Debt Management
Debt management firms
The key to of debt management is making a budget and sticking to it
Budget
- Look closely at your debts. You may not realise how much you really owe.
- You can't stop spending altogether so draw up a budget to monitor your outgoings and prevent further debts. Write it down and stick to it or you're going nowhere.
- Give your debts a priority - rent or mortgage arrears first, then gas and electricity. Then see what's left over to pay to your other creditors and work out a realistic plan for debt repayment. Even if it takes years, it's better than letting it get worse.
Don't ignore it
- Don't ignore your debt problem. Your credit rating can be checked by all companies to see if you have a poor history whether you want a mortgage or finance for a fridge.
- Missing repayments can seriously damage your ability to get credit in the future and you may end up unable to buy goods on credit or get a mortgage.
- Act fast. As soon as you think you may have a debt problem contact your creditors to negotiate or lengthen the term of your debts. They will usually be receptive as an escalation of the problem is in no-one's interest. Check whether your lender is a subscriber to the Banking Code. Lenders who adhere to this voluntary code commit to considering cases of financial difficulties 'sympathetically and positively'.
- Ultimately, the alternative is bankruptcy. Usually this means no more credit for many years - a hard way to live in today's plastic-driven world.
Please call 0800 074 6918 to speak to one of our debt management specialists. The solution we offer you may well be a debt management plan, IVA, bankruptcy of an administration order, or maybe just a few debt management and budgeting sessions. Whatever we feel is best will will explain all the debt management options available. Money Advice Direct debt management team is dedicated to solving debt problems.
When clients are looking into debt management they should not ever consider contacting a company that advertises on TV, radio or in the newspapers. The reason for this is because these companies spend so much on advertising they become quite aggressive salesman. This can be very offensive because debt management is such as a sensitive issue and to be pressured into making a decision on what do is emotionally incorrect.
A debt management plan could be the answer if you have...
- disposable income per month
- debts with credit companies
- debts of less than £15,000
Whether it is a debt management Plan or just simple debt advice you need, we will help you immediately. REMEMBER Money Advice Direct is always confidential and without obligation.
Money Advice Direct works alongside some of the UK's longest established debt management plan providers in the UK and if we feel that Debt management is the best solution then the creditors will respect your decision. This creditor approved debt management system is based on our unique best advice systems. It is very important to have the creditors on your side and with the 10 years of experience of the helpline's debt management team.
Many of our clients do not want to go down the debt management route as the payment period can be very long. The other option is an IVA or Individual Voluntary Arrangement. An IVA is effective because the creditors are legally obliged to agree to up to 75% of the debts to be written off over a five year period. It is for the legal power of the IVA that makes it the most powerful debt management tool at our disposal.
If you are affected by UK debt problems you can benefit from a range of resources including debt management services to enable you to get debt free (subject to terms and conditions), IVA (individual voluntary arrangement), debt consolidation advice or bankruptcy.
Every client of Money Advice Direct has their own dedicated case adviser who over the space of two or three debt management advice sessions gets to know each client and takes a detailed look at the individuals debt management requirements. The debt management solution we recommend will be based on want the client want to achieve. Please note that whether we recommend an IVA, bankruptcy or a simple debt management plan your know that you will have made the correct decision.
If you are really interested in debt management then call 0800 074 6918 where one of our advisers will explain the following:-
- How debt management works
- The debt management criteria
- All of your questions on debt management
- You can even apply online to see if debt management is for you.
- We can provide tips on debt consolidation and ways to cut your debt
- We can work out a realistic plan for debt repayment.
Money Advice Direct debt management team is an established debt guidance resource. The Information we provide is dedicated the UK insolvency framework so the information we provide is for debts in £pounds sterling.
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...]