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and you could soon be seeing
a brighter future too.

A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

What does it take to get Out of Debt?

Due to the global financial crisis, many people are now laden with heavy debt. In fact, bankruptcy statistics are ever increasing and the only way for you not to become a part of it is to contact debt advice companies who can help you decide on the best alternative to be debt free.

Here are some options you can take:

Debt Consolidation

Debt Consolidation means combining all your debts into one. You can choose from either a secured or unsecured type of loan. In addition, it would reduce the amount of your overall monthly repayments.

Debt Management

When you hire the services of debt advice companies to manage your debts, they will negotiate with your creditors to lower the amount of your monthly repayments based on what you can afford. So if your debts are relatively low and yet you can’t meet your repayments, then debt management may be the solution for you.

IVA

If you set up an IVA or Individual Voluntary Arrangement, your creditors cannot pursue you for payments outside of the IVA arrangement. This is a document legally signed by three parties: one Licensed Insolvency Practitioner; your creditors; and of course, yourself.

The IVA involves one affordable monthly payment for a period of 3-5 years. During this period, all demands for money and interest charges are frozen. Then as part of the agreement, the rest of the debt will be written off after this period.

It sounds so good to be true right? Well, it’s true. Some creditors will agree to this arrangement because they are assured that they will recover some of the debt whilst saving money in debt collection efforts.

You can be eligible for IVA if your debt exceeds £15,000. In addition, you must have regular income.

Remortgage

As a homeowner, you can release your home equity to solve your financial problems. Shop around for the best offer. This type of loan has the lowest interest rate that you will ever find.

Loans

You could take out a loan if you are into financial difficulty. When you have good credit, you will have favorable interest compared to someone with bad credit.

Bankruptcy

If you think that none of the other options suit your specific needs, you can turn to bankruptcy as a last resort. Be careful when you consider this move because its negative consequences are long-lasting. The best debt advice companies will guide you in choosing the best route to financial freedom.

In the end, it would take a strong desire and courageous decision to get out of debt. If you’re serious, you would discipline yourself well. So whatever option or vehicle you choose will work for you because you are determined to make it successful. GP

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