Debt Management Programme
Debt Management Programme from Money Advice Direct
Money Advice Direct’s freephone service can be called on 0800 074 6918. The debt team tend to advise clients to be fully aware the disadvantages of debt management programme that before they sign up to one. Please note that although the consumer may become debt free (subject to terms and conditions) 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.
Money Advice Direct would like to explain that in terms of a 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 be repaid over a longer period of time. Confidential debt management plans are available via debt management companies.
An IVA is an alternative to an informal debt management programme
The key for those considering an IVA is to take professional advice early on. That is why Money Advice Direct have launched The IVA Helpline service which will only recommend the most suitable solution for clients debt management requirements.
If one of the dedicated debt advisers feel that a debt management programme is not the best way to deal with your debts we will recommend an IVA for your debts.
Our main criticism of a debt management programme is sometimes the debt amounts can grow because they are not legally binging. When we set up a debt management programme on behalf of a client we will only recommend a credit industry approved plan so success levels are very high indeed.
Our debt management programme advisers will carry a detailed money advice assessment and at the end of the analysis our advisers will only recommend a debt management programme once we are sure it is the right option for you.
Whether our clients opt for a debt management programme, an IVA, or bankruptcy we will guarantee best advice is provided at all times.
Tops Tips on choosing a debt management programme
There are many genuine companies offering professional a debt management programme service however there also several rogue debt management programme firms also in operation in the UK.
- Before choosing a debt management programme firm please make sure they can provide you with written details on how long the programme will last for.
- Before choosing a debt management programme firm make sure they are a licensed debt management company who adhere to the DTI's debt management guidelines.
20 Important questions on debt management programmes
- How do I know whether a Debt Management Programme is right for me?
- What are the advantages of a Debt Management Programme?
- What are the disadvantages of a Debt Management Programme?
- Is a Debt Management Programme a type of loan?
- How long will I have to pay a Debt Management Programme before I am debt free (subject to terms and conditions)?
- How much does a Debt Management Programme cost?
- How much money will actually go to the companies I owe money to under a Debt Management Programme?
- How do I make the payments into a debt management programme ?
- If I have a change of circumstance can I stop the Debt Management Programme?
- Who tells the companies I owe money to that I am actually in a Debt Management Programme?
- Will the companies I owe money actually accept a Debt Management Programme?
- How a will Debt Management Programme affect my credit status with Experian, Equifax and Callcredit, the three main credit reference agencies
- Will a Debt Management Programme 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 Programme 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 Programme 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 Programme, 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 Programme?
- Can I include all my debts in a Debt Management Programme?
If you are unsure our debt management plans, call The UK Insolvency Debt Advice Service team on 0800 074 6918 where you can get debt help and advice on all feasible debt solutions to get debt free (subject to terms and conditions). A dedicated case adviser will explain some of the debt solutions available, based on your personal situation. Whatever your debt management needs, contact us today for confidential and non-judgemental advice and the best professional service.
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...]