Best Debt Management
Debt Management Professionals
You may wonder how a debt management plan can help you. Trying to budget for the right debt management plan can be difficult, especially when there are several creditors involved. We aim to make the process of debt management an easier process, often agreeing lower interest repayments to creditors and creating manageable repayments.
You can get budget right debt management plan information and advice from the UK's Insolvency Helpline - and so it is essential to first work out a budget you are able to live on.
Remember, if you’re prepared to budget right, a debt management plan can be the best route to free you from your debts, and we can help those who:
- Have unsecured debts that they can’t afford to repay.
- Have plenty of equity in their properties, but don’t want a second loan or to remortgage.
- Don’t want their partner/spouse/children/family to find out about their debts.
- Are daunted by the complicated nature of debt repayment and want a third party to take care of the problems associated with debt repayment.
Many people choose to budget for the right debt management plan as they are informal agreements and non-legally binding, so missed payments won’t result in property repossessions.
IVA is an excellent way out of debt – BUT you have to live to a strict budget
IVA’s (Individual Voluntary Agreements) may be required if the creditors (people who are owed money) refuse to accept a debtor (person who owes money) to follow a debt management plan. IVA’s will need to be conducted under the supervision of a licensed insolvency practitioner due to their legally binding, formal agreement that is required.
Quite often, an IVA will be put together to allow for a steady, structured repayment of debts over a period of 5 years. This allows the debtor to direct a regular stream of finances towards the debt repayment. Payments must not be missed, however, as possessions and property may be acquired to recover any outstanding money. The key to an IVA is making a budget and sticking to it. Budget and keep budgeting. Look closely at your income and expenses every month.
Bankruptcy
For those who are unable to budget right for a debt management plan and fail to qualify for an IVA due to unemployment or inability to provide regular funds for repayment, bankruptcy is often the last option. Bankruptcy can release the incredible burden and mounting pressure that accompanies debt, but should only be used after speaking with a qualified debt advisor due to the lasting implications that accompany it.
Use our budget calculator to you decide if you have any disposable income. If you decide that bankruptcy is the right option for you check the implications carefully before signing up.
Budget Links
Use the links below to discover ways to reduce your monthly expenses and develop a budget.
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...]