If you do not feel that a Debt Management Plan is the right debt solution for you, then you will be pleased to know that there are other alternative available.
An unsecured loan could be for you, but if you have financial difficulties in the past then you may find it difficult to get accepted for an unsecured loan at a good interest rate.
If you have already explored unsecured borrowing and still have a requirement for additional credit, then you probably need to make your existing debts more affordable, which a Debt Management Plan can do.
If you qualify for an IVA then it is invariably the best solution. It means that you avoid bankruptcy yet a large proportion of your debt will be written off as part of the IVA agreement.
You will pay just one affordable monthly payment, interest and charges would be frozen, your creditors would stop chasing you and at the end of your IVA, typically 60 months, all the unsecured debt that you haven’t repaid is written off.
Secured lending allows you to consolidate your existing unsecured debts into one affordable secured payment. As it is secured against an asset, usually your home, then a better rate of interest can be offered. As long as you an afford additional borrowings, this could be a good option for you.
Never secure your unsecured debts on your home if you think you may struggle to make the repayments in the future, because you are putting your home at risk. Seek expert help to determine whether you can afford the repayments!
Bankruptcy should only ever be considered when all other options have been exhausted. Only take professional advice from a Licensed Insolvency Practitioner.
We believe that every case is different and your individual financial circumstances are unique to you. So please call our expert advisors who are able to talk through your finances and help you to come to the best decision, our freephone number is 0800 048 1767.