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Alternative ways to pay off debts
IVAs have helped many people get out of trouble with unmanageable debt, but they're not for everyone. If an IVA isn't right for you, our expert debt advisers can help you to find a more suitable solution.
Our range of debt solutions include:
- Debt management plans
- Debt consolidation loans
- Trust Deeds (for Scottish residents)
A debt repayment plan tailored to suit you
A debt management plan could help you to pay off your unsecured debts in full, while making your monthly payments smaller.
Be aware that smaller monthly payments could mean the debt takes longer to pay back and could cost you more overall.
Pay off your debts in easy-to-manage monthly payments
A new loan to pay off your existing debts, meaning you'll have just one monthly payment and one lender to deal with. You could also reduce your monthly outgoings by repaying the loan over a longer period of time.
Remember that the longer you take to repay the loan, the more interest you're likely to pay overall.
Free up cash from your home
Take out a remortgage big enough to cover your home and your debts, and you could pay less each month.
You might end up paying more interest in the long run, but the difference in your outgoings could make a real difference to your finances.
Repay your debts in 3 years
A Trust Deed is the Scottish equivalent of an IVA. You will repay as much as you can and the creditors will agree not to pursue you for the remaining unsecured debts. Your credit rating will be affected, meaning you could find it difficult to obtain a mortgage and/or you might end up paying a higher rate of interest. Homeowners may be required to release any equity in their property during the final year. Any unsecured debts not included in your Trust Deed will remain outstanding.
Clear your debts & make a fresh start
If you really can't afford to repay your debts, bankruptcy could help you to make a fresh start. It's often over a year, and you won't have to make monthly payments unless you can afford to.
Your credit rating will be affected by bankruptcy, but this may be a small price to pay if your debts are causing you problems.
Alternatively to apply for a free call-back click here
Subject to eligibility and acceptance. Debt write off applies to unsecured debts and only on completion of an IVA, your credit rating will be affected. Failing to complete an IVA once agreed could put you in a worse financial situation. Calls may be recorded and are usually free from UK landlines. Mobile phone users costs may vary and should check with their network provider.
Our debt advisers are helping 1000s of people each month.
For a confidential debt assessment, call:
0800 970 5489