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Prime Ways To Get Out Of Debt In England & Wales

Prime Ways To Get Out Of Debt In England & Wales
Prime Ways To Get Out Of Debt In England & Wales

Having major money worries is nothing uncommon, & the situation is prevalent in almost every household. Be it falling behind on paying the regular bills, previous unpaid loans, credit card repayments, or any other financial commitments, debts could be the primary reason for people’s stressful lives. And, the last thing you would want to do in such distressing situations is to talk to a complete stranger about your issues. But, it’s probably the right thing to do that could help you get out of debt in a smooth & legal way.

Debt advice from licensed insolvency practitioners (IP) could help resolve & reduce debts and let you lead a debt free life. In the UK, there are many different ways to clear debts, but the rules differ from one country to another, i.e., the policies applicable to avail debt help solutions are different in England & Wales, when compared to those of Scotland. In this blog, we give an outline about the various debt management services that one can avail in England & in Wales.

What Exactly Is Debt Management?

If you are having many debts & are not in a position to pay them, you can seek debt advice from licensed debt advisers on how to get out of debt. These debt solutions are legal ways of writing off your debts to a huge extent, and to live a debt-free, cleaner financial life. Depending on the number of debts that you owe to the creditors, the type of debts, your income levels, your asset values, and your other financial commitments, the IP will provide debt advice that is most suitable to your current financial situation & to help you overcome your debts.

Every person is different from another, so are their issues, and so will be their solutions. Likewise, one dire financial situation and its suitable solution are different from that of another situation. And the best part is that these are all safe legal procedures that will be known to just you, your lender, and your IP, and will be recorded temporarily in the Individual Insolvency Register. So, there is no fear of the matter getting into public hands, and you losing out on your reputation.

Debt Management Services In England & Wales

As aforementioned, there are many different debt management services in the UK, and they differ in their title & terms in different countries. In England & Wales, the most common types of debt reduction plans include - Individual Voluntary Arrangement (IVA), Debt Relief Order (DRO), Debt Consolidation, Bankruptcy, Debt Management Plan (DMP), etc. These debt solutions are known by other names in other countries like Scotland, and they come with terms & conditions that are different from that of the solutions in England & Wales. These debt help solutions can help you pay off your priority & non-priority debts, in the most acceptable way to lead a debt free & an orderly financial life.

 

APR Disclosure

Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR.