What About The Assets While Dealing With Debt Relief Order?

When you are surrounded by debts, you will have the fear of losing your assets. It is quite common to have such fear, as the lenders would demand your assets. It will take place when you fail to repay your loans for a long time and won’t be able to clear it immediately.

What if it is after applying for Debt Relief order? Then the answer is NO. Your assets are safe after taking the help of a debt management agency. One of the many advantages you can be benefitted from this solution is keeping your assets safe.

You will get a relevant legal professional for solving your debt problem. You need to be patient and strict enough while implementing the plan offered by them. It will help you in solving your debt problem and as well as protect you from being bankrupt and keep your assets safe.

The legal advisor will have a word with all your creditors. They will discuss accordingly and draft an agreement. Advisor will make sure that you are the one favorable most. Through this plan you can write-off a part of your debt.

The agreement states that you will be paying a fixed amount every month throughout a fixed tenure. It is like paying off your loan, but slightly less stressful.

In this period, your assets won’t be demanded by your lenders as per the agreement. But be careful while choosing the perfect agency and the advisor. You never know about the loopholes in your agreement and your lender might make use of it against you.

If something happens like this, then you will fall into one more big problem than before. Ones you stuck with the lender legally, you won’t be able to escape the debt trap. If you get an extraordinary lawyer, then something can happen but do not have majority probability. So, it is advisable to choose the best person for paying of your debt.

What are the eligibility criteria?

You need to be eligible enough to apply for such a solution. There are many agencies who are ought to help you, but they have their own terms while dealing with you. Here are some of the general eligibility criteria, which can give you an idea about concerning your eligibility.

• A UK resident is only eligible to avail of this solution.
• The maximum debt amount you need to bear is about £20K.
• Your income source must be low nearly £50 per month.
• If you are seeking debt advice within six years from the first one, then you will be rejected for sure.
• You shouldn’t hold the assets more than £1000 value.

These are basic eligibility conditions and few agencies might have different terms. You may request for the change in terms depending on your situation and financial condition.

If you are aware of your situation and ready to take help, you can get rid of your debts with ease. At Swift Debt Assist, our team will connect you with a reliable person, who can give you a perfect debt solution. But it is ultimately you, who needs to stick to the plan, which can remove all your debts.

Struggling from multiple debts and low credit score? You can get a clear and perfect way to get rid of all your debts with a reliable debt solution.