Which debt should I pay off first?
When you have multiple debts that you need to repay, deciding exactly how to go about it can be difficult. The right way to do it depends on your circumstances.
Will I pay less interest with a debt consolidation loan?
If you`re looking for a way of reducing your monthly outgoings and/or simplifying your finances, a debt consolidation loan could be for you. It`s a new loan taken out to pay off multiple existing debts - effectively meaning all your debts are combined into one.
How do I make payments to my debt management plan?
If you arrange your debt management plan through a debt management company, you will make single monthly payments to the company, who will distribute the agreed amounts to each of your lenders.
IVA: the creditors meeting
If your debt problems have become so serious that you don`t think you`ll ever be able to pay off your unsecured debts, an IVA (Individual Voluntary Arrangement) could be right for you.
Advantages of using a debt management company
There is no single reason why you should use the services of a professional debt management company when setting up your debt management plan - it`s down to personal preference. But there are various reasons why many people choose to do it this way.
Debt management - is it Government-backed?
There are a number of debt solutions that may be available to people struggling with their debts, and some are more formal than others. For example, there`s the formal, legally-binding IVA (Individual Voluntary Arrangement) - but a debt management plan (a less formal debt solution) might be more suitable for some people.
Student debt guide
Student debt is a worry for many people. Many graduates are shocked at the amount of debt they find themselves in after university.
Is debt consolidation a good idea?
There are a range of debt solutions available, for people with various kinds of debt. For more manageable debts, one option is a debt consolidation loan: a new loan to pay off your existing debts, leaving you with just one monthly payment to deal with.
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