Few things to help you repay your debts

Stick to these ways to be on track to pay off your debt...

10:41 23 January 2014

Getting out from under your debts does not have to be difficult. Repaying your debts can be accomplished in a variety of different ways. If you need help finding the best way to go about getting out of the type of debt you are struggling with consider seeking out an online or face-to-face consultation. Here are a few things you should think about when looking into a debt consultation.

• Your credit rating plays a huge role in your ability to get the help you need. Some places will only help people who are within certain credit limits or have certain assets available.

 

• If you are not careful you could end up losing your home, your car, and everything else you have purchased on credit that has any value.

 

• It is important to have a good idea of what the creditors can do when they are attempting to obtain repayment of the accrued debts. This includes things such as taking you to court.

Here are a few things that can help you repay your debts:

• A DRO – A DRO is a Debt Relief Order. This can last up to a year. Any creditor named in the order cannot take any action against you, without obtaining court approval. At the end of the year, you must show your situation is the same in order to obtain a release from your debts. These agreements have no court involvement.

 

• Informal agreements – these are arrangements you make without any third party intervention or formal documentation, which sets up a payment plan.

 

• IVA – Individual voluntary arrangements – a formal arrangement, they are authorised and have additional costs.

These are just a few things you should look for and a few of the ways that you can repay your debts.