Many people in debt at the moment or asking questions such as how long did that last for before they expire? And for how long am I liable for a debt? In this post we will address this issue and ensure you have a basic understanding moving forward as to how long debts last for and what you can do if you are dealing with insurmountable amounts of debts that don’t seem to be getting any easier to deal with.
Firstly how long are you liable for a debt in the UK?
There is a statutory law in the UK known as the statute of limitations which makes you liable for a debt for a period of 6 years however this does not apply to every single debt, it is only applies to your standard unsecured debts therefore you would need to seek further advice to see if you’re that applies to this situation.
This page here can shed light on questions such as: how long can a debt can be chased and other questions surrounding this topic it has a wealth of information and can help you out with many angles.
If I am still liable for my debts how can I consolidate my monthly repayments?
This is a question that is commonly asked by individuals in debt and it is no surprise that they are asking this question because the monthly contribution to repay even small amounts of debt in this day and age is large and these liabilities can quickly spiral out of control
There is one financial solution in particular that is gaining popularity, it is usually used for people who have at least £5,000 worth of debt or more, it is known as the IVA.
What is this IVA?
The IVA, otherwise known as the individual voluntary arrangement is a formal financial solution that is protected by the courts and his government supported it enables you to be paying less towards your debts each month in an organised arrangement where buy at the end of the arrangements the rest of the debt is written off.
How does an IVA work?
And IVA works by renegotiating the monthly repayments and the terms for each of your debts to make it more manageable for you to pay off over a period of time your liabilities
If you are curious about an IVA here is a page about pros and cons of an IVA for further Reading
There are all sorts of financial solution including the MPs otherwise known as debt management plans however these don’t have the same powers and same authorities as the IVA full stop
If you are struggling in debt it is best that you look around and take a free debt assessment to see which Debt Solutions suits you best, for some people bankruptcy as the only option however the IVA is seen as a very strong alternative to bankruptcy so it is worth checking if you qualify for an IVA before agreeing to anything as the terms of the IVA I am much more favourable than bankruptcy.
In essence the main thing with any debts is that you don’t ignore the problem because if you ignore your debts the tendency is to get worse and it can lead to court action visits from bailiffs CCJs and other undesirable scenarios full stop
The main thing to remember also is that help is out there if you ever need it.
With Citizens Advice being an excellent source of advice if you are struggling with the stresses of money problems and any other issues relating to that.