Debt Management Companies UK
We are helping more people than ever to clear their personal debts...
In recent years, banks were sending out offers of credit on a regular basis, with every postal delivery containing more offers of credit cards. Store cards and personal loans have also helped to make the national debt higher than ever.
Due to this high level of debt, UK debt management companies are helping more people than ever to clear their personal debts.
Debt is not always a bad thing. If debt is managed correctly, it can be extremely helpful in day to day life. UK debt management companies are here to provide you with the help and advice you need.
By evaluating your income and outgoing finances, our debt management team can work out what you can afford to pay each month and schedule repayments to fully clear your debts. We even negotiate with your creditors to lower your interest payments.
IVA
If your creditors refuse to agree to a debt management plan, an IVA (Individual Voluntary Agreement) could be the next best option. The main difference between a debt management plan and an IVA is that an IVA is a legally binding, so a licensed insolvency practitioner must be present when the agreement is signed.
UK debt management companies will inform you that IVAs tend to be set out over a 5 year period, and if any payments are missed after the IVA has been agreed, property, investments and possessions may be seized to finance some of the debts.
An IVA can even be conducted confidentially and privately, unlike bankruptcy.
Bankruptcy
UK debt management companies will advise that bankruptcy is a drastic measure to be taken when all other ways of clearing debt have been investigated and can only be taken for debts in excess of £750. People with little or no income to help clear their debts are usually prime candidates for bankruptcy, such as the unemployed, retired or on long term incapacity benefit.
Declaring bankruptcy can provide a massive weight off your shoulders. All creditors must accept that they will receive a fraction of the owed amount and cease chasing payments. Savings, investments, assets and businesses may be sold to finance the remaining debt.
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 one of the leading debt management companies in the UK.
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...]