In Debt? Here’s How You Could Write Off Up To 75% Of Your Debts
| | Niel Spencer – Financial Expert
Household debt within the UK is spiraling out of control, and according to recent analysis has now surpassed the historical landmark of £420 Billion 1
Statistics show that the average debt per family (excluding mortgage debt) has reached a staggering £15,385 1 !
As a share of household income/expense, unsecured debt now represents almost one third (30%) and is widely recognised as being at its highest recorded level in history 1 . To put that into perspective, personal debt is now almost twice what it was preceding the 2008 economic crash.
A significant number of people qualify for debt help through the use of a piece of existing legistlation
Records show that average household debts in 1998 were just short of £5500, and at current levels of £15,400 represent an almost 200% increase in just 20 years!
So where will it end? And what can be done to break the cycle? Thankfully, there is a highly effective solution for those people looking to put an end to personal debt.
In the late 80’s, a piece of legislation which allows UK residents burdened with unsecured debts to write off a proportion of their debts, legally and without having to go bankrupt was introduced.
This solution has been used by almost 50,000 2 people per year for the last 10 years 2 , but is available to considerably more.
People interested in finding out if they qualify can take advantage of an incredible new service that allows those struggling with their finances, to find out in principle if they qualify to write off a proportion of their debt.
To find out if you qualify to write off a proportion of your debts, simply select your age below.
It’s important to know that in order to qualify, you must have at least £7,000 or more in unsecured debts. These include debts from loans, credit cards, and overdrafts. You must also have a monthly income of over £1,200.
Select Your Age and Gender To Start Your Free Debt Assessment Test
1 Source: https://www.tuc.org.uk/news/unsecured-debt-hits-new-peak-%C2%A315400-household-%E2%80%93-new-tuc-analysis
2 Source: https://www.gov.uk/government/collections/insolvency-service-official-statistics#statistics-published-2014
* Source: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/757867/Commentary_-_Q3_2018_v1.pdf
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To find out more about finding a solution for your debts, visit StopYourDebt.
*A debt write-off amount of between 25% and 75% is realistic, however, the debt write-off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. The example provided of 73% has been achieved by 10% of our customers in the last 12 months.