Can You Give Me Advice About Resolving My Debt?

No one ever intends to end up in debt, but with the rising cost of living and incremental increases in spending it can be all too easy to get into debt. On top of your original expenditure, you’re then faced with high interest costs and additional repayments, so debt can very quickly escalate and appear to have no end in sight. If you are struggling with debt or cash flow, Exodus Insolvency are here to help get you back on the right path. Our experts offer impartial advice about how you can resolve your debt through debt consolidation, debt management plans and debt settlements – helping you to find the best solution for your circumstances. There is no one size fits all solution to settling debt, so let us give you all the options and help you to take control of your finances.

The main goal of debt advice is to offer the tools and resources that you need to best understand your debt and the ways in which you can address the problems. This may include such measures as budgeting advice, debt consolidation, payment negotiations and bankruptcy advice. By seeking this advice, you are already taking a massive first step towards resolving your debt. We’re here to support you throughout this process.

There are several different types of debt advice available, and the most appropriate one for you will depend on your individual circumstances.

Debt management plans

This is a type of debt advice where a third-party company negotiates with your creditors on your behalf to try to get them to agree to lower payments or interest rates. You then make a single payment to the debt management company, which distributes the funds to your creditors. This can be a great way to reduce the money that you owe, however it is crucial to make sure that you can actually pay the amount agreed by your negotiator, or else your agreement may become void and you may continue to accrue further interest and late payment fees.

Debt consolidation

This involves taking out a new loan to pay off your existing debts, and then making a single payment on the new loan. This can be an effective way to reduce your monthly payments and simplify your finances, but it’s important to make sure that the interest rate on the new loan is lower than the interest rates on your existing debts to ensure that you don’t end up caught in a new cycle of owing.

Individual Voluntary Arrangement (IVA)

This is a legally binding agreement between you and your creditors that allows you to pay back your debts over a fixed period of time. It’s a good option if you have a large amount of debt and are struggling to keep up with payments. There are, however, not insignificant impacts on your long-term financial health and ability to get future credit when you pursue an IVA, so we do recommend looking into other options first.

Bankruptcy

Bankruptcy is a last resort option for people who are completely unable to pay back their debts. Bankruptcy can have serious long-term consequences for your credit rating, so it’s important to seek debt advice and explore all other options before considering this route. Exodus Insolvency can support you through filing for bankruptcy, but we will explore all other routes with you first to ensure that this really is your only option.

If you are struggling with debt and insufficient cash flow, it is really important to seek advice from a qualified advisor, such as the team at Exodus Insolvency. Our team are experts in the field and are the best first step that you can take when looking to resolve your debts. Call us today at 028 9344 0096 or request a callback at a time that suits you! We are here to support you, and look forward to hearing from you soon.