Become Debt Free
At PayPlan we want you to be able to look forward to a future with no debt. That’s why we help thousands of people each year clear debts and start again.
You’ve taken your first steps by looking at the PayPlan website, now let us help ease your pressure by helping you regain control of your finances. Talk to a friendly impartial PayPlan adviser, and we can help you by doing what we do best: clearing debts.
Clearing Debt With A Debt Management Plan (DMP)
A good DMP can be an effective method of clearing debt, by making regular payments to your creditors at a rate you can afford until you’ve paid them off in full.
At PayPlan we have over twenty years’ experience in dealing with creditors on our clients’ behalf, and we always try to encourage creditors to freeze interest and other charges, which some are happy to do for as long as you maintain your regular DMP payments. This is not always guaranteed however but if it’s not we will look at what other options may be available.
And what’s more, a PayPlan Debt Management Plan comes with NO setup fees at all, unlike many other debt management companies who often take your first two or three months’ payments as a setup fee. PayPlan do not do this. Once we’ve agreed your Debt Management Plan, you’ll simply pay your monthly amount each month and we will distribute those funds to your creditors at no cost to you.
A DMP might be a beneficial solution if you have could afford to pay off your debts in a couple of years. If however it would take you a long time to pay off your debt using this debt solution we would always look at other options. When you contact PayPlan we will go through all the available options.
Want to know more about how to clear debts with a DMP? Call PayPlan free on 0800 316 1833 as we can advise on your situation with impartiality.
We’ve been helping our clients to clear debts since 1992, so we’re sure we can help you in some way too.
Clearing Debt With An Individual Voluntary Arrangement (IVA)
An IVA is a legal agreement between you and your unsecured creditors aimed at helping you to avoid bankruptcy by clearing debts after affordable payments have been made into your plan for a set amount of time that is usually five years.
Following a PayPlan analysis of your income and expenditure, it will be then left for your Supervisor to negotiate with your unsecured creditors in order to agree a repayment schedule for you that is sustainable, and after accepting an IVA proposal creditors then agree to clear debts upon successful completion.
If you want help with clearing debts, then you may find that an IVA is a beneficial debt solution if you have more than £7,000 in unsecured debt with numerous different creditors, and you can afford to pay your creditors a reasonable amount each month.
Once your IVA begins, creditors freeze interest and other charges, and they are not allowed to contact you with regard to payment while you keep to your plan.
Want to know more about how to clear debts with an IVA? Call PayPlan free on 0800 316 1833 as we can advise on your situation with impartiality. We’ve been helping our clients to clear debts since 1992, so we’re sure we can help you in some way too.
Clearing Debt With Bankruptcy
Bankruptcy is the most severe way of clearing debts, although it does allow you to begin again with a fresh start.
You will have to pay upfront costs to file for bankruptcy, the total cost is £680 and you will have to sell your assets (including your home and car) in order to raise money to clear debts that you’ve accrued.
Bankruptcy however usually only lasts one year, it can be longer if you can afford income contributions, and at the end of this period your debts will be written off.
It’s a serious solution but it can help you clear debts at a faster rate than some other debt solutions.
If you want to know more about how to clear debts using the bankruptcy process, then you should call PayPlan free on 0800 316 1833 as we can advise on your situation with impartiality. We’ve been helping our clients to clear debts since 1992, so we’re sure we can help you in some way too.
Clearing Debt With A Debt Relief Order
A debt relief order was introduced as a cheaper alternative to bankruptcy – it’s criteria is designed to help people with low assets and little spare income.
A full list of criteria can be found on Payplan’s Debt Relief Order page, but the main criteria are; you must live in England, Wales or Northern Ireland, must not be a homeowner, have less than £20,000 of unsecured debt (£15,000 in Northern Ireland), less than £1,000-worth of assets (£300 in Northern Ireland), a car worth no more than £1,000, and less than £50 spare income per month.
If you want to know more about how to clear debts using a Debt Relief Order, then you should call PayPlan free on 0800 316 1833 as we can advise on your situation with impartiality. We’ve been helping our clients to clear debts since 1992, so we’re sure we can help you in some way too.
Your Next Step To Clearing Debts
As a next step, contact PayPlan for free, sympathetic and immediate advice regarding advice on clearing debts. Telephone free on 0800 316 1833 or use our Debt Help Form, and your free debt help can begin as soon as you contact us.