How to Get Free Money to Get Out of Debt?

There are several ways to deal with your debts if you are failing to meet the loans, day-to-day bills, credit card repayments or another economic commitment like mortgage or rent. Some of them are absolutely free and it can help you to pay off the debt quickly. 

There are various free money grant services available in the UK, some are government-sponsored whereas some are free and dealt through private organizations. 

Debt Management Plan 

DMP allows the debtee to reduce their debt at an affordable monthly rate. By choosing a Debt Management Plan, you will be able to make one monthly payment. 

A Debt Management Plan providing agency can help you by providing an affordable monthly payment plan by talking to your debt provider. But, you can only select a DMP if you have non-priority debt such as store cards or credit cards, individual loans or overdraft. 

Debt Relief Order

If you have a low monthly income and if you have a very few assets, then it is the best debt solution for you. Furthermore, it also can help you by freezing your debt for a year. You can pay off the entire amount if your situation does not change. It’s like you are getting free government money to get out of debt. 

Individual Voluntary Arrangement

It allows the debtee to pay back the amount that they can afford. It also sets a time for the debtee (usually for 5 to 6 years) to pay off the entire amount of the debt. After that, the amount that is not paid off will be closed. 

Basically, it is a constitutional coupling arrangement. This indicates, after signing on this contract neither you nor the debtor can ignore it. Apart from this, it also can help you to free grant money to get out of debt. 

Bankruptcy 

An alternative way to get free money is Bankruptcy. It allows the debtee to make a fresh start. Bankruptcy can help you by writing off the entire amount of the debt if you can prove that. 

Furthermore, if you have assets like a car, house, or others, then they will be taken. These properties will be utilized to eliminate your debt. 

Offer in Final or in Full Settlement 

If you have a huge amount that covers a part of your debts, then you can ask your debt provider whether they accept a large portion of the entire amount. Further, if they allow you to write off the rest amount. It is also possible, that allow you to pay off the debt monthly for a fixed time. 

Writing off the Debts

This debt solution is suitable when you don’t have any assets, savings, or extra income. By choosing this debt solution, you will be able to show the debtors that it is quite impossible to improve your financial situations. For example, you can show them your medical certificate to prove that you are severely ill. 

Administration Order

You can also apply to the Country Court for the Administration Order if your owe any amount under £5,000. By applying this you will have to make sure that you are able to make the regular payment on a monthly basis towards your debt. 

You have to make the payment from your monthly income to the court to eliminate the debt. Then, the court will transfer the money to your debt provider. But, you can apply for the Administration order when you have at least two debts. 

Avail Free Debt Advice

If all of the above debt solutions don’t help you to get free money to get out of debt, then you can talk with an experienced debt advisor. They can help you by providing the best debt best solution to eliminate the debt faster. 

There are plenty of ways that can help you to get out of your debt. You will get the best debt solution based on your financial condition. So, a free debt advisor can assist you to make an accurate arrangement. 

A debt advisor can assist you on: 

  • Treat each and every aspect you discuss with them with confidence. 
  • Provide advice about the best way to manage your monthly income. 
  • Never make you feel bad or judge you about your financial situation. 
  • Suggest various ways to deal with your debts that you might not have any idea. 
  • They are always glad to discuss this matter with you. It doesn’t matter what is the amount of your debt. 
  • They will make sure that you have applied all the entitlement and advantages that can be used to pay off your debt. 

So, you just need to have a discussion with one of the best and skilled debt consultant in the UK. They can make sure that the plan you are following to eliminate and manage your debt is the best one for you. 

If you don’t know how and where to start and if you need more support, then you are not alone. There are several debtees in the UK who are unaware of the best way to manage the debts. This is where an experienced debt advisor can help you a lot. 

The help that is rendered is as follows:

  • Their financial situation is out of control. 
  • They have crossed the maximum limit of their credit card. 
  • No one is there to lend them. 
  • The amount is much longer to pay back than the amount they owe. 

So, don’t waste your time, contact a debt advisor. You can contact them online, face-to-face or through phone calls.