What options are available to clear my debts?

Free basic information from www.ClearMyDebts.co.uk

When deciding which way is the most economical to clear your personal debt, it is imperative that you investigate the period of time this will take. 

The following are the 4 main options that will assist you as a starting point to guide you through the personal debt help market place online.

Bankruptcy   A process in which a court decides if you are eligible to have your debts written off / cleared in full based on your lack of ability to pay priority household bills and repay your debts within a reasonable period of time.

Insolvency or IVA Individual Voluntary Arrangement. 

This is a 60 month or 5 year legal binding agreement between you and your creditors. 

After the 60 months or 5 years the remainder unpaid is written off and cleared in full.  

If you own a home an IVA could involve releasing some of the equity at the end or nearing the end of the IVA.

Debt Management  An informal arrangement and not legally binding between  you and you creditors.  No guarantee of an end date and no guarantee that interest and charges can be frozen unlike an IVA.  This is a good short term measure to regain control without commitment.

Debt Consolidation Loan  This is a good option if you have a small debt level with many creditors to pay each month.  One reduced payment or repayment can help but if you are struggling another loan is not the best option.
These types of loans are often secured against your property which can put your home at risk.  

BE CAREFUL !

Clearmydebts.co.uk is proud to offer this information for free.  If you would like help and advice from a trained personal debt counsellor in the UK then please call our free phone helpline available 24 hours, 7 days a week.

Call 0800 018 6868 today, your call is FREE!

Get our professional advisors to help you today.

They will call you at your convenience and the call costs nothing.

It only takes one FREE call to start to clear your debts in the Uk.