Debt Management Plans
IVAs
Loans
Mortgages/Remortgages
Debt Management Plans
Debt management companies offer a service whereby they act as an intermediary between someone who owes money (debtor) and the multiple people that they owe money to (creditors). They make contact with the creditors and..........
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IVAs
An IVA is an alternative to bankruptcy introduced by the government as part of the Insolvency Act 1986. It enables an individual in debt (debtor) to make a proposal to the people they owe money to (creditors) to reach a settlement........
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Loans
This is where the borrower takes out a new loan to pay off all of the existing loans. This loan is at a lower interest rate than credit cards, for example, and is paid off over a long period of time, hence the monthly payments are lower
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Mortgages/Remortgages
If an individual has a property which is worth more than the mortgage and other debts secured against it, this excess amount is know as equity. It is possible to release this equity to raise a lump sum of cash that can be used to settle outstanding debts.
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