One of the popular debt solutions available to borrowers faced with a repayment crisis is debt management plans
There are many opportunities for UK residents to obtain credit. Credit is issued by the banks in form of loans such as auto loans, mortgage loans, personal loans and other types of credit. Then there are the various types of credit cards which can be used to make payments or purchases at stores, supermarkets and other myriad other places. Other sources of credit include stores, hire purchase firms and the various numerous money lenders.
When paying back all these loans becomes a problem or proves to be too difficult, then the borrower may wish to consider seeking out suitable debt solutions. There are quite a number of sufficient debt solutions available to UK residents. Most of these debt solutions have been designed such that the payer, or borrower can afford the terms of the new agreement and does not suffer other serious consequences such as inability to meet personal needs.
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Debt management is the process of consolidating all debts owed
One of the popular debt solutions available to borrowers faced with a repayment crisis is debt management plans. Debt management is the process of consolidating all debts owed to various creditors and making a single monthly payment towards repaying the consolidated debt. A debt management firm will manage the repayment process and will make pro rated payments to all creditors depending on the amounts owed.
Other debt solutions include the IVA program. This is a legally backed debt solution that allows a borrower to consolidate their debts and then make small, affordable payments towards the debt. The debt will be managed by a debt services firm. This debt agreement is meant to assist people with low incomes but faced with large debts that they can no longer afford to repay. The applicant will be required to demonstrate financial hardship as well as meet other qualifying requirements. This agreement has to be approved by an insolvency practitioner
Another of the various debt solutions include an arrangement known as a debt consolidation loan. This is a loan taken out by an indebted individual from a financial institution. The loan is taken out with the sole of purpose of paying off all debts currently due. This leaves the borrower almost debt free, save for the consolidation loan which is repaid in affordable amounts over a certain period of time