The debt advice team at E-insolvency has helped people in debt to clear debt for over 15 years and become debt free. The team have helped clear debt using several methods.

There are many ways to help clear debt in the UK. Some are government introduced schemes such as Individual Voluntary Arrangement (IVA) or Bankruptcy. Other ways to clear debts in the UK are using private sector schemes such Debt Management Programmes (DMP) or debt consolidation.

We receive 1000’s of calls each week from members of the UK public that have credit card debt they need to clear. Many do not need to consider bankruptcy they just need to reduce the amount of money they are spending on their debt.

Types of debt that we can help clear:-

• Credit card debt
• Debt consolidation loans
• All debt that originates in UK pounds sterling (£)
• Business debt
• Scottish Debt
• Credit card debt consolidation loans.

Please fnd below a decription of the main methods to clear debt in the UK

IVA (Individual Voluntary Arrangement) to clear debt

If you have enough money left over after paying your priority creditors and essential expenses, you may be able to arrange an Individual Voluntary Arrangement (IVA).

An IVA is a legal agreement with creditors (usually non-priority creditors) to repay your debts. This could either be in part or in full. The arrangement is negotiated, written up and checked regularly by an independent solicitor or accountant called an Insolvency Practitioner. Not all the creditors have to agree to an IVA as long as the creditors to whom you owe 75% of your debt agree.

Debt Managment Plan to clear debt

If you have enough money left over after paying your priority creditors and essential expenses, you may be able to arrange a debt management plan.

A debt management plan is an arrangement with your creditors to pay back the debt by regular instalments. Instead of you speaking to your creditors yourself to arrange the plan, a Debt Management Company (DMC) does it for you. Usually you have to pay for this service although there are some DMCs who will do this for free.

Bankruptcy to clear debt

If you have a debt problem, you might have a number of options for sorting it out. One of these might be bankruptcy.
Bankruptcy is a court order that you can apply for if you are in debt. Once you have been made bankrupt, you don't have to deal with the people you owe money to (your creditors). An official called the Official Receiver takes control of your money and property, and deals with your creditors.
Remember, bankruptcy might not be your only option and it might not be the best one for you.
Remember also that someone you owe money to could make you bankrupt even if you don't want this.

Protected Trust Deed to clear debt in Scotland

A trust deed is a formal arrangement with your creditors, used in Scotland where a debtor grants a deed in favour of the trustee which transfers their assets to
the trustee for the benefit of creditors.

Provided certain conditions are met, the Trust Deed may be registered as "protected", thereby preventing creditors from petitioning for the debtor's sequestration or taking any other steps to recover debts due to them. Financial and personal circumstances vary, so the consequences of signing a Trust Deed will be different for each individual or partnership.

Remortgage to clear debt

If you have enough money left over after paying your priority creditors and your essential expenses, you could think about taking out a loan to pay off your non-priority debts. This is called a consolidation loan. You can use a consolidation loan to pay off things like credit card debts and loans.

It’s usually not a good idea to borrow more money to repay your existing debts as this can make things worse and cost more in the long-run. Many creditors ask for the new loan to be secured against your home. This means you could lose your home if you don't keep up the payments.

However, if you can afford the repayments, have stable finances and are good at controlling your spending, this could be an option for you.

Please feel free to call 0845 612 2626 for further advice on any of the above methods used to clear debt