Debt Management Company
Our debt management company can really help you...
Credit cards and personal loans are some of the main causes of personal debt in the UK. In recent years, application forms for credit arrived with every postal delivery, and now the nation is struggling to repay what is owed.
From a period where obtaining credit was easy for the majority, people throughout the country are even struggling to just pay off the interest on their debts.
In these situations, our debt management company can really help.
A debt management agreement is a simple and effective way of clearing your debts. Our debt managers will be able to assess your income and outgoings and collate your debts together to make repayment so much easier to handle. We will speak with your creditors and negotiate a timeframe and a regular repayment amount to suit your budget. We will even try to negotiate lower interest repayments.
Our debt management company can assure you that there are no legal ties with these agreements and they are designed to help both the creditors and the debtor.
IVA
IVAs (Individual Voluntary Agreements) are often sought by creditors who won’t agree to a debt management plan with their debtor. They are usually set out over a 5 year period with the aim of making the debtor, debt free (subject to terms and conditions).
An IVA is a legally binding agreement and therefore must be agreed to in the presence of a licensed insolvency practitioner.
Property, possessions and investments may be seized to finance the remaining debts if payments are missed. An IVA can even be conducted privately, with none of the negative press or stigma that accompanies bankruptcy.
A debt management company, such as ours, will provide you with all the information you need to fully understand how an IVA can help you.
Bankruptcy
A good debt management company will inform you that bankruptcy is an extreme measure with long lasting implications. It can only be granted for debts over £750 and is often impossible to get credit for up to 6 years after filing for bankruptcy. People with little or no income are the prime candidates for bankruptcy, such as retired, unemployed or those on long term incapacity benefit.
Once a bankruptcy order is filed, creditors must accept that they will receive less than the full amount owed and stop chasing payment from the debtor. This can be a great relief, but all assets, investments, savings and businesses must be sold to finance the outstanding amount.
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...]