There are various types of debt help available, all of them designed to help people dealing with different kinds of debt problems.
If you are in debt, you may find that seeking professional debt help is the best way forward. Here's a look at what 'debt help' might mean (just two examples).
Debt advice
Debt advice may be all you need to help you get out of debt. Debt advice is available...
If you are keeping track of several debts to several creditors, and would like the chance to simplify your finances and/or reduce your monthly expenditure, then debt consolidation may be suitable for you.
What is debt consolidation and how does it work?
Debt consolidation involves taking out a new loan and using it to repay all your existing unsecured debts in one go, leaving you with...
If you are keeping track of multiple unsecured debts and would like the chance to lower your monthly expenditure and/or make your finances easier to manage, then a debt consolidation loan may be right for you.
Like with most things, there are advantages and disadvantages and is important to pay attention to them and apply them to your personal circumstances. Not everyones financial situation...
There are several different types of debt help available to people struggling with their finances. If you are in debt, the choice can be confusing or even intimidating, so it's important to understand each option before making any firm decisions.
Debt advice
- A little debt advice may be all you need to get your finances back on track, and many organisations will offer free debt advice -...
At a time like this, many people are finding it increasingly difficult to manage their finances. So how - and who - could debt management help?
Debt management is designed to help people who cannot afford their debt repayments.
When someone enters a debt management plan with a professional debt management company, the organisation will talk to their unsecured creditors and ask them to...
If you are struggling with a high level of unsecured debt that you can't afford to repay within a reasonable period of time, then an IVA (Individual Voluntary Arrangement) may be appropriate for you.
An IVA is a legally binding agreement between you and your unsecured creditors. If you can commit to repaying a certain portion of your debt over the course of your IVA, your creditors will (if...
Debt management is one of the ways you could become debt free at a pace that suits your financial situation. Debt management programmes are available from many debt management organisations.
Different organisations run debt management plans differently. The 5-step plan below guides you through one of the ways a debt management plan can work.
1. The first step is making a phone call and...
If you are struggling to repay your debts, than you'll know how difficult managing your finances can be. For all too many people, each payday can become a balancing act - trying to pay off debts while leaving enough money for bills, groceries and other costs later in the month.
However, it's easier than you may think to cut back on your existing costs and free up cash to repay your debts....
Debt management may be a good idea for people who can't afford to keep up with their monthly debt repayments, but can afford to pay something towards those debts.
So it won't be the right solution for people who can afford to keep up with their payments as they stand - debt management involves negotiating with lenders, asking them to consider changes to the repayment plan that will help the...
When the nation's economy is doing badly, it makes sense to prepare for bad news. People tend to reduce their spending for all kinds of reasons.
It might be because they've lost their job. It might be because they've seen their income fall, whether they're earning less in terms of bonuses, commission or overtime, or because they've actually had to accept a pay-cut or shorter working hours....
