About Debt Management
About the Debt Management Industry
Debt management is involved with handling the size and structure of public debt.
The total amount of debt in the UK, including mortgages, credit cards, overdrafts and consumer loans has exceeded £1 trillion pounds. That’s over £16,700 for every single UK citizen.
It’s clear that people need more help with managing their debts, as one in four people are struggling to meet payments for household bills and one in five are taking out loans, just to meet these bills.
Home repossessions are rising and approximately one in four people don’t know how much they owe.
Speaking with a professional debt manager about debt management can help to take the fear away from your spiralling debts, make repayments structured and give light at the end of the tunnel.
About Debt Management
You may be looking for more information about Debt Management. There are thousands of debt management plans available, but which one is the right one for you?
Debt management generally involves two parties reaching an informal, non-legally binding agreement of the repayment of debts, with the mediation and assistance of a third party. The debts are added together and a structured repayment scheme is organised for a set period of time, in order to clear the debt in manageable chunks.
Taking the time to find out about debt management could help you to find a way out of debt trouble.
Read all about how an IVA can deal with Personal Debts
An IVA (Individual Voluntary Agreement) mainly differs from a debt management agreement, as it is formal. Generally, a five year plan is drawn up between the debtor (person owing money) and the creditors (people that are owed money). The debtor is then legally obliged to stick to the repayment plan.
Due to the legal and formal nature of an IVA, they must be carried out by a licensed insolvency practitioner.
Advice about Bankruptcy at the bankruptcy advice centre
Bankruptcy is often an option chosen by those who fail to qualify for debt management or an IVA or those unemployed, and unable to make any payments. Declaring bankruptcy will clear your debt, but can have serious future implications. You should only consider taking this option after speaking with a debt management expert.
Debt problems? Our debt management plans and advice helps 1000 of people get out of debt. Call us on 0800 074 6918 to learn more about debt management and other solutions available.
Money Advice Direct is an established provider of confidential and non-judgemental debt advice in the UK on serious debt problems. Whatever solution we recommend, honest, best advice is available 24 hours a day, 365 days per year. If you are in debt call us without obligation today on 0800 074 6918 or apply for debt help online.
Listed below are some of the frequently asked questions on Debt Management Plans
- How do I know whether a Debt Management Plan is right for me?
- What are the advantages of a Debt Management Plan?
- What are the disadvantages of a Debt Management Plan?
- Is a Debt Management Plan a type of loan?
- How long will I have to pay a Debt Management Plan before I am debt free?
- How much does a Debt Management Plan cost?
- How much money will actually go to the companies I owe money to under a Debt Management Plan?
- How do I make the payments?
- If I have a change of circumstance can I stop the Debt Management Plan?
- Who tells the companies I owe money to that I am actually in a Debt Management Plan?
- Will the companies I owe money actually accept a a Debt Management Plan?
- How a will Debt Management Plan affect my credit status with Experian, Equifax and Callcredit, the three main credit reference agencies
- Will a Debt Management Plan stop all the companies that I owe money to constantly telephoning me and sending me letters?
- Will I receive a regular report to inform me that my debts are actually going down?
- After the Debt Management Plan is set will I receive be able to get any additional help and advice?
- After the Debt Management Plan is set up can I still use a credit card or apply for car finance if I budget for it?
- Once the Debt Management Plan has been set up does it mean that I will have to keep paying interest and bank charges?
- Can I include secured loans in a Debt Management Plan, such as car finance or mortgage?
- Can the companies that I owe money to threaten to take my house or flat once that I am in a Debt Management Plan?
- Can I include all my debts in a Debt Management Plan?
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]