Gather Debts into One Place

What is the best option when debts seem to be getting too much to handle?

The first thing is to take a moment to calmly add up what is actually owed.  This will help you to be able to take the next step to manage the problem!

Two really good options are: an IVA or a consolidation loan.  Which one is best suited to you depends on your individual situation.  IVAs were created by the Government and offer a way to gather all debts into one place.  The IVA provider will look at your creditor letters and bank statements and will then be able to tailor-make a manageable repayment plan for you.  They will even negotiate with your creditors on your behalf (that’s the scariest bit dealt with!!) and you can keep track of your money much more easily.  Once the debts are paid, that’s it!

IVAs are really only offered to individuals who have debts in excess of GBP 15,000 however.  For lesser debts, a consolidation loan is also a valid option.  A loan broker will take your information and then be able to find a loan which suits you.  Your debts will be gathered in one place and your monthly repayments will be easy to digest too!

Last but not least, don’t forget to seek independent financial advice.  No website or service knows your personal story so it really is best to sit down with an expert advisor who can tell you what’s what!

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