Debt Free in 4 Simple Ways

April 26th, 2010

Becoming debt free is now such a difficult task. Dealing with the effects of the credit crunch, such as a wage decrease and higher unemployment, means that many of us are looking for simple ways to become debt free.

Understanding the simplest ways to become debt free is getting more of a difficult task, as there seems to be so many solutions out there. But the simplest way to get debt free is to get back to basics, we all know that using a credit card for everyday purchases is a sure fire way to get into debt, but it still happens. Read the rest of this entry »

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Debt Free Degree

April 26th, 2010

As a new wave of fresher’s start university, many think it is inevitable that they will leave University complete with a huge pile of student debt and that becoming debt free after a university student lifestyle is an impossible dream.

The BBC have published an article posing the question Can You Get a Debt Free Degree? They believe that it can be a reality…. Read the rest of this entry »

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Debt Free Definition

April 26th, 2010

The definition of on how to become debt free may vary depending on which financial expert you speak to. Some believe that a true debt free definition means that you have no debt at all, but unfortunately debt is a fact of life for many people as your outstanding mortgage balance is also classed as a debt.

The ability to become debt free is dependant on how you view ‘what is debt free?’ as this could alter your debt free definition. If you wish to become free on unsecured debt then becoming debt free is a possibility. But if you believe that being debt free means that you have no debt, including any mortgages, then it will probably take you a while longer to become truly debt free. Read the rest of this entry »

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Debt Advisor

April 26th, 2010

If you are looking for debt advice and want to become debt free, it can be hard to know where to find a Debt Advisor that has your best interests in mind. Debt Free have an expert team of leading debt advisors who can offer you free UK debt advice.

No matter what type of debt problems you are suffering from be it credit card debt, store card debt or just want general advice about how to control your finances, our debt advisors can go through your circumstances and find a debt solution which is right for you. Read the rest of this entry »

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Dealing with Debts

April 26th, 2010

Having debt that you cannot afford is a worry for many; more and more people are struggling throughout the UK, due to rises in the cost of living and the lack of lending by most banks.

If you are struggling then you should find ways of dealing with debts as soon as possible. Even if you are getting demanding phone calls and letters from multiple creditors (those who you owe money to), it is not too late to get debt help.

It is possible to deal with your debts through a range of debt solutions, all of which are offered by Debt Free. Debt solutions include:

A DebtFree Debt Management Plan

Our Debt Management Plans are designed to offer you a lower month payment to your creditors. Our plans are tailor-made to suit your financial circumstances so you can make a payment that you can afford.

A Debt Management Plan is a flexible agreement which means it can change with your personal circumstances. This type of agreement is best suited to those who have lower levels of debt, typically under £12,000. Those with higher debt levels may be more suitable for an IVA.

A Debt Free IVA

IVAs (Individual Voluntary Arrangements) were introduced as a form of government help for those who are dealing with high levels of debt and are looking for an alternative to bankruptcy.

An IVA is a legally binding contract between the debtor and their unsecured creditors. The IVA typically lasts for 60 months where the debtor agrees to make a set monthly payment over this time.

Once the IVA has been completed, any remaining debt will be written off. Not everyone is eligible for an IVA, so it is important to seek professional advice. Debt Free can find out if you are suitable for an IVA, so please get in touch with our debt free team today

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Budget to be Debt Free

April 26th, 2010

It can often be easy to get into debt but repaying debt can often be hard to repay, During these credit crunch times, with a rise of unemployment and credit harder to come by, being debt free can often seem impossible. But a succesful budget to be debt free could help!

Dealing with your unsecured debt, including credit cards, store cards, personal loans and overdrafts, can sometimes be a big hurdle to overcome. Repaying this debt and being debt free should be your main focus if you are struggling with your debt.

But is it simple enough just to budget to be debt free? You may find that learning to live better on your income is the one important step you need to make to become debt free.

How to Budget to be Debt Free

Tally up all of your monthly outgoings – this should include how much you spend on your unsecured debts, secured debts, groceries, petrol and other necessary items. Consider all of the direct debits that you have and see if you really need them. For example, do you have a gym membership that you never used? Cancel it. Do you have a premium TV subscription? Work out which channels you use most often and which ones you can do without.

Working out your monthly outgoings can often be the worst part, and you might not want to make any changes but they have to happen so that you can budget to be debt free.

Planning to live within your means is the basis to a budget. Your new household plan will keep tracks on your spending and should help you to track your finances much more easily.

A budget should be liveable; obviously you will not be free to spend as you were before you got your budget in place because this goes against the idea of budgeting. Therefore making the budget right for you can sometimes seem a little tricky. However, sticking to the budget may be a challenge at first but learning to live with your budget can happen by adjusting your budget so it works with you, and the end result of being debt free and in control of your debts is very rewarding.

If your debts are unaffordable then you may need to take further action. For example, a debt management plan could reduce your monthly unsecured debt repayments which make your budget more affordable to you

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Becoming Debt Free from Credit Card Debt

April 26th, 2010

For many of us, it can be very easy to build up credit card debt, whether you have a large debt on one card or smaller debts spread over multiple cards. With any interest and charges added by your credit card provider, it sometimes feels as though you will never become debt free from credit card debt.

