Help with debt problems
How do I make the payments?
Most clients pay their debt management plans by standing order from their bank accounts. To help debt problems we have a dedicated team to assist you.
Some clients prefer to pay by cheque from their current account. Other clients prefer to use a paying slip and pay at the bank, building society or post office counter.
Helping customers to run their finances smoothly in a complicated world is core business for banks, and this applies in bad as well as good times. When people experience an unexpected change in their circumstances, this can upset their financial plans and make it difficult to pay back money they have borrowed. In this situation, it is important that banks work with customers and their money advisers to help customers through their difficulties.
Evaluate your standard of living. Advertisers are constantly telling us that, as consumers, we should happily gratify ourselves today with no thought of tomorrow. Following this route exposes you to enormous risks, particularly if you use credit to finance your standard of living.
As millions of people have eventually found out to their cost, there are no longer many, if any, guaranteed jobs for life. When evaluating how you live you need to think about what you would do if your circumstances changed dramatically.
Develop some form of cushion to help cope with a negative change in circumstances rather than spending to the limit and help debt problems.
Set out your financial goals - these may include such things as a pension, savings accounts for the children, etcetera. Then prioritise these and try to establish how long it will take to reach these goals. Bear in mind that all your goals will not be achievable immediately, but you may need to start planning for them now.
If you feel your situation is spiralling out of control, start to buy everything on a cash basis.
When you are thinking of buying something that is non-essential ask yourself whether it is something you or your family really need or whether it is something you just want.
Don't be afraid to haggle over prices, especially if you are paying cash. A cash customer is in a much stronger position to bargain than a credit customer.
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?
- Debt Management Programme
- DWP Debt Management
- Credit Card Debt Management
- Advanced Debt Management Plans
- About Card Debt Management
- Advanced Debt Management Solutions
- Association of Debt Management
- Best Debt Management
- Budget Right Debt Management
- Christian Debt Management
- Consumer Debt Management
- Debt Management can help you make a clear start with your debts
- Credit Card Management
- Debt Collection Agency Advice
- Debt on Credit Card
- Debt Management Advice
- Debt Management Agencies
- Debt Management Agency
- Debt Management Articles
- Debt Management Associates
- Debt Management Centre
- Debt Management Companies UK
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- Debt Management Group
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...]