Get Best Debt Solutions – Citizens Debt Help
Debt Solutions in UK: You may have received a notice from your creditors to repay your debts and your debts are spiralling high. Under such a situation, you must go for professional advice to know about Debt Consolidation UK. You may be facing a big debt crisis or are at a minimal stage of a debt crisis. Whatever may be your current financial situation, you should not panic. Whatever may be your debt problems, get in touch with us for any kind of Citizens Advice Debt Consolidation London.
If you panic, you may end up taking the wrong decision for yourself. This may worsen your financial situation. Our debt advisors will help you choose the best debt management programme and explain to you all its benefits thoroughly. Before you opt for any option, we ensure that you have detailed knowledge about that specific debt solution.
Citizen Debt Help, one of the leading debt management companies in the UK, will surely provide you with the best possible solution for any kind of debt problems. We have some of the best debt management programs to help you solve your debt crisis. No debt problems irrespective of its nature and other complications is unsolvable.
Once you get in touch with our team working for Debt Consolidation UK, you will understand that every debt problem has its solution.
To offer you the best debt solutions, we have several debt managements plans and guides. We will guide you to opt for the most suited debt solution for managing your debt crisis.
Before you approach any professional advisor working for the team of citizens advice Debt Consolidation London, you need to figure out one thing. While you are planning to avail the best debt solutions, you should be clear about one thing. You need to understand whether you are in a debt crisis or you are just failing to manage your other expenses along with debts.
You are considered to be in debt crisis if you have one of the following issues:
- You are unable to pay all your living expenses like mortgage, credit card bills along with other bills, rent etc.
- Your debt amount excluding your mortgage amount surpasses your annual income left after deducting the tax amount from it.
If you are facing any one of these situations, you can approach us for Citizens Advice Debt Consolidation London. We will help you avail the best debt solutions.
We understand that based on your location, the nature of debt repayment may vary. But certain debt solutions may not be valid for your particular locations as well. Thus we have separate teams working for:
Debt Consolidation UK
Debt Management Plans in Liverpool
Debt Consolidation England
Credit Debt Consolidation Wales
We know a particular situation of your debt problem demands a specific debt solution. Thus, we have a wide range of debt solutions that will help you deal with your debt problems. Even one particular debt problem in the UK can have multiple debt solutions. You may get confused to find out which debt solution will serve you the best.
Our team working for debt solutions and Debt Consolidation UK will explain to you all the available solutions. They will help you choose the best one for your current financial situation. Thus, you can decide accordingly to gain maximum financial stability.
Not all have a similar personal circumstance. Thus, you must go for a one-on-one consultation with our advisor before opting for a specific debt solution. The advisor will get in-depth knowledge about your situation after interacting with you. So, he/she can guide you to choose the best debt management programme.
Under debt solutions, we have teams to help you with debt management plans, administration orders, debt relief orders, individual voluntary arrangements, and bankruptcy.
In this section, we will explain to you the benefits of some of these solutions specific to certain locations. Most of these solutions are managed by our team of debt consolidation UK.
(A) IVAs (Only England & Wales)
(B) Debt Management Plan (Across the UK)
(C) Trust Deed (Scotland)
(D) Debt Consolidation UK
(E) Free Debt Management Plan
IVAs (Only England & Wales)
If you are a resident of Wales or England, then we mostly recommend you to go for Individual Voluntary Arrangement (IVA). It is usually considered as the best debt solutions in Wales to deal with the majority of the debt problems.
An IVA often opted as a way of Debt Consolidation England or best debt solutions in Wales is a legal agreement between the borrower and the creditor. This agreement allows the borrower to repay the monthly debt amount at a rate affordable for him or her. The tenure of repayment usually varies between five to six years, where you need to pay around 60 to 72 monthly payments.
It is often favoured as a way of Debt Consolidation England because the remaining amount of any unsecured debt after the repayment tenure is usually written off under IVA. This ensures that you will be debt-free at the end of the repayment period. Although, as a credit debt consolidation Wales often citizens choose to go for lump-sum IVA, that allows them to make a one-off payment.
Since IVA is a formal process, it can only be done with the help of a licensed insolvency practitioner. We have various teams with professional financial experts who can guide you for any kind of Debt Consolidation UK. We can help you getting touch with the highly experienced licensed insolvency practitioner. They will guide you to go for the best debt solutions in Wales.
Our team working under Citizens Advice Debt Consolidation London can even help you figure out whether IVA is the best choice for you. It can either be for Credit Debt Consolidation Wales or any other forms of Debt Consolidation England.
Once you are confident enough that IVA is the Best Debt Solutions in Wales, we will guide through the entire process until you are debt-free.
Although, multiple factors decide whether you are good to go for IVA, yet there are a few basic criteria as well. These criteria need to be there if you want to choose IVA for Debt Consolidation UK. These include:
- Only citizens of England, Wales and Northern Ireland who have stayed there for at least last 12 months or own a business there can apply.
