Struggling with your debt? AllClear Finance can offer you solutions to all your debt problems....
More and more people are having problems with their debts, as the amount of unsecured debt in the UK is seen to be growing each year. If you feel as though you are having problems with debts, then you are far from alone in your situation. Being in debt is a fact of life for many and when you find yourself in financial difficulties you need specialist help.
AllClear Finance are specialists in helping people in such circumstances and we offer a whole host of solutions to your debt problems.
People find themselves in debt for many reasons, often through no fault of their own, and finding yourself in difficult financial circumstances is nothing to be ashamed of.
The key to solving your debt problems is to get good advice and to take action quickly and given that there are so many ways to ease the debt burden these days, there really is no excuse for not taking action.
There are several ways to tackle debt problems and these include debt consolidation loans, debt management plans and Individual Voluntary Arrangements (IVAs). AllClear Finance offers all these debt solutions and will advise you on which is the most suitable for you.
A debt consolidation loan is often the first option people in debt consider as a solution to their debt problems.
Debt Consolidation Loans
A debt consolidation loan is when you consolidate all your debts into one new loan with a lower monthly repayment than you were previously paying to all your other creditors.
A debt consolidation loan can be unsecured, although if you own a property then securing your debt consolidation loan against your property, or alternatively re-mortgaging your property to release equity to pay off your unsecured debts, will normally enable you to pay a lower interest rate than an unsecured debt consolidation loan. Whilst securing your debt consolidation loan against your property may offer a lower interest rate, we would always advise you to think carefully before securing unsecured debt on your home, because your home is at greater risk than if you take out an unsecured debt consolidation loan.
An Individual Voluntary Arrangement (or IVA) is suitable if you have serious debt problems. This is usually where you have more than £15,000 of unsecured debt, are unable to keep up on minimum repayments and have several creditors.
An IVA is a bankruptcy alternative and is a legally binding agreement between you and your creditors, where you make affordable repayments for 60 months, after which your remaining debt is written off and you are debt free.
IVAs can only be arranged through a licensed Insolvency Practitioner (I.P). The I.P will look at your circumstances and establish what you can afford to repay on a monthly basis after your essential living expenses have been considered.
The Insolvency Practitioner will then negotiate with your creditors, overseeing the whole IVA process on your behalf.
As part of the arrangement all interest and charges are frozen, meaning that your debt will not increase. Also, creditors and debt collectors will no longer chase you for money, as we will deal with all the letters and phone calls for you. Any legal action will also be stopped, including any bankruptcy proceedings, and you can relax safe in the knowledge that as long as you keep up your repayments, you will be free from unsecured debt after 5 years.
So if you have unsecured debt of £15,000 or more and are struggling to make your repayments, contact AllClear Finance today for advice and support from our licensed Insolvency Practitioners and their team.
Debt Management Plans
A debt management plan is another debt solution offered by AllClear Finance, allowing you to consolidate your debts and make repayments you can realistically afford. A debt management plan is generally suitable for people with unsecured debt levels between £3,000 to £10,000, although people with other circumstances may also be suitable. A debt management plan is an informal agreement between yourself and any unsecured creditors, an agreement which is negotiated on your behalf by a debt management company such as AllClear Finance.
As part of the process of setting up your debt management plan, a reasonable living allowance is calculated and the monthly repayment you are asked to make will be one which is affordable.
Once the debt management plan has been agreed, you make one monthly payment to your chosen debt management company, which is then distributed on your behalf to your creditors.
A key advantage of a debt management plan is that you no longer need to worry about creditor contact through calls or letters. You can refer your creditors to ourselves and we will deal with them as part of our service to you.
If your circumstances change, for the better or worse, don't worry as a debt management plan is a flexible arrangement and it can be altered accordingly. Indeed, we will monitor your situation and if you subsequently become suitable for an IVA, we will discuss the possibility of you moving onto an IVA, which allows you to write off a proportion of your debt.
Not sure what debt solution is right for you? Take the All Clear Finance 1 Minute Debt Test to see your potential debt solutions.
Key information about our debt solutions:
Insolvency Service GuideThe Insolvency Service have produced a useful guide called In Debt? Dealing With Your Creditors which summarises key features of each of the main ways of dealing with debt.
Complaints ProcedureOur goal is to give excellent service to all of our clients but we recognise that things do go wrong occasionally. We take all complaints seriously and aim to resolve all of our client's problems promptly. To view our complaints procedures, please visit harringtonbrooks.co.uk/complaints
*We request your creditors to freeze interest and charges, although this cannot be guaranteed.