Debt Options
We offer three main solutions – Debt Management Plan, Individual Voluntary Arrangement and Bankruptcy. Find out more about how each process works and which one could be right for you.
When it comes to solving problem debt, there is not a one size fits all solution. There are various options out there, and it is important to gain a thorough understanding of each one before committing to a particular route. This is where the experts at Northern Ireland Debt Solutions are perfectly placed to help.
There are three main debt solutions available to residents of Northern Ireland in financial difficulty:
- Debt Management Plan (DMP) – All your debts are brought together under one manageable monthly payment. The payments continue until the debt is cleared in full.
- Individual Voluntary Arrangement (IVA) – You will make one single monthly payment for a set time, typically 5 years. After this time, any remaining debt is written off.
- Bankruptcy – This is the most serious debt solution. All your debt is written off, however, a record of the bankruptcy will remain on your credit file for six years making it extremely difficult to obtain future credit and could even impact on your job.
With over 25 years’ experience, we know the ins and outs of the personal debt market, and have seen a whole host of different problems from a range of people. What may be the right option for one person could be the completely wrong choice for others. Through a free initial consultation, our expert advisers will take the time to understand your financial issues, and recommend a debt solution which best suits your situation. During this consultation we will also help to put your mind at rest by answering any questions you may have.
If you are struggling under mounting financial troubles, the most important piece of advice is to be proactive and tackle the situation head-on. The expert team at Northern Ireland Debt Solutions can help put you on the path towards a debt-free future. From our office in the heart of Belfast, we provide help and support to thousands of people all across the country each year.
