Debt - Debt Help UK: Know your options! - 14/01/2008

 
 
  The importance of debtors being aware of all possible solutions for their money woes is paramount, a leading advice service said today.

People who find themselves unable to pay their debts have the option of taking up an informal debt management plan with creditors - or to take a debt consolidation, which bundles all money owed into a single loan.

If the situation is more serious, debtors can become insolvent - and choose between either declaring bankruptcy in court or taking out an Individual Voluntary Arrangement with their bank.

Director at Debt Help UK Ian Wrenshall commented: "It is important that people don't bury their heads in the sand, but look for free advice which is going to help them understand the solutions and the options open to them."

Knowing all potential solutions, Mr Wrenshall added, is "incredibly important" and can "make the difference between finding a solution and having a solution thrust upon you".

Including mortgages, the average UK household has over £55,000 in debts, Credit Action found in October 2007.


 
     
 
 
  19/08/2008 - South East most in debt. . A survey from debt advice company ClearDebt has led the company to compile a...
17/08/2008 - South-East tops debt list. . A map detailing the most debt ridden areas in Britain has revealed that the...
14/08/2008 - Club inherited with £31m debt. . Owners of a football club have revealed that they inherited a debt 31 million...
 
  Quick Debt Guides. This is where money is owed to the lender and is an obligation to the...
Debt Management. There are two main advantages for using a DMC: Advantages The borrower does...
Debt Consolidation. Depending on your level of unsecured debt, debt consolidation (consolidating all existing debts into a...
 
  03/07/2008 - Reducing debt by understanding fees. . Everywhere you turn, there are seemingly endless types of costs that you incur. With...
01/07/2008 - Credit Card debt surges. . A new report shows that credit card debt has surged to its highest level...
30/06/2008 - Living in debt. . Living in debt is a fact of life for many householders. Being in debt...
Debt Advice
Mortgage Advice Call our debt advisers
0800 1777 197




Only Finance Ltd is authorised and regulated by the Financial Services Authority, FSA registration number: 466941. Our registered offices are 1 Kings Avenue, Winchmore Hill, London N21 3NA, company number: 05640662. Telephone 0207 377 1805.