Other Solutions
If the main solutions we have covered are not
suitable for your particular situation, there are other solutions
that may be appropriate.
Re mortgage
If you are paying a high level of interest on your
debts, and, depending on the amount of your credit commitments, a re
mortgage may, in some cases, be the best advice for your specific
situation. A re mortgage can offer a lower interest rate than a debt
consolidation loan, but if you do not keep up the repayments on a re
mortgage, your home may be at risk.
To find out more about how we search the market
for the best option for you click here.
Bankruptcy
Bankruptcy is a legal process whereby you can be made bankrupt:
1. Voluntarily where you apply yourself
2. Involuntarily where a creditor makes you bankrupt
Bankruptcy is always a last resort when there are no other debt
solutions available to you
It is a solution for those who are unable to pay anything, or very
little towards their debts, but if you can make payments towards your
debts, you will have to make monthly payments for a set period of 3
years.
In bankruptcy, interest and charges are frozen and creditors cannot
make any demands for payments.
A full investigation will be made of your financial affairs and your
assets are usually sold so that the proceeds can be used to pay your
creditors. This means your house and other valuable possessions are
usually at risk.
Certain debts are not covered by bankruptcy (student loans) and you
will therefore be responsible for continuing to pay these debts.
There are also certain implications of bankruptcy, one of which may
affect your current or future employment (ability to become a Company
Director, Lawyer and many other positions)
You can find out more here too
http://www.insolvency.gov.uk/,
this is the main insolvency website that explains bankruptcy.
Other
If you are struggling managing your everyday
financial needs and you need to take control of your household bills,
you can give us all the bills, we do the maths and calculate the
amount of the one monthly payment you need to make.
To find out how this works click here.
