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Being in debt – especially when the amount you owe is unmanageable – can feel terrible. From possible anxiety and sleepless nights to the feeling you’re the only person in the world struggling with this issue, there’s arguably nothing which is quite like it.
However, far from debt being out of the ordinary, it may be a normal part of everyday life. In fact, studies suggest it’s actually normal to owe large amounts of debt.
The Office for National Statistics has revealed that, over a two-year-period, average household debt has increased by almost ten per cent to £9,400.
Debts which included personal loans and credit cards saw a large rise during this period too; by around 11% – suggesting that more households than ever are using financial solutions to keep going between paychecks.
Commenting on the report, a personal finance analyst stated:
“Not all these debts are the same: there’s a world of difference between taking an affordable, low-cost loan for vital home improvements, and living on your overdraft month after month, because it’s proving so difficult to make your salary stretch to the end of the month,
“But if you’re one of the 44% of people who see their borrowing as a burden, it’s worth taking steps to deal with your debts.”
There were a variety of debts featured in the report. Overdrafts, mail order bills, hire purchase agreements, the average household seems to owe a lot of money to many different lenders.
If this report proves anything, it’s that the average household is in – arguably – substantial debt. This means your friend, your neighbour, your colleague, all these people could be struggling to make ends meet.
Although debt is a normal problem to have, you shouldn’t just accept it. When your accounts are in arrears, you may be able to do something about it through a debt solution known as an IVA.
Ideal for those dealing with unmanageable debts, this solution can freeze interest rates, charges, and ultimately write off large sums of what you owe. To find out more information, get in touch today.
Click the simple application form below and an advisor should be able to quickly determine if an IVA is right for you.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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Free money help and advice can be found at the MoneyAdviceService.org.uk