Debt Management

Blu Debt Management will deal with your creditors for you, to reduce your monthly repayments to a more comfortable level. Our aim is to give you the lowest repayments, and the option to settle your debts early.

 

Individual Voluntary Arrangement (IVA), or Trust Deed (in Scotland)

An IVA is an extreme form of debt management. It is a legally binding agreement to pay a reduced sum for a number of years, usually five. It can lack flexibility and you are only one step away from bankruptcy.

 

Debt Relief Order

A Debt Relief Order may be suitable for people in severe financial difficulty and who have a low income. It is a cheaper option than bankruptcy.

 

Bankruptcy

For most people, bankruptcy is a last resort. If you are made bankrupt you will lose control of most of your assets, including your property. The bankruptcy period will last for one year, after which you will
be discharged.

 

Remortgage or Consolidation Loans

If there is sufficient equity in your property you may opt for a re-mortgage or consolidation loan. This will reduce your payments, but your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.