If you feel you do not have the time financially to try and claim back interest, you can also look at another option first then claim.
A Debt Plan is an agreement, negotiated by you or a third party, to lower your monthly payments to your creditors.
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Once you are in a debt plan we can also help to claim back the unaffordable interest you have paid to lenders over the years.
Benefits of a debt plan
Answer a few questions
Use our easy online questionnaire to find out how much you can write off.
Speak to a debt specialist
Our friendly, experienced team will explain all the available options.
Choose your plan
Select the best fit for your circumstances and lifestyle.
Debt management plan
A debt management plan (DMP) is a formal arrangement made between a borrower and a lender to establish the conditions for repayment of an existing debt. Typically, this pertains to the financial strategy employed by individuals to tackle substantial consumer debt. By implementing debt management plans, individuals can gradually decrease their unsecured debts, ultimately allowing them to take charge of their financial situation. This approach may involve negotiating for a decreased interest rate, extending the repayment period, or even negotiating a reduction in the total debt amount.
IVA
An IVA is a formal alternative available in England and Wales for individuals looking to avoid bankruptcy, while in Scotland, a protected trust deed serves as the equivalent statutory debt solution. The IVA is established and regulated by Part VIII of the Insolvency Act 1986, involving a formal repayment proposal presented to the debtor's creditors through an insolvency practitioner. Typically focusing on unsecured creditors, the IVA does not significantly impact the rights of secured creditors. Insolvency practitioners charge fees, both initial and ongoing, in addition to the debt amount.
IVAs are contractual arrangements with creditors and can be tailored to suit an individual's specific circumstances, whether based on capital, income, third-party payments, or a combination of these factors. Debtors who have sufficient funds remaining after addressing priority creditors and essential expenses may explore the option of an IVA. For those with less severe financial issues, a debt management plan could be a suitable alternative after seeking independent advice. The business equivalent of an IVA is the company voluntary arrangement.
Trust deed
A protected trust deed, supervised by the Accountant in Bankruptcy, is a formal and voluntary agreement utilized by Scottish residents. In this arrangement, a debtor (who may be an individual or a partnership) grants a trust deed to a trustee, transferring their estate to the trustee for the benefit of creditors. To apply for a protected trust deed, the individual must have been a resident of Scotland for a minimum of six months prior to the application.
This process can provide a solution for individuals facing debt issues by shielding the debtor from legal actions related to debts included in the trust deed, once it has been protected. It does not nullify any actions taken before the trust deed, such as wage arrestments or bank account freezes, although the trustee may negotiate the removal of such actions. While many individuals in trust deeds can retain their homes, any equity in the property will typically need to be realized to contribute to the estate. This can be accomplished through third-party buyouts, remortgaging, or in severe cases, the sale of the debtor's home.
Which Debts Can Be Included
Credit cards
Credit card debt is accumulated outstanding balances that you owe to credit card companies. Should you miss the repayment on these bills, you’ll also incur interest, which can accumulate rapidly: leading to an even larger bill.
Payday loans
Payday loans are usually reasonably small loans taken out with incredibly high interest rates, on the agreement that they will be repaid on your next payday.
Personal loans
Personal loans can be any amount of money borrowed from different institutions for a variety of uses. They can be offered by banks, online lenders and credit unions. This money will need to be repaid to the provider, typically with interest added on.
Bank overdrafts
bank overdraft lets you borrow extra money through your current account. Some accounts will have interest-free overdrafts up to a certain amount, but others will charge interest the moment you go withdrawn.
Store cards
Store cards are credit cards for use with one specific high street shop, chain or group. You can usually use store cards to buy things with credit and pay them off at the end of the month or quarter
Catalogues
Catalogue debt is a type of debt that you owe after buying something through a shopping catalogue with the intention of paying it back overtime. In short, you'll have catalogue debt outstanding until you have either made the final payment or cleared the outstanding balance.
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Steps to get out of debt
Face the music - Know your debt
Grab a pen and paper (or your phone's notes app) and jot down all those debts. List them out – from the smallest to the largest. It might seem scary and you might not like what you see, but clarity and being honest with yourself is the first step to becoming debt free.
Seek wise council - There is plenty of help available
Don't go it alone! There are amazing people out there – financial advisors, debt counsellors, or even friends and family – who can offer guidance. Sometimes, a fresh perspective can make all the difference. Don’t forget there are also free services such as, StepChange a debt charity offering free and impartial debt advice, Citizens Advice offering guidance on debt management and negotiating with creditors and the National Debtline who provide free and confidential advice on managing debt over the phone.
Get a plan to get your life and finances back on track.
Get your life back on track by getting the interest frozen on your debts and get on a low manageable monthly payment ensuring you have enough money left over to cover your everyday living.
E: info@unaffordablelendingclaim.com
T: 0141 459 0239
Unaffordable lending claim is acting as a Lead Generator with regards to any debt management information ore service.. We’ll pass your details to a third party to contact you. Unaffordable lending claim do not administer debt solutions directly. Our service provider’s initial advice is provided free of charge and there is no obligation to proceed with any recommendations. All financial solutions are subject to eligibility, acceptance and depending on your chosen solution. Fees may be charged by the service provider – if this is the case the service provider will make you aware of any fees before you proceed.
Unaffordable lending claim is a trading name of
Park pension recovery service LTD Ltd which is regulated by the Financial Conduct Authority, in respect of regulated claims management activities authorisation number 836153.
Important Information
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.