A joyous time if you are debt free

 Christmas is all well and good if you do not have money problems or children that are relying on "Father Christmas" putting gifts under the tree. However should you be in debt then it can definitely be the "nightmare before Xmas" ...



There are numerous solutions to becoming free of your debts such as on credit card,unsecured loans, or home shopping debts. The most popular forms of debt management are:

1. consolidation loans; 
2. a debt management plan; 
3. or taking out an IVA. 

The best solution for your needs would depend on how much you owe and the amount of creditors you have. Here are some points to consider:

• When taking out a debt management plan or choosing an IVA, your debt management team works with you to try and get your creditors to agree to the plan. If they agree to the plan, you you go into the arrangement over a period and you pay one monthly sum of money, which when combined may be lower than what you were paying for all the loans or cards when making separate payments, to your debt management team. This amount is shared by your team between those you owe money to.

• If taking a consolidation loan you combine all your existing debts and then take out a loan to cover this amount. If you spread the cost over a longer period, you pay affordable repayments, however in the end you pay more for the loan, with interest added on. As long as you do not default on the loan you will pay pay off your debt When the term is reached. However, it is imperative not to borrow again, otherwise you may end up back in debt