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New UK debt release laws in effect are saving a lot of people the heartache associated with filing bankruptcy. If you do a Debt Relief Order, (aka a DRO) for instance, your debts could be forgiven in as little as twelve months. If you’re really struggling with debt but have a relatively low amount of debt and don’t have many assets, you may want to consider this option.
The burden of financial debt can feel suffocating, especially when harassing creditor calls leave you feeling unable to answer your own phone. Most people have made at least one financial judgment error in their lives and it can feel like a long road to financial freedom. But you do have the ability to start fresh with a DRO. You can get debt release if you meet specific criteria such as: debts totaling less than fifteen thousand pounds, inability to pay those debts, and several other conditions. This isn’t something that can be done often, as you can’t apply more than once during a several year period, and if your financial situation improves substantially before a year is up, you may be required to pay back your debts.
If you don’t quality for debt release through a DRO, there are other options besides bankruptcy. Your specific situation may require you to obtain professional advice so that you can make the right decision. While bankruptcy is often not the only alternative it’s sometimes something that’s ultimately decided or forced by creditors. The best decision you can make to get relief from debt is to tackle your problems as soon as possible. Here are some tips for you:
-Don’t ignore creditors. Very often they’ll make payment arrangements if you’re making the effort. They typically go through legal courses of action only when you’ve left them without alternative
-Get credit counselling services. You can often get free advice that will help you look at your situation with respect to income, debts, and assets so that you can move forward with the best course of action. Your counsellor may have several potential recommendations to help you begin to improve your situation quickly. Credit counselling, an IVA (individual voluntary arrangement), or a consolidation loan could help you.
If you’re in over your head with your debts, advice is a good idea and it’s usually free. Debt release or debt relief options available to you could help you move on toward a brighter financial future.
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