Best Ways To Reduce Overdraft Debt
Switch To Interest Free Account
Stay Within Your Limit
Bank Overdraft Debt Help And Advice
Overdrafts are an easy way of falling into debt as users might overspend the money they have obtained and then not have a relevant plan of action to pay it back when it is required for them to do so. If you’re struggling to keep in your limit of your overdraft you may need some professional debt help and we can help you deal with the debt and any other debt you may have.
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Free Debt Management Plans
Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.
Debt Consolidation Advice
Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.
Debt Relief Order Advice
A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.
Protected Trust Deed
A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.