June 20, 2011
Brits have been encouraged to investigate debt consolidation loans, Individual Voluntary Arrangements (IVAs) and/or debt management plans if they are currently struggling under money woes.
Debts, bankruptcies and insolvencies are the most unwelcome consequences of the 2008 recession, and those still struggling to meet bill payments or maintain their businesses should find a way to change their fortunes today, according to experts.
"The most important thing to do when you've got debt is to not bury your head in the sand like so many people do,” said therapist and wellbeing coach, Dan Roberts.
"Anything you can do that's practical, even if that's coming to an arrangement with your creditors and paying off a certain amount each month. Taking control of the situation is vital to feel better about it."
This June, debt charity Credit Action revealed that the total UK personal debt stood at £1,452 billion in April.
Some of the options being proposed for those in major debt are:
· Debt consolidation loans: lumping all outstanding debts into one affordable monthly repayment, often with lower rates of interest than the original debt.
· Individual Voluntary Arrangements (IVAs): a formal agreement between a borrower and their creditors under which a debtor arranges how much they can afford to pay their creditors each month for the length of the IVA (usually five years).
If you need advice on debt management plans or other routes out of debt, seek an independent final advisor today and they’ll do all they can to help you make the right decision for your future.
