Debt Problems

Being in debt can be a stressful experience and it’s not uncommon for it to put relationships under a lot of strain. However, no debt problem needs to be permanent and there is always a solution available to avoid this nerve-wracking experience.

Do you have a debt problem?

• Do you run out of money before the end of every month?
• Are you worried about bailiffs?
• Do you not know how much you owe?
• Do you fear your property may be repossessed?
• Do you ignore bank or credit card statements?
• Do you seem to spend more than you have coming in each month?

If you answered yes to any of the above questions, then it sounds like you are struggling with debt management and could benefit from some financial advice. However, there are actions you can take which can immediately put you on the right path to a debt-free life.

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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.

Getting out of debt

Start by opening those letters you’ve been avoiding and go through your bank statements.

Document exactly what you are spending each month on essentials and bills. Make a note as to how much money you owe and to whom. From here, you have a good starting point by knowing exactly where you stand and how much you are overspending by each month.

In order to reduce your debt, create a budget for yourself based on your calculations. If there are areas in which you can make savings, whether this is through a cheaper energy supplier or simply cutting out that extra take-away each month, adopting money-saving tips will help you to spend less.

Then, look for ways to earn more. Check whether you are entitled to any additional funds with a benefits check-up.

Protecting your assets

Your assets are important, and not just for financial reasons; they are your personal belongings acquired over many years. This is why, when there is the threat of these being taken away, it can be an incredibly distressful experience.

It’s important to know what your rights are in these situations and what the best plan of action is to deal with these problems swiftly. Read our guide to Bailiff Law and what to do when you’re faced with House Repossession for help with debt collections.

Call PayPlan free on 0800 316 1833 or use our Debt Help Form to submit your debt problem online for free Debt advice.