Debt management company ‘First Debt Advice’ based in Bolton, Greater Manchester, after identifying the need in the market for a debt advice service which is free, in the uncertain economic climate pre-brexit launches its’ own debt help service.
With millions of people worried about the implications of Great Britains’ exit from the European Union, First Debt Advice are reaching out to people who are suffering and struggling under personal debts’ which could spiral out of control at any moment.
The Personal Debt Issue
With the average UK debt standing at the figure of £15,400 according to the Guardian UK, which is a record sum, is escalating beyond the rate of inflation, and there is a need to get people out of debt due to this problem, as the cost of UK living is on the increase and peoples personal financial situation deteriorating.
Free Debt Advice to these people has never been more of a priority with this escalating debt, and the proportion of UK residents living from paycheck to paycheck with little in the way of savings and the housing market in a price boom.
Debt Solutions To Debt Issues
Amongst the debt advice there are debt solutions offered to people struggling with their financial circumstances, with the monthly outgoings being the most mentioned issue, there is a solution which can help known as an IVA.
IVA – What Is An IVA?
A common question is “what is an IVA?” – An IVA (Individual Voluntary Arrangement) is a debt arrangement which consolidates monthly repayments into a more affordable repayment, writes off the remaining debt after 5 years of reduced repayments, and prevents lenders from contacting the person in debt – it’s a solution offered by many reputable companies’ which has helped 1000s get out of debt.
The IVA is a government backed solution to help people in debt, with many high profile celebrities in the United Kingdom using the IVA to help them gain financial freedom, with Neil morrissey of “men behaving badly” and Katie hopkins also taking up an IVA to help with their financial situation with large debts.
The IVA itself requires a commitment from the debtor to make fixed, affordable repayments, however these repayments can be adjusted if circumstances change.
Another debt solution is the more common debt management plan (DMP) which tends to be for lower levels of debt, the DMP is a less formal alternative to the IVA which has many of the same benefits but is suitable for if circumstances can be improved during the course of the first 12 months of the debt arrangement.
Usually a debt management plan is recommended for people with at least £3,000 of debt.
Through the Use of the IVA and DMP 1000s of British residents have been able to avoid bankruptcy and become debt free over a few years, successfully avoiding repossession and the sale of property to repay unsecured debts.
Here is a free guide on how to avoid bankruptcy in 2019 for insights and strategies on how to escape the negative side affects of bankruptcy and the discharge of debt.
Company Name: First Debt Advice
Contact Person: Media Relations
Email: Send Email
Phone: 01204 208045
Address:First Floor, Newspaper House 40 Churchgate
City: Bolton, BL1 1HL
Country: United Kingdom