your creditors can declare you bankrupt.

On the other hand, Debt Management is a much more informal agreement and the terms of your plan can be more flexible if your circumstances change.

Length of agreement: An IVA is typically a 60 month repayment plan where you pay what is affordable over the agreed period of time and any unpaid debt will be written off on completion of the agreement. Debt Management offers no debt write-off and you must repay your debts in full.

Debt Write Off: As mentioned above, an IVA will write off the debt that is unaffordable to you on completion of the agreement. This is the main difference between IVA and Debt Management, as with Debt Management all of your debt will be repaid to your creditors.

Debt Management Plans and IVAs are not the only debt solutions available, and the right one for you will be dependant on your situation. For further information from one of our expert debt advisors, call now on 0800 048 1752.