It is not going to surprise many that recent research has confirmed debt problems have an adverse affect on people’s health, relationships and their ability to do their jobs. Anyone who has ever had money problems or worries at any time (and that must be most of us) will know that they can dominate every waking moment.

The inability to pay bills and the impact this has on your thinking, particularly when you think about the future and how you are going to survive/get out of your debt problems, means that it is an extremely stressful time. Not wanting to worry your partner or family leads to many keeping the problems to themselves, hoping than an answer will turn up. This is unlikely.

The best course of action is always to be open about it and to seek help as soon as possible. We know this is difficult to do and that talking to people about your problems can be embarrassing, particularly for men, who tend to be in charge of the family finances.

However, it is unlikely your problems are any different to the many others who suffer with debt and often talking about it, particularly with a sympathetic counselor, lifts the weight off your shoulders. Knowing that you have started to take the first steps towards dealing with your debt problems will help you sleep at night and relieve at least some of the stress.

Professional debt advice can offer you a solution to your money worries and you could even be debt free within a few years. Don’t leave it too late, debt will increase if left to its own devices. As soon as you notice a problem seek help.

The best solution for you depends upon your circumstances. This might involve debt consolidation, debt management or an IVA. A trained debt counselor will be able to give you advice about which will save you the most money and allow you to be debt free as quickly as possible.

Categories: Debt, General

There have been difficult times recently with the financial crisis and there are more to come for many with the new austerity measures announced in the recent budget. Many businesses have survived but with increased debt to keep themselves afloat.

Servicing these debts costs money and if the interest rate is high you could save each and every month by getting a business loan consolidating all of your debts. Whilst business finance has been hard to come by in the last couple of years there are plenty of signs that recovery is on its way, if only slowly.

If you have been turned down for a business loan via your bank this does not have to be the end of the line. A business loan broker will have access to many different lenders for all types of circumstances.

It might also be possible to take extra capital to invest in the business as well as clearing your debts. The way to find out is to get in touch with Yes Business Loans and see what they can offer you. It doesn’t cost anything to find out and there is no obligation to proceed if the figures don’t add up.

Yes do as much of the running around as they can for you leaving you to run your own business. In the meantime they work hard on your behalf to get the best deal available in the market for your particular circumstances. At Yes they like to say YES to business loans and finance.

Categories: Debt, Economy

We have updated our debt calculator (above) to show debt management solutions where appropriate. Debt management is available for any amount of debt, however if your debt is more than £10,000 and you owe 3 creditors or more an IVA is likely to be the better solution as it will usually involve writing off more of your debt.

Debt management consists of a process whereby all of your existing creditors are contacted to settle their loans with a reduced figure. At the same time interest is frozen on your debts. Once a new schedule of payments has been agreed you continue to make those payments until the end of the term in order to clear your debts.

Reductions in debt via a debt management programme will typically be around 40%, although it does depend upon individual circumstances. Whilst you are in the process of debt management you will not likely be able to get further credit, however once you have successfully completed the programme and cleared your debts you are on the road to repairing your credit record and becoming creditworthy again.

We offer a full range of debt solutions together with free debt advice. By contacting us you are taking a positive step to getting your finances sorted out and improving your life. Whatever your individual circumstances, no matter how bad they may seem, get in touch to see how we might help you.

Categories: Debt, General

An awful lot of people in the UK have debt in some form or another. Whilst repayments are manageable this tends to be ignored and life continues as normal. However, as the cost of living rises meeting these debt repayments becomes more difficult and then it is considered a debt problem.

In the early stages it is possible that debt management can be done without professional help. Make a budget showing exactly how much money is coming in to the household and where it is being spent. Look at ways you can cut back on any items that you can do without.

It is possible you can balance your own books if your incomings and outgoings are not too far apart. Make a revised budget and stick to it so that you can live within your means. Make repaying your debt a priority and, if at all possible, try to reach a situation where you are debt free.

Whilst this may be possible for some, for others their debts have already become a major problem through months or years of neglect. If you are unable to meet your debt repayments act as soon as possible – leaving debt to its own devices will only mean your debt problem getting worse.

When debt has escalated action is imperative. Debt management is one option to help you get out of your debt problems. Debt Management is a simple process of negotiation, where your debts are discussed with your creditors. They may freeze the interest being charged or it may be reduced, they might even write off large parts of the debt.

For free debt advice get in touch with us at IVA Debt Problem for a full explanation of all the options available dependent upon your circumstances.

Categories: Debt, Economy

We offer a debt calculator (above) which can show you examples of how you could solve your debt problems via an IVA or debt consolidation loan (subject to status). Here are a few examples (all assuming you owe 3 companies or more):

Amount owed: £15,000. IVA – write off £10,500 leaving £4,500 to pay OR Debt consolidation loan – £236 per month.

Amount owed: £20,000. IVA – write off £14,000 leaving £6,000 to pay OR Debt consolidation loan – £315 per month.

Amount owed: £25,000. IVA – write off £17,500 leaving £7,500 to pay OR Debt consolidation loan - £394 per month.

These figures are for indication only and are subject to status. Debt consolidation quotes based on 8.9% APR over 10 years. Actual figures will vary. To get a confirmed quotation complete our online debt enquiry form or give us a call.

At IVA Debt Problem we offer a range of debt solutions including debt management. We are currently working on our debt calculator to include debt management figures but in the meantime contact us for a free quotation.

Categories: Debt