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Debt Consolidation Loan Vs Debt Advice | SwiftDebtAssist UK

DEBT CONSOLIDATION

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Debt Consolidation

Typically, debt consolidation means combining all your impending debts together and writing them off according to your financial situations by availing suitable debt help solutions, leaving you with making just a single affordable monthly repayment only. By getting the right debt solutions, you can combine all your exorbitant debts and have them waived off in a safe & legal way. This will lead to a reduction in your debts, and you repay nominal amounts for a stipulated period of time.

It is the best solution to get out of the hassle, where you have too many debts to multiple lenders with multiple interests on the multiple repayments. This solution will save you more money and time than before.

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Illustrative Example For IVA Help Services

Shown here is a representative example of how consolidating your debts and writing them off can help in controlling & managing your finances well.

The Monthly Repayments

Total Loan
Tenure

24 Months

Monthly
Payments

£750

New Pending
Debts

£3600

New Monthly
Payments

£150

  • Let us assume that your total debts are –
  • Personal Loans

    £10000
  • Credit Cards

    £2200
  • Overdrafts

    £1800
  • Utility Bills

    £1000
  • Other Debts

    £3000
  • Total

    £18,000

How it Works

Step 1

Fill & Submit Online A Fully Filled-In Application Form

Online Application is a quick process to know your details and requirements. It will help us in understanding your financial status.

Step 2

A Licensed IP Will Get In Touch & Study Your Situation

An IP will come up with the perfect solution you need for having a peaceful financial life. It will help you clear all your debts efficiently.

Step 3

The IP Will Coordinate Between You & Your Creditors

No need to worry about convincing your creditors concerning debt reduction. Your Expert IP will handle these trivial matters.

Step 4

If Agreed By The Lenders, Your Debts Will Be Written Off

When 75% of your creditors agree upon the agreement, you can write off 80% of your debts and can clear the rest in regular intervals.

Consolidate And Write Off Up To 80% Of Your Debts

Why Choose Us

No Creditor Chasing

The lenders will no longer chase you for repayments until the IVA period, & they have to deal with your IP

Debt Waiver

If 75% of your creditors agree to the IVA, it will be finalised, and applicable even to those who do not agree for it

Safe and Secure

Right from applying to processing the request, our entire procedure is simple, safe, transparent, and uncomplicated

Fixed Charges

All other charges, including the interest rates, will be frozen on the total debt amount that you owe to your lenders

Manageable Terms

With IVA solutions, you can write off your debts by making affordable payments and manage your finances well

Save Your Assets

With an IVA, you can legally write off your debts, and the lenders or the court will no longer seize your assets

Frequently Asked Questions

Consolidating debts is a process wherein all your impending debts will be put together, and by availing the right debt settlement solutions, they can be written off legally. With this, your total debt amounts will reduce, and you will have to repay a smaller affordable amount. Consolidating your debts for a single payment will help you manage your finances in an uncomplicated way, and if it is done by availing the suitable debt management plans from debt management companies to reduce the debt amount, it will also help repay debts in a much manageable & affordable way.
If you feel that you are having too many unaffordable debts and cannot repay them on time to your creditors, you can sign up to avail debt management services. The debt experts will study your financial situations, and an IP will consolidate your debts to chalk out a suitable plan to help reduce your debts, by considering your income, and other factors. The plan will be put forward to your creditors, and if a majority of them agree, your debts will be written off, and you will have to repay reduced amounts as a single repayment, which will be repaid to your creditors by the insolvency -solution providers.
There are many things that you should be aware of before getting any legal solution to write off your debts. Firstly, these services to reduce debts come with terms & conditions that differ from place to place, and from service to service. So, it is essential that you know all the policies before you avail them. Also, every help solution comes with its own pros & cons, and you should be aware of them all so that you do not have any unexpected surprises in the future. Furthermore, if you do not abide by the rules of the help solution, you may have to face adverse consequences too.
To start with, unless you are in a situation wherein you are genuinely not able to repay your debts to your creditors, you cannot apply for a legal help solution to reduce them. The debt advisors will study your condition and provide suitable advice to help you manage your debts. Your individual financial situation, along with many other factors will be the core aspects considered by the IP to decide if getting an insolvency procedure is right for you. So, you, along with your IP who study your entire financial situation will be the right people to decide if consolidating your debts to reduce them by availing insolvency services if right for you or not.