Debt Management Agency

We can help you to you become debt free (subject to terms and conditions)...

At Money Advice Direct our advice team can provide advice on 0800 074 6918. The website, www.insolvencyhelpline.co.uk . The service also published over 3000 pages of self-help information is available for viewing to individuals or businesses in debt. The service also is able to work with other advice agencies who wish to refer clients for debt management.

As a debt management agency, we will try to find the best way possible to help you become debt free (subject to terms and conditions).

A debt management agency will want to offer the simplest and best option possible to clear your debts.

A debt management plan is generally the best way forward. When assessing each case, we will weigh up all incoming and outgoing finances, and then structure a repayment schedule to meet your financial capabilities. We will also attempt to negotiate lower interest repayments with your creditors, helping you to clear all your debts in the fastest way, and at the lowest cost.

Please note that for consumers considering a Debt Management Plan (DMP), although the consumer may become debt free at the end of the DMP period, if a default notice has been issued the effect is likely to remain on the consumer's credit profile for a lengthy time.

Please note that for consumers considering a Debt Management Plan (DMP), if interest and charges continue to apply then there will be an increase in the total amount of debt to be repaid and that due to lower monthly payments it is very likely that the debt will have to be repaid over a longer period of time.

Please note that for consumers considering a Debt Management Plan; whilst initial advice is free, fees may be payable to the debt management plan provider. Please beware of any commercial service that states or implies that the service is free and fails to explain that while there may be no charge for the initial advice, charges may be incurred at a later date. For debt management plans an initial fee equal to 2 months disposable income will be retained from your initial payment(s) to your plan. Thereafter a monthly fee equal to 17.625% of your monthly agreed disposable income will be charged, subject to a minimum fee of £35.00.

If your creditors refuse to accept a debt management agreement, your next best option may be an IVA.

The purpose of an agency debt management agency is to get you out of debt and avoid bankruptcy. If your credit isn't damaged, it probably will be by utilising a reputable advice agency. This is because their job is to help you live while paying off your creditors and acting on your behalf. Once you enter into the agreement with an agency, let them handle the collectors.

There's no guarantee a debt management agency will be able to completely resolve the situation, but there's also no guarantee they will if you try to deal with your debts alone, so you've got nothing to lose by trying. In the UK creditors will be happy to work with you if you make a good-faith effort to pay them. Also keep in mind that signing up with a debt management agency can negatively affect your credit.

IVA advice from a Debt Management Agency

An IVA (Individual Voluntary Agreement) is in many ways similar to a debt management plan. Both are used to structure the repayment of debts to make the debtor, debt free (subject to terms and conditions). An IVA is usually set out over a 5 year period with the aim to make you debt free.

The major difference between the two is the legal nature of an IVA. As IVAs are legally binding documents, they must be signed by the debtor and the creditor in the presence of a licensed insolvency practitioner. If any payments are missed by the debtor, the legally binding contract will have been broken and debts may be reclaimed through the selling of possessions, investments and assets.

Our debt management agency should be there to provide you with all the information you need on IVAs.

Bankruptcy advice from a Debt Management Agency

Filing for bankruptcy is a big decision in anyone’s life and should generally be seen as a last resort to clearing outstanding debts and bankruptcy is only possible for debts of over £750. A debt management plan or an IVA may be a better option and should be considered before going ahead with bankruptcy proceedings.

Bankruptcy can offer a release to the burden that is created by creditors chasing debts. Once the bankruptcy order has been granted, all debts are cleared.

However, any savings, assets or investments that are owned will need to be sold in order to finance the debt. It will also be extremely difficult to secure credit for up to 6 years after filing for bankruptcy. Any money that is won or inherited may also be taken to cover the debt.

Our debt management agency can provide you with all the information you need on filing for bankruptcy.

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 and get detailed advice from a debt management agency.

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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