Advanced Debt Management Plans
Advanced Personal Debt Advice on 0800 074 6918
There are many advanced debt management options available in the UK to clear debt.
Debt management is often the first port of call for those with debt problems. If it is possible to pay for some, but not all of the debt on a monthly basis, it may be the best option for you.
The process of advanced debt management involves the debtor (the person owing money) and the creditor (the people owed money) agreeing upon a manageable, monthly payment scheme with the assistance of a third party (the debt management consultant).
Advanced debt management services in the UK are a professional mix of well thought-out and credit industry approved solutions geared to help consumers clear up outstanding debt and straighten out credit issues.
This is an informal, non-legally binding agreement, with the aim of helping all parties to clear the outstanding debt. In simple terms:
- We help you to work out what you can afford to pay each month.
- You pay this money to the debt management company.
- The debt management company pays all of your creditors for you.
Money Advice Direct offer advanced debt solutions. To speak to one of the advice team please call FREEPHONE 0800 074 6918
Who Uses Debt Management Plans?
The people that benefit from using debt management plans can say ‘yes’ to the following three things:
- Do you have debts over £5000?
- Do you have 3 or more different creditors?
- Do you have £100 or more disposable monthly income?
IVA is an advanced debt solution in introduced by the Insolvency Act 1986
An IVA (Individual Voluntary Agreement) is also an agreement made between the debtor and the creditors, whereby a payment plan is set out and the debtor is obliged to meet the payments on a set basis.
The main difference between an IVA and debt management is the formal, legal obligation of an IVA. The legal obligation of the agreement means that it needs to take place in the presence of a licensed insolvency practitioner.
Bankruptcy is an advanced debt solution that can clear debts over £750
Over 60,000 people file for bankruptcy every year in the UK, with many of those unaware of the alternative, less drastic options of advanced debt management and IVA’s. Bankruptcy often carries a stigma due to negative advertising, but may be the most sensible option in many cases.
If you find yourself considering bankruptcy, you should always speak to an advanced debt management consultant to discuss the best option 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 advanced debt management solutions 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...]