Bank finance articles and tips

If you, like many people, are looking for ways to manage your debt, you may be surprised to know that there are many options available to you. It's just knowing where to look, who to talk to, and making sure you deal with someone reputable who won't take advantage of your circumstances.

The end results you are effectively looking for is to either be completely debt free, or significantly reduce your monthly payments to your lenders. When you've made the decision that it's time to start making improvements to your life by freeing up some money at the end of each month, you're going to want to speak to a company with a good track record, great support and lots of happy customers.

There are a few companies you'll need to watch out for, that might not have your needs in their best interest. When you speak with them you should be given a number of options that may or may not work for you. It's important to read up in all the details and examine the small print. Make sure there is no small fees or a percentage of your payments made to the company involved.

With the economy is the state that it's in right now, there are many options popping up. Some have not seen much interest over the years, but as people are now failing to play catch-up on their bills, they are seeing the light of day again.

What Debt Management Solutions Are Available To Me?

There are many options available to everyone. The only differences are the terms which allow you to use the programme. Some might need over specific amounts of debt, and others might require no equity.

Debt Management Plan

A debt management plan is normally quite a simple solution that involves making a deal with your creditors to rearrange your payments slightly. This can be used to put all your outgoings into one payment, or stretching the payoff time, so you could extend it from three to six years and pay no extra interest.

Debt Advice

Sometimes something as simple as talking to a debt advice company can help. They have lots of knowledge regarding debt repayment issues, what you can legally do to resolve them and what letters to send to your creditors. This is a great way of putting off paying your debt for a few months if you've lost your job and need some time to get back on your feet.

Trust Deed Or IVA

A Trust Deed or IVA is a debt repayments scheme where you can clear a percentage of your debt up-front and pay the rest up over three or five years. All interest is frozen and your home is protected against creditors or debt collectors. Some people using this method have been able to write off up to 90% of their debt.

Debt Consolidation

A debt consolidation loan is a way to put all your debts into one single payment. This can be a great way of dealing with your repayments as you know the exact date the payment will be taken. Your outgoings should also be reduced as your repayment period is extended to five years - Giving you plenty of time to clear things up and get moving again

We hope you find this information useful in determining what you require when it comes to dealing with your debt. If you'd like more advice, speak to your reputable local debt management company.

James McCallum is a financial debt adviser offering Scottish residents free debt solutions. For more information see Debt Advice Scotland and Debt Management Scotland

By James McCallum
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