Debt solutions that work for you

Debt is a common problem but it needs customized solutions and RedHouse Debt takes that into account. RedHouse Debt offers confidential, no-obligation, debt solutions and advice to help you tackle your debt problems, based on an assessment of your total income and expenditure.
They have a team of specialists who have a unique insight into the debt solution that best suits your circumstances. It has been observed that with falling house prices and banks' becoming twitchy to lend, it has become harder for Britons to remortgage – one good option to raise cash. However, there are other alternatives that can help you reschedule your debt.

Tens of thousands of Britons today are struggling with debt averaging £30,226 (including mortgages), according to a report by Credit Action. The Christmas of 2009 has already hit Britons hard - almost 6.5 million fear that they’ll not be able to pay their bills at the end of January. At the same time, the continually soaring petrol, food and energy prices are piling pressure on already strained family budgets with increased utility bills and other basic living costs, forcing them to find a debt solution.

Bankruptcy

In the current financial climate, when people are unable to manage their debts, the ultimate debt solution that comes to their mind is bankruptcy. It is important for you to know that bankruptcy should be the last resort. It involves hefty up-front fees and strips you off of all your valuable possessions. It can be difficult to get credit in future and the stigma it carries may affect job applications. ‘Then what is the best solution to my debt problem?

One of the debt solutions is the Individual Voluntary Agreement. An IVA avoids the humiliation of bankruptcy; you continue to own your valuable possessions. This legally binding contract can only benefit those who have over £15,000 of unsecured debts. It commits you to repay a portion of what you owe over a period of time making you debt-free in five years. In return for that commitment, creditors usually agree to suspend interest charges and write off a slice of your debts. But if the payments are not kept up you may end-up in deeper problems, may be bankruptcy and a big black mark on your credit rating.

A debt management plan is suitable for those who have debts under £15,000 and struggling with monthly repayments. This debt solution is so designed that the interest charges are frozen; all your debts are rescheduled into one affordable monthly payment with no more hassles of dealing with the creditors. You make a single payment to RedHouse Debt and they distribute it, as agreed, with your creditors. A debt management plan from RedHouse Debt has helped many Britons regain control of their finances. If you would like more information regarding a suitable debt solution, just log on to redhousedebt.co.uk for a free favorable resolution to your debt problems.