Clear my Debts, subject to creditors approval
Can Money Advice Direct can help clear my debts? Yes we can, subject to creditors approval.
We receive a lot of calls and emails from the public asking the debt team to; "What methods are there in the UK to Clear My Debts".
Our debt advice team will carry out a debt options analysis to determine what options are available to you to clear your debts. The time spent will allow you to choose the solution best suited for your situation. When we are working with your to decide the most debt option to clear your personal debt we will start by carrying out a detailed financial statement.
Please note that debts can be written off with the following methods:
- Debt Management Plans to clear my debts
- Informal Arrangements to clear my debts
- IVA to clear my debts
- Consolidation Loans to clear my debts
- Bankruptcy to clear my debts
- Administration Order to clear my debts
- Trust Deeds to clear my debts
- Sequestration to clear my debts
- Debt Consolidation to clear my debts
- Debt Solutions to clear my debts
- Debt Help to clear my debts
- Debt Repayment to clear my debts.
Please note that for consumers considering an Individual Voluntary Arrangement (IVA) or Protected Trust Deed (PTD); in most cases of an IVA/PTD creditors will be prepared to write off no more than 70% of a debt and in some cases 60%. Also note all customers can achieve the stated 'write-off' because every case considered is different.
Please note that for consumers considering an Individual Voluntary Arrangement (IVA) or Protected Trust Deed (PTD); that only unsecured debts are to be included e.g credit cards, unsecured loans and bank overdrafts. Please note that at the end of the period those debts that are not included such as secured debts, Government fines and child support payments will remain to be outstanding.
Please note that for consumers considering a Debt Management Plan (DMP), if interest and charges continue to apply then there will be an increase in the total amount of debt to be repaid and that due to lower monthly payments it is very likely that the debt will have to be repaid over a longer period of time.
Please note that for consumers considering a Debt Management Plan (DMP), although a debt management plan may be able to negotiate a lower monthly payment, this will usually lead to an increase in the size of the sum to be repaid and that a consumer's credit rating may be impaired.
Before deciding which debt repayment method is for you to find out what the total amount you will need to repay. Over the years we have heard “horror stories” of families having to pay back more than they owe under very expensive debt repayment schemes.
How to make a debt repayment plan
The first step in any debt repayment plan will be going through a budget sheet. You can either call one of our advisers for this or click on our Debt Budgeting Calculator, this simple budget calculator will help you work out how much money you have available each month. It will only take 2 minutes to complete. Your answers are completely confidential, and we won't see or keep any of your information. It may help you decide on which debt solution you want to take.
All you need to do for your debt repayment plan is to calculate two things:
- How much money you make (how much is coming in to your home).
- How much you spend and where.
Using our state of the art best advice model the advice team can provide callers with repayment plans in less than 10 minutes. Our systems are the powerful in the money advice industry for developing rapid debt repayment plans.
How will The UK Insolvency Helpline help clear my debt in the following special situations?
- clear my debts. I am a Police Officer
- clear my debts I am in the Armed Forces
- clear my debts I work for the NHS
- clear my debts I am a trade union member
- clear debts after divorce
- clear my debts as it is affecting my health
- clear my debts due to gambling
- clear my tax debts
- clear my debts I am gay and feel so helpless
- clear my credit card debts
- clear my store card debts
- clear my debts after a death in the family
- clear my debts from separation
- clear my debts from disability
- debt for single parents
- clear debts from mortgage shortfalls
- clear my debts from from car financing
- clear my debts from secured loans
- clear my debts from personal loans
- clear my debts from Ill Health
- clear my debs from loss of work
- clear my mail order debts
- clear my Business or Sole Trader Debts
If you're in debt, don't panic. But it's important to do something, because the problem won't just go away. Don’t ignore calls or letters from the people you owe money to (your creditors). Contact them to explain why you’re having problems and follow the steps in this fact sheet to help you get back in control of your finances.
If you don't agree that you owe any money, or don't agree with the amount you've been asked to pay, get advice from an experienced debt adviser straight away.
Many people ask "how can you help clear my debt?" Money Advice Direct can help. We are the UKs leading experts in debt management, IVA, bankruptcy and other debt.
Over the past seven years we have helped thousands of people clear their debts. If you would like help please call 0800 074 6918 or complete the form online form on the site.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]