Unfortunately this is not the case anymore and fewer people will qualify for a loan, and therefore the ever growing credit card balances are pushing their finances to the limits. Now they are unable to consolidate expensive debts into a cheaper loan, they need to find other options to reduce their financial burden.

As a result of the current economic situation All About Loans one of the internet's main loans brokers has gone into partnership with Chase Saunders one of the UK's leading providers of debt help and solutions. As a result of this we are now able to offer a more complete service to our applicants, we felt this was a necessary move to make as fewer of our applicants are being accepted for loans, and as a result were at risk of their debts ruining their lives. We now place all our debt management plans, and IVA business through Chase Saunders.

What is Debt Management? Debt management can be one of the quickest and easiest solutions to any debt problems. Your financial situation will be reviewed by one of our financial experts, who will then negotiate a reduced payment plan on your behalf. Your monthly repayments will be set at a figure that you can comfortably afford, and for an agreed length of time, and the interest will be frozen. Any payments you make will be made to the debt management company and they will distribute your payments to your creditors and at the end of the term your debts will be cleared, in most cases you can reduce your debts by up to 50%. In order to qualify for a debt management plan you will need to be struggling with your finances and owe a minimum of £one thousand pounds of debt (not secured), with more than one creditor and be a resident of England or Wales.

What is an IVA? An Individual Voluntary Arrangement (IVA)(Trust Deed in Scotland) is similar to a debt management plan in as much as your creditors will be contacted on your behalf and a reduced payment plan will be negotiated. A monthly payment will be made to your IVA Supervisor for an agreed period of time; quite often your monthly repayments will be reduced by up to 85%. If however you have any assets such as an endowment policy with equity, part of this at least may have to be made available to any property creditors. You can apply for an IVA if you are unable to pay your debts and facing bankruptcy (even if you are subject to a bankruptcy order), you will also need to have over £15,000 of debts with two or more creditors. Similar to a debt management plan, the interest charged on your outstanding debts will be frozen, and best of all you will receive no more correspondence or phone calls demanding money from your creditors.

If you are struggling with your debts and being pestered by bailiffs sent in by your creditors, the release of pressure that can be achieved by going into a structured arrangement of any kind is life changing, especially when the alternative is to bury your head in the sand and hope it will all go away.