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Bankruptcy should be considered as a final debt solution once all other avenues are exhausted. While bankruptcy writes off your debts, there are serious implications that will affect you for a minimum of six years, so consider debt help services from a reputable debt agency in the first instance.
Consolidating debts usually involves taking out new lines of credit to combine and repay your existing debt, using a personal loan or credit card, for example. If you consider this debt solution, you may want to seek advice from debt experts to find the right forms of lending and the correct debt consolidation approach.
The Minimal Asset Process (MAP) is a form of unsecured bad debt help available to debtors in Scotland who have a low income, with no money left over following the payment of essential living costs (e.g. your rent, utilities and council tax).
The Debt Arrangement Scheme (DAS Scheme) is a debt assistance tool managed by the Scottish Government. A debt payment programme (DPP) acts as an official tool to allow you to repay your debts over a reasonable time frame, in affordable repayment amounts.
A Trust Deed is a legally binding debt solution in Scotland (equivalent to an Individual Voluntary Agreement in the remainder of the UK). The debt settlement agreement sets out affordable repayments which are made over a period of 4 years, after which time your remaining debts will be written off.
Personal bank loans provide a cash lump sum that is repaid over a fixed period at a set amount each month. They aren’t secured against an asset, such as your home, which is why they’re also known as an unsecured loan.
When you apply for an account with a catalogue company, you’re provided with a credit amount (much like an overdraft). This credit facility is a ‘revolving’ one, which becomes available again once repaid.
Bailiffs (also known as ‘enforcement agents’) are the people who visit your home if you do not pay certain debts, such as your Council Tax, parking fines, court fines and County Court/Family Court judgements.
If you’ve had court fines imposed on you, you must prioritise this above all other debts. Courts have significant powers to collect fines, including the use of bailiffs and, in the most serious of cases,
Consumer credit includes debt that is owed in the form of: Credit card debt; Doorstep loan debt; Overdraft debt; Personal loan debt; Store card debt; Store finance debt; Weekly payment store debt; Short term loan debt;
If you can’t pay any or all your utility bills you must speak with your providers. Unlike other forms of debt, utility companies are motivated to work with you as they only stop supply in extreme circumstances.
HMRC debts include money owed following a self-assessment or VAT return. HMRC debts include income tax, PAYE and national insurance. HMRC debts are priority debts. If you don’t take steps to speak with HMRC or pay your bill in full, they will take ‘enforcement action’.
Doorstep loans (also known as home-collected loans) are typically supplied by a local agent who provides you with cash money or, less frequently, vouchers. Over the following weeks or months they’ll then
On the face of it, borrowing from friends and family can appear to be a promising alternative to using mainstream credit companies, with benefits that include little to no interest being charged and the reassurance
Insurance policies are used to protect you from certain situations, such as loss or damage. Some insurance is required to abide by the law, such as car insurance, while others are required to meet your obligations
During the course of the loan you’re still able to use your vehicle as you normally would, with the average logbook loan lasting for a period between one and three years with a loan amount of between £400 to £5,000.
An administrative order is a legal debt settlement agreement that sets out a repayment plan. This form of debt solution will consider the income you have remaining after your essential bills and living expenses have been accounted for.
If you’ve fallen behind with your repayments, you may be able to come to a debt settlement repayment agreement with your creditors. You can make a debt settlement proposal by phone, email or letter, but however you contact them, you’ll need to put forward an offer as to how much you can repay.
The four core government debt advice solutions, as listed on the Gov.UK website, include Debt Management Plan, Administration Order, Individual Voluntary Arrangement, Debt Relief Order or Bankruptcy Order.
As many as 8.3 million Brits are currently unable to repay their debts – a figure that includes credit card debt which has surged by 8.1% over the past 12 months. Reassuringly, however, those in the UK enjoy some of the widest range of Government debt management schemes in the world.
A remortgage is where you take out a new mortgage on a property that you own. The new mortgage either replaces an existing mortgage or (where the property is 100% owned) allows you to borrow funds against the property.
Sequestration is the official term for bankruptcy in Scotland. Sequestration Order is a type of insolvency suitable if you’re dealing with debts that you would not be able to repay within a reasonable amount of time.
If you can no longer maintain the payments on your mortgage, you should contact your mortgage lender in the first instance to inform them of the situation, asking for help in selling your property. Prior to this, you may want to talk with debt advisors from a longstanding debt agency, as they may be able to provide housing advice.