Christian Debt Recovery

Debt Resolution Groups

February 25th, 2009 |

Author: Gavin

debt resolution groups

Coping With Debt

For many, debt can be a very stressful part of their lives, and the impact that it can have can be brutal. Debt can cause sleepless nights, stress and worry.

In order to cope with debts, some may seek a debt solution or want to more easily manage debt. There are some good solutions in the market that could reduce debts or even get debts written off. The 3 options we will look at are Individual Voluntary Arrangements (IVA), Debt Management Plans and bankruptcy.

IVA’s

An IVA or individual Voluntary Arrangement is a formal agreement between you and your creditors that you will pay back a percentage of your unsecured debts over a fixed period. Any remaining unsecured debts will subsequently be written off.

If accepted by 75% of voting creditors (by value), an IVA will give you complete legal protection from all unsecured creditors, even if they did not vote. A typical Individual Voluntary Arrangement lasts for five years, during which you will pay back only what you can realistically afford.

Debt Management Plan

A Debt Management Plan (DMP) allows you to make a single, affordable, monthly payment and regain control of your finances. An advisor will negotiate directly with your creditors on your behalf, to arrange an affordable payment plan. This means you won’t have to deal with the burden of daunting paperwork and letters through your door.

Bankruptcy

Bankruptcy is a legal process which occurs when your debts are greater than your assets. Declaring yourself bankrupt is often considered the last resort when relieving you of your debts and all other debt solutions should be considered first. You may lose any property or valuable assets and you could struggle to get credit in the future. After the end of the bankruptcy period (Usually 1-3 years), All your debts are written off.

If you need help with your debt worries and debt advice and guidance please contact Debt Release Direct on 0800 0197465 or visit http://www.debtreleasedirect.co.uk

We are :

A team of committed professionals who will deal with your creditors directly.
Personal support through a difficult time.
A single, affordable monthly payment.
Cert-DR qualified staff, the only qualification in debt advice that is accredited by an independent examining body (Edexcel).
Founder member of the Debt Resolution Forum, promoting professional standards.
Although not guaranteed, once your plan has started we can usually reduce or freeze interest and charges helping you to pay off your debts quicker.
Budgeting advice and secure bank accounts to help protect your savings and assets.
Part of the Release Money Group, which has more qualified debt experts than any other debt management company.

About the Author

I am the online marketing manager for Debt Release direct. http://www.debtreleasedirect.co.uk

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