If you do not feel that an IVA is the right debt solution for you or you do not qualify, then you might want to consider your other options.
Always seek expert advice. Contact our advisors on 0808 131 0038 who will be able to talk you through your options.
If you are not sure what route to take, the All Clear Finance One Minute Debt Test could help you see what debt solutions are available to you.
If you have a bad credit rating then you might find it impossible to get accepted for an unsecured loan at a sensible interest rate.
If you have tried to borrow from the bank or increase your credit limits, you are probably financially stretched. It might be worth considering making your existing debts more affordable with a Debt Management Plan.
A Debt Management Plan is a debt repayment plan. It is similar to an IVA as it allows you to pay just one low affordable monthly payment to your creditors.
However, a Debt Management Plan does not offer you legal protection from your creditors, it will not write off any amount of your debt and freezing interest and charges on your debts cannot be guaranteed.
But a Debt Management Plan will make your debts much more affordable in the short term. You only need to make one payment to All Clear Finance, and we will distribute this between your creditors.
Secured lending includes Secured Homeowner Loans and Remortgages. With secured lending you can consolidate your existing unsecured debts into one affordable secured payment.
As long as you can afford the repayments then this could be a good option for you. However, if you fail to make the repayments then your home will be at serious risk.
Bankruptcy should only ever be considered when all other debt solution options have been exhausted. Only take professional advice from a Licensed Insolvency Practitioner.