Debt Consolidation Information

Debt consolidation information is not hard to come by. But what is confusing may be what exactly is meant by the term. It usually means a loan, but it also is used to describe a program of debt management which firstly reduces a person's overall debt at the outset of the plan, and then pays off all the creditors on a pro-rata basis over a period of years.

At Best Debt Consolidation we provide three solid resources for you:

Access to a powerful low-cost professional debt management service which cuts your debt by up to 60% immediately and solves your debt problem with one easy monthly payment.

The option of a low-interest consolidation loan (but we only recommend this in very few situations - see below).

A free service you can all use which allows you to have interest-free credit cards for years.

Here's the quick application form:

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We have a super-quick and highly professional debt consolidation service. A qualified and experienced Insolvency Practitioner will be personally assigned to you and you will get a telephone call back from him or her very quickly (or whenever you specify on the online form).

The most commonly used form of debt management program is the IVA or Individual Voluntary Arrangement, although debt management plans may take other forms as well. The IVA (known as a Protected Trust Deed in Scotland) was set up by the United Kingdom government as a way of dealing with the increasing numbers of personal insolvencies and as an alternative to personal bankruptcy, which is still looked upon as something of a social stigma.

For debt consolidation information purposes, the main differences between bankruptcy and an IVA is that a bankrupt is discharged after three years but may have to lose everything including his cufflinks and the roof over his head, whereas the IVA requires at least some of the money owed to be paid back, and the debtor generally suffers no great material or social discomfort, the IVA being paid off in full at the end of a five year term.

Debt consolidation information is available on the way that an IVA is conducted, which is always by a qualified insolvency practitioner (as opposed to a salesman who simply gets the debtor to sign a loan document and then takes the commission). The IVA is a legal agreement between the debtor and his or her creditors. The terms must be strictly adhered to, which is why the insolvency practitioner has to look closely at the income and expenditure of the client.

At the start of the IVA up to seventy percent of the total debt is written off completely. After that the debts are divided equally between the creditors and added up to an amalgamated lump sum to be payable every month. This usually needs to be at least £180 and the client needs to have an income to meet this as well as other normal expenses. The insolvency practitioner will use the debt consolidation information to work all this out. After this plan has been put in place it is a legally binding agreement.

Now go back up to the application form and change your life today!

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UK Debt Consolidation Information is an independent website service providing a no-obligation debt consolidation service for U.K. residents.

For U.S. residents click here to visit our associates across the pond.

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