There are a few different types of debt help available in the UK. Each is designed to address the different circumstances that are at the root of a variety of personal debt problems. Of course, the situations that can lead us into personal debt are exactly that – personal. That means the debt problems we face are the result of an individual set of circumstances and cannot be solved by a quick fix, one size fits all approach to debt. Talking to an experienced debt advisor will help you to come to a conclusion on the kind of debt help that’s right for you.
The different types of debt help range from a chat with a straight talking, professional advisor to the expert guidance of the Insolvency Practitioner who’ll administer your IVA. It all depends on your circumstances and although you might feel your situation is dire, talking to someone who has experience in the field can put your debt problem into perspective.
The different debt solutions on the UK market are aimed at different levels of personal debt. The extent of your debt problem is not necessarily a question of value though. Debt isn’t a bad thing if it is properly managed and you can afford to keep making the repayments. What would amount to a severe debt problem for one person might be totally manageable to another. That’s why we have to have a range of different types of debt help.
The types of debt help open to you can initially be split into three levels. The first type of debt help is about better management of your money, allowing you to keep up with your debt repayments or even put more money towards them, clearing your debt faster. The second level of debt solutions are essentially types of informal insolvency. Debt management plans are informal agreements between you and your creditors that can be brokered by debt specialists.
This makes the repayment of your outstanding debt easier and gives you a structured budget that is designed to be reasonable and affordable. Thirdly, the debt help that can support you through insolvency requires the assistance of a dedicated and specialist debt advisor, like Debtsolver for example. Although everyone’s situation is different, experience is an important asset when dealing with severe debt problems. There’s a lot at stake and there are different types of debt help out there. Making sure you pick the right one is important.