Clear my Debts UK, subject to the creditors approval
Money Advice Direct can help clear your debt, subject to the creditors approval.
Most people that call debts team at Money Advice Direct say “I just want to clear my debts in the UK and start saving for my future.”
If you're struggling with debts, they may seem impossible to manage. However, there are ways to get out of debt, no matter how bad the situation seems. And there's plenty of confidential and non-judgemental advice available to help you.
Facing up to your debts problem in the UK
Almost everyone owes money - bills are a fact of life. But sometimes you may find you're swamped with debts and can't see a way of paying them all. The worst thing you can do is to ignore the problem - it won't just go away.
Making the most of your money to clear debts in the UK
If you're in debt, work out a realistic personal budget so you know where your money's going and how much you can afford to pay those you owe money to.If you work out that you don't have enough to pay off your debts, look at ways of cutting your costs and increasing your income.
Cutting your costs to clear your debts in the UK
You can look at your expenses to see where you can make savings. You could also try shopping around to reduce bills or think about selling non-essential items that you own (for example, a second car).
Increasing your income to clear your debts in the UK
You may be in debt because you're not receiving all the money you're entitled to.
For example, it's advisable to:
- make sure you're not paying too much tax
- check whether you're entitled to tax credits
- ensure you're receiving the benefits you're entitled to
- make sure that any family and friends living with you are paying enough towards household expenses
- think about renting out a spare room to a lodger
- check whether your mortgage payments are covered by insurance
Consolidating your debts in the UK
If you're thinking about taking out a single loan to pay off all your existing debts, make sure you're not simply taking on more debt. Check that the terms of the loan - interest rates and length of the loan, for example - aren't too harsh. Be very careful about taking out a loan secured on your house as it will put your home at risk.
It's always advisable to seek independent advice before taking out any kind of loan.
Coming to arrangements with creditors to clear your debts in the UK
Once you've sorted out your personal budget, you can start to make arrangements with your creditors (people you owe money to) about how much to pay. There are several options:
Informal arrangements to clear your debts in the UK
If you know you can't pay all your debts, its important prioritise your debts and to write to your creditors to see if you can agree on a repayment timetable.An informal arrangement isn't legally binding, so your creditors could ignore it later and ask you to pay in full. Call the advice team today on 0800 074 6918 to get help and advice on your situation.
Debt management companies help to clear your debts in the UK
Debt management companies offer help if you're in debt (they usually only deal with non-priority debts in the UK) . They negotiate with your creditors on your behalf in order to reduce the payments you are making overall. You then make one payment to the DMC which distributes it to the creditors. Some Debt management companies are paid commission by creditors. However, most charge a fee, so you may have less money from your available income to settle your debts.
UK debts Case study
“Hi my name is Katy Holmes and I want to clear my debts so I got referred to The UK Insolvency Helpline by my local advice centre. I racked up debts over the two to three years following my qualification as a nurse. My student loan, overdraft and credit cards were maxed out and my salary was not covering my living costs. My salary alone was not enough so I was working in a bar on my nights off to clear my debts. Mt debts were about £30,000. I was just about to file for bankruptcy but started reading about an IVA to clear my debts. I thank the team at Money Advice Direct for helping to clear my UK debts. The advice team also informed me about all the disadvantages of an IVA”
Confidential and Non-judgemental best advice on your debt situation
Contact Money Advice Direct today for confidential and non-judgemental debt advice to get debt free (subject to terms and conditions) that will consider all debt solutions based on your own circumstances. Phone lines are 24 hours a day 365 days a week including bank holidays.
You can call free for an initial talk about your own debt situation, or you can email us and we will call you back at a time that suits you. To contact an advisor call 0800 074 6918. Alternatively complete an online enquiry form and an advisor will call you back at the time that you specify.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]