- They need to have unsecured debt of an amount no less than £6,000.
- You should be able to afford the monthly repayment amount at any cost, even if you have any other financial commitments. This repayment amount needs to be approved by the creditors as well.
When you approach us to opt for IVA as a way of Debt Consolidation UK or Credit Debt Consolidation Wales, we mostly follow the following work methodology:
Generate Your Financial Statement:
Our team working for Debt Consolidation UK will help you prepare your financial statement to make the process of IVA easier.
Be it managing Debt Consolidation England or Wales, we will help you calculate the total amount of your debt and prioritise them. Once this is done, you can figure out which debt needs immediate attention. Based on your other financial commitments and the total amount of debt to be repaid, we will help you calculate the monthly affordable amount to be repaid to your creditor.
Write the IVA Proposal:
While you are planning to opt for IVA for a Debt Consolidation UK, then you have to submit a written proposal to your creditor. We will help you draft the proposal in the specific format. The proposal includes the amount of your monthly repayment and other terms of IVA.
Once the proposal is sent out to your creditors, there will be a meeting with them. We usually arrange the meeting with the creditors after 3-4 weeks of the signing of the proposal. The meeting is arranged to discuss various aspects of Credit Debt Consolidation Wales and other factors related to Debt Consolidation England as a part of IVA.
The creditors will either approve or reject your proposed amount of monthly repayment under IVA. If 75% of the creditors agree to the conditions mentioned in the proposals of IVA, then only you can go for the legal agreement.
Approval of IVA:
Till the time your creditors approve the proposals, we will play the role of the ‘nominee’. But once it is approved, we will provide you with highly experienced debt supervisor for the IVA. We will ensure that you can pay the monthly amount and also abide by other conditions mentioned in the IVA proposal.
Our Role as a Supervisor:
Our team of Debt Consolidation UK will collect your income contributions for the tenure of repayment and evaluate your assets. They will also do the overall supervision of other procedures to ensure you are debt-free at the end of 5 to 6 years.
We will collect a certain sum of money from you to make the monthly payment to your creditors. We may even review your income and other expenditures during the tenure of repayment.
Although, there are certain risks involved with an IVA. Some of these include:
- If you have equity in your home, you may have to go for re-mortgage. Thus may increase the rate of interest.
- In case you are failing to re-mortgage, you can either go for a maximum of 12 extra payments or you have to seek help from a third party. You have to ask the third party to offer you a sum of money equivalent to the equity.
- In case of an IVA failure under Debt Consolidation UK, the creditors may file a petition of bankruptcy against you.
- Credit ratings may get negatively affected when you opt for IVA for Credit Debt Consolidation Wales and England
- Creditors will only allow the ‘written off’ for the unsecured debts.
- IVA will be registered on a public register and during the period of IVA, you will have restricted spending.
Debt Management Plan (Across the UK)
If you are unable to manage your non-priority debts in England like those related to credit cards, loans, water charges, benefits over payments and store cards, then you can for a debt management plan (DMP) as a way of Debt Consolidation UK. A debt management plan helps you design a monthly repayment plan that fits with your other financial means. This is to ensure that you can manage all your current non-security debts.
Since DMP deals with non-priority debts only for credit consolidation, you need to ensure that you have sorted a way out to manage your priority debts. You may face serious legal consequences if you fail to pay your priority debt. You may even approach our advisors of Citizens Advice Debt Consolidation London to guide you regarding the repayment of priority debts.
A debt management plan can be the best debt management programs for you when you can afford to pay certain non-priority debts easily. Our advisors working for the team of Debt Management Plans in Liverpool and the rest of England will guide you to draft an affordable payment plan. We will even get in touch with your creditors on your behalf. You will have to make one monthly payment to our DMP provider, and we will make the subsequent payment to your creditors on your end.
You can only opt for debt management plans in Liverpool and the UK if you meet certain eligibility criteria. These include:
- You should be able to manage all other priority debts and other financial commitments. DMP can only help you with your non-priority debts.
- You should set a monthly repayment budget. Our DMP provider will then give that to your creditors on your behalf
Our advisors for Debt Consolidation UK and other Debt Management Plans in Liverpool ensure you are debt-free within the earliest possible time.
Our debt advisor will help you in the following ways:
- They will maintain absolute confidentiality related to your financial status.
- Irrespective of the amount of debt to be repaid, they will deal your case with utmost priority and care.
- Ensure that you could avail the maximum benefits from the best debt management programs.
Even if you have a joint debt, where you have a partner’s name involved as a borrower, then also you can go for DMP. Under such situations, both of you will be equally liable for the repayment. It mostly happens during the credit agreement.
