Consumer Debt Management

Debt Management Solutions for Consumers

It’s easy for UK consumers to find themselves in debt. Up until recently, store cards and finance were being given away at almost every high street store, and credit card offers came through the letterbox with almost everybody being approved for credit.

With the sudden change in national lending, debtors are struggling to get finance and creditors are looking to recover their money.

Consumer debt management has never been at such a high demand and is helping people all over the UK to become debt free (subject to terms and conditions).

By offering the consumer debt management solutions, we can help people:

• With unsecured debts that can’t be repaid.
• With equity in their property, but don’t wish to remortgage or take out a second loan.
• Who are reluctant for their family, friends and those around them to discover their debt problems.
• Need someone from a third party to take a full grasp of their finances and debt, try to negotiate lower interest repayments and work out a route to becoming debt free (subject to terms and conditions).

Consumers can get debt management advice and reach an informal, non-legally binding agreement by speaking with one of our advisors. We will also liaise with your creditors to arrange lower interest repayments and develop a manageable repayment structure for you.

IVA for dealing with consumer debts over £15,000

IVA’s (Individual Voluntary Agreements) are beneficial to debtors (people owing money) who cannot informally agree a consumer debt management plan with a creditor (person or people owed money).

Should this be the case, a licensed insolvency practitioner will need to assist in the agreement of an IVA plan. These plans are usually over a 5 year period and legally require the debtor to make regular repayments or face having property and/or possessions repossessed and sold to account for the outstanding debt.

Bankruptcy for dealing with consumer debts over £750

Bankruptcy may help those who are unemployed or have no regular stream of finance to pay off their debts. People shouldn’t declare themselves bankrupt without receiving advice from a trained insolvency advisor. The positive side to bankruptcy is that it clears all debts and relieves the stress and pressure that will have built up. On the negative side, personal possessions and investments will be taken, sold and the funds will be shared amongst creditors.

Consumer Debt Management Links

• Consumer debt management advice for gays and lesbians
• Consumer debt management advice for Credit card debt
• Consumer debt management advice for Store card debt
• Consumer debt management advice Debt after death
• Consumer debt management advice Debt from separation

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 consumers debt management 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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