UK Personal Debts

Helping the UK overcome personal debts

Personal debts in the UK are nearly 200 billion pounds. This level of personal debt seems to be increasing year on year despite efforts to reduce the amount of credit available in the UK by banks and other lenders.

To see such a rise in personal debt implies that people are using their overdrafts, store cards and credit cards as a way to cope with everyday living costs.

The most common reasons for people to come in to debt are a significant change in personal circumstances, namely loss of job, poor financial management and addiction to shopping. The average each individual owes is £10,000 unsecured and the total debt owed including mortgages even more.

There is a wide range of debt solutions for UK personal debts

• Debt Management Plans
• Informal Arrangements
• IVA
• Consolidation Loans
• Bankruptcy
• Administration Order
• Trust Deeds
• Sequestrations
• Debt Consolidation

     READ BEFORE CONSIDERING DEBT OPTIONS          

IVA help and Advice for UK personal debts

An IVA can help you become debt free (subject to terms and conditions). It is a legally binding debt solution and up to 60-70% of the debt can be written off over a 5 years period. To qualify for an IVA, debts must be over £15,000 and there must be at least 3 creditors. An IVA can help you get out of serious debt and ensure you get debt free (subject to terms and conditions) over a fixed period. If you have been refused credit or loans in the UK, you can still clear allowable unsecured debt with an IVA.

Debt Management Plans for personal debts in the UK

This is a popular debt solution that can substantially lower debt payments. If you cannot get an IVA then this debt solution may suit as there are fewer restrictions. A debt management plan can help you get out of serious debt and ensure you do not fear opening your post or answering your telephone. If you have been refused credit or loans in the UK, you can manage debt with a debt management plan.

Bankruptcy for personal debts in the UK

Bankruptcy is the best debt solutions available if you are out of work or do not qualify for an IVA or a debt management plan. Bankruptcy can help you get debt free (subject to terms and conditions) but has serious implications. If you have been refused credit or loans in the UK, you can still clear debt by filing bankruptcy.

Advice if you’ve been refused a loan or credit

If you have been refused loans to clear debt there are several options such as debt management, debt consolidation, IVA help and advice or debt & budgeting advice. The team at Money Advice Direct are experts in personal debt advice.

Quote from Mr M Khohhar, from Barnsley, UK

“My problem was that 80% of UK personal debt I had was in the form of loans secured against home. The UK Insolvency Helpline referred me to a FSA approved adviser for me to remortgage and lower my debts and the interest rate dropped a lot”

Honest, confidential and effective debt advice

The low paid workers on the debt frontline in the UK such as nurses or cleaners remain most at risk of the personal cost of taking on too much debt. The advice team warns consumers to think hard about how to manage their debts as interest rates rise. They have been warning people for some time now that personal debt problems threaten to overwhelm large numbers of people in the UK, with potentially devastating consequences.

Call us on free phone 0800 074 6918 Our phone lines are open 24 hours a day, all year round including bank holidays. You can call freephone 0800 074 6918 for an initial chat about your own UK personal debts.

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