Mortgage advice

If you’re in debt and struggling with mortgage payments, remortgaging (changing your mortgage) can be an effective technique for either reducing your monthly mortgage repayments or using equity in your home to pay off a proportion or all of your debt.

If you’d like to find out more about using your mortgage (or a remortgage) to repay your debts, please talk to your existing mortgage provider, or contact an Independent Financial Advisor (IFA) to discuss your options. To find an IFA in your area, visit www.unbiased.co.uk.

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PayPlan can help you!

We could offer you a solution that will reduce your monthly payments with the potential of freezing interest and charges, and even writing off some of the debt.

The options PayPlan can offer

The options PayPlan can offer vary depending on your situation, and there is no obligation to progress if you do not wish. We will simply talk through the different solutions to help you decide what is best for you. For more information on the solutions we offer/advise on, please see: DMP IVA Self-employed IVA DRO and Bankruptcy.

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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Management Plan?

A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.

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What is a Self-employed IVA?

A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Relief Order?

A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.

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What is Bankruptcy?

Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.

What if a remortgage isn’t right for me?

At PayPlan, we provide free debt help and advice – and access to a wide range of practical debt solutions that help people to deal with their debt and get on with living their life.

The best way to find out what makes us different is to call us free on 0800 316 1833 and have a chat with one of our fully trained advisers. They’ll listen to you and talk about you, your life, your debt and your aspirations. You’ll find them understanding of your situation and helpful in your search for a solution that’s right for you.

Call us today on 0800 316 1833 for a confidential, no obligation chat about your options. Or you can complete and submit our online Debt Help form and we’ll call you back.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.