Getting your finances under control is the first step to take when you are on the road to becoming debt free from credit card debt. Below gives you a few tips on how you can start your debt free journey, but remember that there are debt solutions out there to help you.

If you qualify and follow the agreed terms, an IVA allows you to become debt free in 60 months. For further information about IVA, Debt Management, Trust Deeds or Bankruptcy, please call our team of specialist advisors on today

1: Tackle High APR Credit Card Debt
By tackling the credit card with the highest APR, you should be paying less interest in the long run. The idea of this DebtFree Tip is to reduce your credit card debt as quickly as possible.

A high APR means that you will be paying back a higher level of interest to your creditors on a monthly basis and, chances are, if you have multiple credit cards, each one of these will have a different rate of interest.

2: Balance Transfers
It is important to note that balance transfers do not clear your debt, all you are doing is transferring this debt to another card, the debt is still there and needs to be repaid. However, if you can get your financial planning in order then you may want to consider balance transfers so that you can take advantage of 0% APR deals.

3: Prioritise the Debt
Becoming debt free from credit card debt is a great feeling, but you mustn’t let this goal come inbetween your other debt repayments. For example, priority debt repayments should always be paid first. If you fail to make these repayments then you are at risk of losing this service, for example if you do not pay your mortgage then you risk losing your home.

DebtFree.co.uk can offer you advice about your credit card debt. No matter how high your level of credit card debt is and how much you are struggling, it is never too late to seek professional help

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Be Debt Free With Bankruptcy

April 26th, 2010

Be Debt Free Without Bankruptcy

The worldwide credit crunch has led to many people fearing unemployment or a drop in income. This means that many of us are finding that we are under increased pressure to become debt free and are finding our debts becoming more of a problem on a daily basis.

If you feel as though you are in this position where your debts are not affordable to you, you may have thought about declaring bankruptcy. But you can be debt free without bankruptcy as there are a number of ways you can manage your debts and deal with your financial situation, for example a Debt Management Plan or an IVA.

Bankruptcy means that an individual is unable to pay off any of their debts, often due to a low disposable income.

Declaring bankruptcy means that an individual may have to go to court to declare themselves bankrupt and pay the required fees. The summons will be issued and all your assets and income streams are examined. If suitable, you will be declared bankrupt, your creditors will be informed, and details will be placed in your local newspaper.

One of the main problems with using bankruptcy as a debt free option is that you will lose financial control, letting your trustee in charge of your assets and property who will likely sell these in order to repay some of the creditor debt.

Be Debt Free Without Bankruptcy

Bankruptcy does mean that you get a fresh start without having to worry about your debts but there are long term implications which cannot be avoided, which is why you may want to think about an alternate debt free solution:

Debt Management Plan: Informal agreement between you and your unsecured creditors where you agree to make one reduced monthly payment to cover all of your debt. The amount of time it take to be debt free without bankruptcy using a debt management plan is dependant on your circumstances, so please call now for further advice.

IVA: An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your unsecured creditors where you agree to make a set monthly payment and, on completion, your creditors will write off any unpaid debt. On average, you can be debt free without bankruptcy using an IVA in 60 months.

The right debt solution for you can only be determined through getting professional debt advice. Our debt free advisors can take details of your financial situation and help you find a more suitable debt solution – call now for more advice on how you can be debt free without bankruptcy.

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Be Debt Free ASAP

April 26th, 2010

Becoming Debt Free is a goal that many of us aspire to…

Becoming debt free may seem like an impossible dream, but putting yourself on the road to dealing with debts is the first step you need to take, and following these tips could help you be debt free that little bit quicker: Read the rest of this entry »

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Be Credit Card Debt Free

April 26th, 2010

Be Credit Card Debt Free

The average Brit seems to be is swimming in credit card debt, and may sometimes feel as though they are drowning in unaffordable levels of unsecured debt. Many may struggle to be credit card debt free as, according to Credit Action, the average unsecured borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans stands at £4,825 per average UK adult at the end of June 2009.

Everyone would like to pay off these debts quickly and to look for a way to be credit card debt free, but with wages being slashed and the risk of unemployment increasing, becoming free from your credit card debt is becoming more difficult to do.

More consumers feel as though it is impossible to be credit card debt free as they are dealing with credit card companies who have raised interest rates, minimum payments and have cut their overall credit limit. This means that many people are now struggling to repay their credit card debts and could feel as though becoming debt free is an impossible dream.

How to Be Credit Card Debt Free…

It IS possible to become credit card debt free, and there are a number of ways in which you can deal with your credit card debt bills. One of these ways could be a debt management plan.

A debt management company, such as debtfree.co.uk, can work with your unsecured creditors to make an agreement to lower the amount that you need to repay on a monthly business. We have a good relationship with many credit card providers and will work quickly to reduce your monthly payments. Some are also willing to lower or freeze interest on the debt, although this cannot be guaranteed.

With a debt management plan, you could benefit from making just one lower monthly payment to us, rather than struggling to juggle a multitude of monthly payments between all your creditors.

Although making reduced payments to your creditors means that it might take you a little longer to be credit card debt free, you will find that your payments are affordable and that you should be able to afford your secured debt repayments, such as your mortgage.

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