Advanced Debt Management Solutions
A structured plan to escape debt...
Advanced debt management solutions are available to those in search of a structured plan to escape debt.
Most people with debt problems look towards a debt management plan to provide a route out of debt problems. When considering advanced debt management solutions, it is useful to be aware of all the options before going ahead with one.
An advanced debt management solutions are usually best for those with:
- Debts over £5000.
- 3 or more different creditors.
- £100 or more disposable monthly income.
These factors will apply to most people with debt problems. If these circumstances apply to you, don’t worry, we help many people with the same problem. It would be advisable to speak with one of our advisors, who will try to establish:
- How much you can afford to pay each month.
- Regular, structured and manageable payments to a debt management company.
- A debt management company pays all of your creditors for you.
A debt management plan will benefit those who are looking for an informal, non-legally binding agreement. People often opt for this route due to the non-legally binding safety that it provides.
IVA
An IVA (Individual Voluntary Agreement) is often of benefit to those who:
- Owe money, but their creditors won’t agree to a debt management plan.
- Have attempted an informal agreement, but it failed.
- Owe to so many creditors that an informal agreement would be impractical.
- Face bankruptcy or have are looking to reverse a bankruptcy.
An IVA will usually be set out over a 5 year period and aim to clear debts by a formal agreement of payments. A licensed insolvency practitioner is always needed during an IVA agreement, due to their formal nature.
Bankruptcy
If you’re unemployed or fail to qualify for a debt management plan or an IVA, declaring bankruptcy may be the best solution to your debt problems. Be aware, this is often the last resort due to the lasting implications of bankruptcy, so never commit to filing for bankruptcy before consulting someone about advanced debt management solutions.
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...]