Under such circumstances, when both of you are struggling with the debt repayment, then joint DMP can be the best way of credit Debt Consolidation UK for you. Irrespective of the level of earnings of you and your partners, both of you will be equally responsible for the repayment under any scheme of joint Debt Management Plans in Liverpool and UK. You can even incorporate debts that are only under one of you in a joint DMP.
Our Debt Consolidation UK is designed in a way that will help you consolidate all your payments into one, affordable monthly payment. Thus, you will be relieved from the burden of paying back multiple debts at once. DMP allows you to have control over all your current debts without going for further credit.
Although, the Debt Management Plans in Liverpool and the UK also involve certain risks, such as:
- The creditors are supposed to reduce or cease interest and other charges, but they may refuse. This may increase the total amount of repayment.
- Your creditors may not approve the amount of monthly repayment, affordable by you. Although, we will keep sending the amount monthly.
- The longer repayment period may harm your credit life.
- There is a slight possibility that your creditors may take legal actions against you like County Court Judgement (CCJ).
Trust Deed (Scotland)
Trust Deeds can be one of the best debt solutions for people living in Scotland. It is a form of personal insolvency with a formal agreement that helps you deal with your personal debt problems.
As per the rules and regulation of Debt Consolidation UK, only those from Scotland having an unsecured debt of around £5,000 will be able to opt for trust deeds. If your creditors owe a very large sum of money, then they may not accept the agreement of trust deeds. Trust deeds mostly work as an alternative to other debt management programmes like bankruptcy for repaying unsecured debts.
Trust deed is usually considered the best way of Debt Consolidation UK when you have to go for credit card consolidation. You can also opt for trust deeds if you face difficulties in repaying other unsecured loan debts. Although, not all kind of loan debts like that of student loan debt will not be managed under trust deeds in Scotland. Unsecured debts mostly include debts which are not related to any of your assets like a home.
Our team of Debt Consolidation UK will ensure you could avail the maximum benefits of the trust deeds to repay your unsecured debts. Trust deed has been designed in a way so that you can make the debt repayment affordable over a specific tenure of time.
Under one of our best debt management programs, we will guide you repay the following types of unsecured loans through trust deeds:
- Credit Cards
- Personal Loans
- Council Tax Arrears
- Payday Loans
- Joint Debts
- Outstanding Bills
- Income Tax Arrears
- Debts to family or friends
- Catalogues and Store Card Debts
- Energy and Water Bill Arrears
- Tax Credit/Benefit Overpayments
Trust deeds under Debt Consolidation UK is carried out through the following processes:
- We will help you get in touch with an Insolvency Practitioner to help you in credit consolidation through trust deeds. Once a trust deed is granted, you will have to transfer your possessions of certain assets to the practitioner.
- The trustee will then issue an undertaking to your creditors and will use your assets transferred to him to complete the repayment of your debts.
- You too have to pay an affordable amount for the next 48 months.
- Then our trustee will submit a proposal to your creditors and make your trust deeds protected.
With your utmost cooperation, the trustee can even convince your creditors so that your remaining debts at the end of the repayment tenure are written off.
As one of the debt consolidation companies, we take the responsibility to make your trust deeds protected. It is only possible because we convince the creditors who owe more than one-third of your debts to agree to your proposals. We even ensure more than 75 % of your creditors agree to your proposals.
We mostly recommend trust deeds as a way of Best Debt Solutions in Scotland, because of its multiple benefits:
- Your wage arrestment, earning arrestment and bank arrestment included in the trust deeds will be stopped.
- After the approval of your trust deeds, your creditors won’t be able to push you for payments or other related charges, nor they can take any legal actions against you
- Although, you may have to sell some assets, yet you can keep one essential asset preferably a vehicle of a value less than £3,000.
Although considered one of the best debt management programs, there are many risks involved with trusted deeds as well. These are:
- You have to pay a certain charge to the insolvency practitioner out of your monthly repayment amount of trust deeds. So, before you opt for trust deeds as a way for Debt Consolidation UK, you should get an idea of what will be the percentage share of the practitioner.
- Before getting into the agreement of trust deeds, you should have a word with the HR department of your office. There is a chance of terms of employment being affected.
- You may have to get into bankruptcy if a trust deed fails.
- Your credit rating may get affected.
Debt Consolidation UK
If you find managing debts related credit cards and loans difficult, then you can surely opt for debt consolidation UK. The debt consolidation helps you deal with multiple debts and saves your money by ensuring single monthly debt repayment.
Debt Consolidation UK is all about creating a new credit in the form of a debt consolidation loan that will be used to repay the existing credits. Since debt consolidation UK may involve some extra cost, we have a dedicated team for Citizens Advice Debt Consolidation London. You can seek guidance for opting the best debt consolidation way for yourself.
Our team will help you figure out the exact amount of loans you owe to various creditors and what are the favourable rate of interest for them. We will help you to plan an affordable monthly payment to manage them all.
