Debt Management In The UK – Your Path To A Debt-Free Life
Tired of all your unpaid bills and dues? Are your debts piling up like never before with no practical quick fix to it? Looking for a real solution
At SwiftDebtAssist, you can overcome many different types of debts. Mentioned herewith are a couple of debts that you can write off by applying for Debt Solutions with us.
Here is an illustrative example of how we can help you with your issues by writing off your consolidated debts, and assist in bringing your finances back on track.
New Debt Total
New Monthly Payments
At SwiftDebtAssist, we understand how stressful your life must be when you have too many debts, especially if they are unaffordable. And so, we provide services where you can apply to avail services that can help you get out of debt in an easy and suitable way. The debt advisors in our network will study your entire situation along with your finances and will provide suitable debt help solutions from the various available options. By availing the right debt reduction plan from us, you can -
Completely fill in the online application form and submit it with the needed details.
Your form will be passed over to the debt advisors and they will discuss your issues with you.
A Licensed IP will study your financial situation and try to sort the issues with your creditors.
If 75% of the creditors agree with the debt solution, your unaffordable debts will be written off.
At SwiftDebtAssist, we understand that no two financial issues are similar, and so, the solution will not help to reduce debts either. Keeping this in mind, we provide various debt management services to suit the various debt issues. Here is a quick glance at the different debt solutions that we offer.
Individual Voluntary Arrangement (IVA) is an insolvency procedure wherein your debts which cannot be repaid by you as a whole can be written off. A licensed IP will analyze your issues and will sort them with the creditors. Upon agreement, only the affordable agreed upon amount shall be repaid to the lenders.
If you are residing in England, Wales, or in Northern Ireland, have a maximum debt of £20K with a relatively lower income, fewer assets, a leftover monthly disposable income of £50, and total assets valuing to a maximum of £1000, you can apply to avail the Debt Relief Order, and get relieved of your arrears.
Available in Scotland, the Protected Trust Deed is a legal agreement in between the debtors and the creditors wherein the assets of the borrowers are made available so that it can be used to repay the debts to the creditors. Lasting from a minimum of 4 years, the Scottish Trust Deed helps repay unsecured debts.
To overcome all the debt-related issues in the UK, the government has legislated various debt management plans which can be availed suitably to help the debtors repay their unaffordable debts in a manageable and affordable way, by writing off debts and make reduced monthly payments.
Before starting to apply for a debt relief programs, you need to make sure that you satisfy all the eligibility criteria. Although every debt management service and service provider have different qualifying benchmarks to be eligible to avail a suitable insolvency procedure, the most basic ones put forward by the UK Government include -
A Debt Management Plan is a strategic program that helps debtors reduce their burden of having unaffordable unsecured debts, and repay them to their creditors in a more affordable way. In the debt management programs, the IP’s sort your debt issues with your creditors to waive off most debts and reduce your monthly payments.
A successful debt settlement refers to a favorable debt management solution wherein the amount the debtor has to pay the creditor as repayment for the borrowed loan amount will be reduced directly. An IP on your behalf will negotiate with the creditors and will persuade them to decrease the debts that the debtor owes, and if the creditors agree, most debts will be written off, reducing the monthly payments.
The UK Government has put forward different debt management solutions to help debtors overcome their debts in a legal and manageable way. However, the debt solutions in Scotland are different from that of England, Wales, and Northern Ireland. Also, the debt reduction plans are legal programs that come with strict regulations, and so, it is essential for the debtors & the creditors to follow the orders according to the finalized debt solution.
The Debt Management Solutions in England, Wales, and Northern Ireland include –
• Debt Management Plan (DMP)
• Individual Voluntary Arrangement
• Debt Relief Order (DRO)
• Debt Consolidation
The Debt Management Solutions in England, Wales, and Northern Ireland are different from those in Scotland. In Scotland, the debt solutions include –
• Minimal Asset Process (MAP)
• Protected Trust Deed (PTD)
• Debt Arrangement Scheme
For more help and advice, visit the Money Advice Service, an independent service set up to help people manage their money. Or find out more about the different options for paying off your debt here. IVAs are not available in Scotland. Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk