- Reduce your debts by up to 75%
- Make smaller monthly repayments
- Regain control of your finances
- Let us deal with your creditors
- By law – only pay what you can afford
Simple, Confidential, Government Backed Schemes
National Debt Advice is here to help you find the correct debt advice to match your personal circumstances. Finding a debt solution that works for your personal debt problem should be your first priority. However, the best debt advice is most important, after all, taking the wrong debt advice could cost you more than just time and money. Primarily, In order for you to work out where you need to be in financial terms you should analyse your current personal debt situation. A debt advisor will do this for you.
The correct debt solution can be different for everybody and depends mostly on the total debt and amount of creditors owed to. The most common debt solutions that are advised are likely to be Government Backed Schemes which may help most people in financial difficulty. Some of these include:
Individual Voluntary Arrangement (IVA)
Here is how a IVA can help you repay your debt:
BEFORE: Monthly Payment = £865 (Term: 10 years)
AFTER: Monthly Payment = £160 (Term: 5 years 0 months)
MONTHLY SAVING = £705 Reduced by 81.5% (Term reduced by 5 years 0 months)
Total debt: £20,612
The new monthly Payment £160 is based on what you can afford each month.
*In this example all interest on debts is frozen and 81.5% of the debt will be legally written off at the end of the 60 month duration.
Individual Voluntary Arrangement (IVA)
Here is how a IVA can help you repay your debt:
BEFORE: Monthly Payment = £495 (Term: 8 years 6 months)
AFTER: Monthly Payment = £80 (Term:5 years 0 months )
MONTHLY SAVING = £415 Reduced by 83.9% (Term reduced by 3 years 6 months)
Total debt: £10,360
The new monthly Payment £80 is based on what you can afford each month.
*In this example all interest on debts is frozen and 81.5% of the debt will be legally written off at the end of the 60 month duration.
