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At Debt
Monkeys we will help you work out your debt problems.
Individual
Voluntary Arrangements -(IVAs).
You could write off up to 75% of what you
owe
An
Individual Voluntary Arrangement (IVA) is an alternative to
bankruptcy. An IVA is a legally binding arrangement.
What
is an IVA Click Here
Debt
Management Plan (DMP)
DMPs are arranged by third-party
organisations, who negotiate with your creditors to change your
debt repayment terms. The agreement they reach with your
creditors is often referred to as a debt management arrangement.
What
is DMP Click Here
Consolidation
loan (Remortgaging).
Essentially, debt consolidation
is taking all your debts and paying them all off with a single,
larger loan. The new loan is usually secured on property,
normally your home. Many such loans provide for smaller monthly
payments but generally these are for a much longer repayment
period.
A debt consolidation loan may be
a solution if your debt problems are not too severe and you
accept that you will be making payments on it for a long period.
Note: you are less likely to find
a cost-effective debt consolidation loan if you are not a home
owner with a mortgage that is considerably lower than the value
of your home.
If
the loan is secured on your home, and you fail to keep up with
repayments, you could lose it.
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