There are several options to becoming debt free and a debt management team can talk over with you, which may be the best solution for you to break free of debt.
- You may wish to think about taking out a consolidation loan to help you to pay off your debt. When taking out a consolidation loan you put together all your existing debts and then take a loan to clear this amount. Providing you continue with the plan and continue the monthly conditions for your consolidation loan, you will become free of debt when the term of the loan has been reached.
- Your debt management team might suggest that you take out an IVA or a debt management plan to pay off your debt over time. Both are viable options and are suitable ways to become free of debt by paying one sum of money to your debt management team who will distribute it to those you owe money to. Whether you choose an IVA or a debt management plan will depend on the amount of money owed.
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