{"id":3380,"date":"2014-01-21T16:10:30","date_gmt":"2014-01-21T16:10:30","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3380"},"modified":"2020-10-20T15:38:42","modified_gmt":"2020-10-20T14:38:42","slug":"options-for-debts","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/options-for-debts\/","title":{"rendered":"Options for unaffordable debts"},"content":{"rendered":"\n

The anxiety that comes with not being able to manage your debt payments<\/strong> can make life seriously stressful. It can seem like the more things get out of control the fewer options you have left. However, there may be more choices left than you think, and acting promptly and with the right advice is hugely valuable.<\/p>\n\n\n\n\n\n\n\n

Negotiate with your creditors<\/h2>\n\n\n\n

One of the first things you can try is renegotiating your creditors. \nYou can contact your creditors at any time and ask them to reduce your \nmonthly payments for example (often this will involve an increase in the\n length of the agreement \u2013 make sure you understand the terms of any new\n deals before agreeing to them). Naturally there is no guarantee that \nyour creditors will agree to your request, and dealing with them can \noften increase your stress levels even further.<\/p>\n\n\n\n

\"Paying<\/figure>\n\n\n\n

Debt Management<\/h2>\n\n\n\n

Debt management<\/a> can be extremely helpful in these situations. Having someone who knows about debt look at your situation and advise you on what route you should take can help get things under control. Debt management professionals can also mediate with your creditors, negotiating on your behalf.<\/p>\n\n\n\n

Use equity from Assets<\/h2>\n\n\n\n

Depending on the situation, if you have any assets you may want to \nconsider selling them, or releasing equity from your home if applicable.\n You can use the funds to settle your debts either in full or in part. \nIt\u2019s worth thinking carefully about these decisions and being sure that \nyou won\u2019t regret them.<\/p>\n\n\n\n

Further borrowing<\/h2>\n\n\n\n

Consolidation loans are given a lot of press, but should only be \nentered into in certain cases. You should always be wary of replacing \none debt with another, and try to make sure any consolidation loan is \nactually going to improve your finances in the long as well as short \nterm.<\/p>\n\n\n\n

IVA<\/h2>\n\n\n\n

In certain situations you may want to consider options such as an \nIndividual Voluntary Arrangement. In this case you will need to consult \nwith an Insolvency Practitioner. They will advise you about whether an \nIVA is applicable to you, and whether they do in fact think it is a good\n option for you.<\/p>\n\n\n\n

IVAs are mainly used in circumstances where the alternative is likely\n to be bankruptcy. They act as an effective way to avoid bankruptcy for \nmany people who can no longer meet their debt obligations. When IVAs are\n successful they allow people to settle their debts and work towards \nbeing in control of their finances again.<\/p>\n\n\n\n

Using an IVA you pay back at least some of what you owe, and at the \nend of the term the debt is considered settled, in most cases meaning \nthat part of the borrowing is effectively written off. The impact on \nyour credit status of an IVA is far preferable to bankruptcy, and you \ncan therefore look forward to a better financial future.<\/p>\n\n\n\n

IVAs are not a quick fix for unmanageable debts, but rather offer a \nrealistic way for you to address the debt problems that you have, and \nsettle them rather than trying to forget about them.<\/p>\n","protected":false},"excerpt":{"rendered":"

The anxiety that comes with not being able to manage your debt payments can make life seriously stressful. It can seem like the more things get out of control the fewer options you have left. However, there may be more choices left than you think, and acting promptly and with the right advice is hugely […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-3380","post","type-post","status-publish","format-standard","hentry","category-general-debt-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=3380"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3380\/revisions"}],"predecessor-version":[{"id":3398,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3380\/revisions\/3398"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}