- Individual Voluntary Arrangement (IVA)
This solution is best suited when it comes to addressing an unsecured loan. This is one of the best ways of doing away with any financial obligation that comes your way. The technique is; you have to make some amount payable in the form of monthly installments for probably five years.
Once the decided time is done with, the remaining balance would be waived off. Almost every kind of unsecured debt is included within IVA, but still, there are exceptions. Our staff will guide you through the way and let you know what could suit your needs best.
- Debt Management Plan
- Debt Consolidation
A debt management plan is something that involves full payment in the form of installments over a long period. You might be thinking this is not a good idea, right? But, trust us that it can be the most reliable way of doing away with debts. The installment amount is decided on your affordability and with the consent of the creditor.
Your creditor may also agree on doing with the large interests or may reduce the overall repayable amount, depending from case to case. The only downside is the extended time it would take to repay the entire outstanding liability.
This is one of the most widely used ways to pay off the debt owing to the numerous benefits this scheme offers. The solution can lower your interest rate, reduce the overall repayment period, and offers you a chance to make several problems convert into one.
The process involves transforming several debt obligations into a single entity so that you have to worry about one loan only. This is generally applicable to credit card loans. The best part of debt consolidation is that it does not put a negative impact on the credit reports.
This is the last available solution when nothing seems to work. While applying for bankruptcy would be in your mind, going through the process may become tricky. Our team would handle everything on your behalf from trying to avert the situation to successfully applying for bankruptcy.
Your creditor may also file for your bankruptcy when he realizes that you can’t pay off the debts at hand. There is a chapter 7 and a chapter 13 of bankruptcy. When you need to choose the right option, we are there for you. The team would also help you improve your credit reports that in turn may get affected for over a long period.