Personal Debt
UK Personal Debt Helpline
Many clients call the service and feel that there is no way to get out of debt. The months go by quickly it just feels that the debt on credit card and loan repayments continue to mount up. By calling The UK Insolvency debt advice service we will recommend a solution to help you get back in control of your life.
Money Advice Direct will allocate an adviser to find the best solution for you. The service has been established for over 10 years as a debt advisory service offering debt advice and debt management solutions. Unlike many debt solution firms, we will find a solution that provides a long term remedy not just a quick fix.
In the UK Britons have racked up so much debt on loans and credit cards that the total borrowed is at is highest level since records began. The team at The UK Insolvency Debt Advice Service is forecasting that calls and emails on personal debt outstanding on mortgages, credit cards and personal loans will hit the one million mark.
The debt advice team feel that personal borrowing is so out of control that many more people would be pushed into taking out personal debt solutions such as an IVA or bankruptcy that ever before.
Honest and helpful personal debt advice
The runaway housing market is the biggest reason why personal debt has spiraled. Debt on personal loans and credit cards totals over £200 billion pounds, much of this is personal unsecured debt.
The personal debt problem in the UK ascribed is mainly down to the "buy now, pay later" culture that imposes a significant burden on families and individuals.
Thankfully most personal debt in the UK is secured by way of secured loans and mortgages and so can be repaid over several years.
Personal Insolvency is on the rise
Repossessions, personal insolvencies and debt judgments have risen by about a third in recent times as borrowers have struggled to cope with the impact of constant interest rate rises.
The advice team is very concerned about the UK’s personal financial situation as it is causing a strain on families. It is not uncommon to encounter individuals with personal debts of £50,000 spread across five credit cards on top of a mortgage.
Many people in the UK are 'walking a financial tightrope'. All it takes is an increase in costs or, as is the present case, a rise in mortgage premiums due to higher interest rates, to force people to default on their repayments - hence the increase in bankruptcies and individual voluntary arrangements.
- Repossession leap 30 % a year at present
- County court judgments are rising 30% too
- Personal insolvencies in England and Wales are up 30% toward the 100,000 level.
UK levels of personal debt are at record highs, following years of easy and cheap credit. The aggressive marketing of credit cards and personal loans mean that most of us have at least some unsecured personal debt - and many of us have significant amounts.
Personal debt help is available in the form of main debt solutions:-
- Personal Debt Management Plans
- Informal Arrangements
- IVA
- Consolidation Loans
- Bankruptcy
- Administration Order
- Trust Deeds
- Debt Consolidation
Call The UK Insolvency Debt Advice Service for expert, non-judgemental confidential advice on which personal debt solution might be most appropriate for you on 0800 074 6918.
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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...]