Debt you’re unable to manage can lead to worry and stress. It can become unmanageable when you don’t have enough money to pay your monthly bills, so you borrow more money to pay these monthly bills. This is known as ‘Robbing Peter to pay Paul’, and is a downward spiral that quickly leads to serious debt problems.

Recognising you have a growing, or looming, debt problem early is the key to taking control of your debts and making them manageable again; however unmanageable they may seem. Not only does this remove much of the worry and stress linked to money problems, but the earlier you take action, the more options you may have to restructure your debts.

Accuma: the debt restructuring experts

If you’re looking to restructure your debts, look for a debt advice company that offers a full range of debt solutions, because not all do. Full-service debt advice companies can offer more options, depending on the amount your owe and your personal circumstances, including loan consolidation/remortgaging, Debt Management Plans, Individual Voluntary Arrangement (IVA) and bankruptcy advice. Accuma has access to this full range of solutions, which can be tailored to meet your individual needs.

We can offer long term debt solutions that can involve writing some of the debt off or short/medium term solutions, that can provide enough breathing space for your circumstances to change e.g. a new (possibly higher paid) job, renewed availability of finance options. However, each debt restructuring solution needs careful consideration, and you should seek expert advice to talk you through the advantages and disadvantages of each option.

Debt restructuring is a real solution if you have debt problems and it’s worth finding out more. At Accuma, our debt advice is free, confidential and without obligation. Our counsellors will discuss your situation with you and recommend the best option for your individual circumstances.

Whilst we make every effort to ensure this article is as up to date as possible, Accuma cannot be held responsible for changes in legislation or developments in case law since this article was produced and published. Article produced on 24th June 2008.