Becoming Debt Free – Not an Impossible Dream…

Are you struggling with debt? Being threatened with legal action by your unsecured creditors? Find that your outgoings are more than your incomings? - Rest assured that you are not alone in your situation.

If you are struggling with debt, the thought of being debt free may seem like an impossible dream. When you are in such a situation, you may think that you’ll never be debt free, unless you go bankrupt – a situation that most people should understandably want to avoid at all costs.

Whilst debt is a fact of life for many people, there are alternative ways of becoming debt free other than going through the public process of bankruptcy.

Free Debt Advice 

When you are in debt, the key is to face and tackle your problems sooner rather than later. The sooner you face them, the sooner you could be debt free.

Our advisors are fully trained and experienced to help you overcome your debt problems, no matter how much debt you owe. They can offer your Free Debt Advice and are available via a freephone number. Please call today on 0808 131 0039. 

Alternatively, if you are considering your debt solutions then please try the Debt Free 1 Minute Debt Test, which will give you some options based on your finances.

Can I Become Debt Free?

If you have debts over £15,000 and three or more creditors, then an IVA (Individual Voluntary Arrangement) may be the most effective way to write off debt and become debt free without declaring yourself bankrupt.

IVAs were introduced by government legislation as a viable alternative to bankruptcy. If you qualify for and are accepted onto an IVA, then at the end of the typical IVA period of 60 months, any unpaid debt is legally written off and you are debt free.

How Do I Arrange an IVA and Become Debt Free?

To become debt free through an IVA, you must use the services of a licensed Insolvency Practitioner, who will negotiate your IVA proposal with your creditors.

Whilst an IVA is not as drastic as being declared bankrupt, entering into an IVA is still a very serious financial decision and you should ensure you get the appropriate professional advice. 

At Debt Free, we have licensed Insolvency Practitioners who will be able to determine if an IVA is your most suitable way of becoming debt free. If you do not qualify for an IVA, our Debt Free advisors can make recommendations about other debt solutions.

So contact us today on 0808 131 0039 and find out whether an IVA could be the start of your Debt Free future.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)