Best Debt Management
Debt Management Professionals
If you’re looking for the best debt management advice and help, we can help. Money Advice Direct Debt Advice Service is a well established and trusted service so you can be rest assured that you are talking to the best debt management service when you get debt management advice from one of our expert money advice team.
The best debt management will involve an informal discussion and agreement between the debtor (person owing money), the debt management company and the creditors (people owed money). The agreement will be based upon several factors.
We will try to establish:
- If you have debts over £5000.
- If you have 3 or more different creditors.
- If you have £100 or more disposable monthly income.
If you do match the criteria above, we will aim to provide the best debt management plan possible. Our specification will factor-in the following:
- 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.
A debt management plan will only help you with unsecured debts, such as overdrafts, credit cards, personal loans, student loans and store cards. It is not an option if you have a secured debt, whereby the creditor has a legal agreement with you, that if you fail to make repayments, they have the right to take your home and sell it in order to recover any losses.
IVA is one of the best ways to deal with serious debts over £15,000
IVA’s (Individual Voluntary Agreements) are a formal, legally binding repayment plan, usually set out over a 5 year period. An IVA is usually needed when creditors won’t agree to an informal debt management agreement. Most firms will charge a fee to create an IVA proposal for a client, but our teams do not make any up front charges for this service.
As an IVA is a legal binding agreement, a licensed insolvency practitioner is required to carry out the process.
Bankruptcy is often the best way to deal with debts if you want a clear start.
Bankruptcy is an option for those who have no way of paying their debts, such as the unemployed or those with no income source. It is generally the route taken by those who fail to qualify for a debt management plan and an IVA.
Declaring bankruptcy will relieve the pressure from creditors and allow for a new start. However, all assets, such as property and investments, must be evenly distributed among the creditors.
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 the best 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...]