Debt consolidation UK provides mostly two types of loans: one for secured debts and others for the un-secured ones. In secured debt loans, you have to mortgage an asset like your house against the amount borrowed. Thus, failing to repay may end up losing your home. But in unsecured loans, there are no assets involved.
Most of the people from the UK opt for debt consolidation to reduce the amount of monthly repayment and debt interest rate. Moreover, they don’t have to keep a track of individual creditors who owe the debt. They can make the monthly payment at one go and we will take care of the rest.
But not everybody can opt for debt consolidation UK. They need to meet certain eligibility criteria. It may seem to be the best debt management program for you, but the consequences could be adverse, specifically if you have a poor credit history. Thus, we will guide you thoroughly to understand whether to go for it or not.
We will help you get a low-cost fixed rate personal loans for debt consolidation within the best possible time of your application to pay-out. Our various schemes under debt consolidation UK allows you to overpay and settle early at no extra cost, thus it is extremely flexible.
There is a wide range of advantages which include reducing the amount of monthly repayments and the interest rate as well. This even helps you keep track of your debt repayments and boosts your credit score.
Although, debt consolidation UK involves a few risks as well. These are:
- In case you fail to make the monthly payment as per the agreement of debt consolidation UK, your credit scores may get affected.
- If you fail to repay your secured loans, your assets will be lost.
- Your existing creditors may charge you if you transfer the balance of the loans.
Free Debt Management Plans – Citizen Debt Help
If you are struggling to manage your debts, you can talk to an expert today to get the best debt solutions either through online or face to face or through telephonic calls. We have specially trained financial advisor for debt management to give you free debt management advice.
A debt management plan is designed to handle your debts and repay them off at a lower monthly payment to your creditors. Your payments are designed on what you can afford. This is planned as per your monthly budget and accordingly, the payments are done for a longer period. These payments are also flexible, and the amount is changed as per the need of the situation. Although, it also depends on your creditors, if they agree to lower repay amounts.
We guide you and assist you to plan the debt repayment in a way that is affordable for you. You can avail our various free debt management plans to meet your need.
Although, not all debts can be included under the DMP as it mostly covers the non-priority debts for you, yet several debts come under DMP.
- Personal loans
- Credit card debt
- Bank/building society loans
- Payday loans
- Store cards/credit
- Money borrowed from friends/family
But, you can’t use DMP to pay off the following debts:
- Council Tax
- Income tax
- Court fines
- National Insurance
- Hire purchase contracts for essential items
- Child support or maintenance
- TV License
- Utility bills
Find out more about the Debt Management Plan (DMP) and which debts it covers. Talk to our financial advisor for debt management to find out which is the best way to clear your debts.
Citizens Advice with Debt Consolidation
If you are finding it difficult to deal with your multiple debt repayment, we can help you. You can get in touch with our team of Citizens Advice Debt Consolidation in London. This team will help you manage all your debts and ensure you are debt-free within the earliest possible time.
Whether you need help for debt consolidation UK, or you are trying to figure out the best debt management programme for yourself, we help you thoroughly.
We follow these working patterns to help you out in all possible ways.
Gather all Your Financial Details:
To select the best debt management program for you, we gather all your details. We will get detailed information about your spending, earnings and other financial commitments.
Then we prepare a spreadsheet and a budget sheet for you. This will help you get an idea of how much you can afford to repay and at what frequency.
Sorting Your Expenditure and Debts:
Our team of citizens Advice Debt Consolidation London will sort your expenses based on necessity.
If you get an idea which all are essential expenses like rent, mortgages, water charges etc, you can prioritise them. Accordingly, you can even curtail some other expenses.
We usually recommend you curtail those expenses only that need not be incorporated again during the tenure of your repayment.
Plan for Emergencies:
We thoroughly check to ensure that you don’t have any court paperwork stuck. We help you plan for the next steps. We will keep track of things and will let you know which thing needs to be done at what point. In case, you have a court hearing coming up next, our team of Citizens Advice Debt Consolidation London will update you at the earliest.
Exploring Multiple Options:
Based on your current financial status and other commitments, we will help you choose the best debt management programme for yourself. Our aim is to ensure that you are debt-free at the earliest possible time.
We will evaluate will budget sheet frequently, to figure out if there is any leftover money that can make an offer of payment. Whether you have leftover or not, our advisors will help you to repay your debts.
If you want to start planning for your debt repayment, feel free to get in touch with us through helpline number or online chat.
1. What is the best debt payoff method?
Based on your financial status and other commitments, our team will help you to select the best debt pay off method.
2. Can a debt solution hurt my credit balance?
We mostly ensure it doesn’t, but a particular debt solution may harm your credit points.
3. Can I pay off my debt even if I am broke?
Yes, we will help you plan the debt solution in a way that will help you repay.