Clear your Debts, subject to creditors approval.

We can give advice to people in the UK about their debts...

When you have financial problems and want to clear your debts, it’s natural to feel your life is spiralling out of control. If money and wanting to clear your debts is causing you stress, our debt advice team will help you deal with debt and manage your money effectively.

Money Advice Direct can advise on Debt Management, Confidential Debt Advice, IVAs, Bankruptcy and UK debt help and how to consolidate debts without the need for a loan.

Debt Advice Service to clear your debts, sujbect to the approval of the creditors

We can give advice to people in the UK about their debts, and help people who owe money and are having problems paying it back.

There are various sorts of debt problems, for example:

• Behind with the rent or mortgage,
• Owing money for electricity, gas or water,
• Behind with the council tax,
• Behind with repayments under a Credit Agreement,
• Owing money to a loan shark
• Owing money to a bank or other lender,
• Owing money for fines, behind with catalogue payments, etc. Often people have more than one debt - we can help people sort out multiple debt problems.

We can help in a number of ways to clear your debts:

• We can help you sort out your debt problem in the best way for you, and with your agreement. This is always subject to creditors approval.
• An IVA can write off a percentage of your debts. IVAs are for those with debts of over £15,000. An IVA is a legal agreement between you and your creditors. An IVA will make your monthly payments much lower. in most cases of an IVA creditors will be prepared to write off no more than 70% of a debt and in some cases 60%. Also note all customers can achieve the stated 'write-off' because every case considered is different.
• We can check your benefits and tax to make sure you are getting all the money that you should
• Debt consolidation loans can consolidate debts to reduce outgoings.
• We will make sure your debts will not increase. Please note that for consumers considering a Debt Management Plan (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 have to be repaid over a longer period of time.
• We will deal with your creditors. Your creditor letters will soon stop. Whilst the debt management company can be appointed to act on behalf of the debtor, creditors are still entitled to contact them if they wish to do so.
• Please note that for consumers considering a Debt Management Plan (DMP); a DMP is not legally binding creditors therefore may continue to request further payments or take enforcement action against them. A debt management company can not guarantee that there will be no further contact from the creditors.
• Please note that for consumers considering an Individual Voluntary Arrangement (IVA) or Protected Trust Deed (PTD), beware of any claim that implies that when the consumer is on an IVA/PTD creditors will no longer contact them. Whilst an IVA/PTD is legally binding and creditors are refrained from contacting the debtor regarding payment of the debt they may still contact the debtor in cases of promotional material and/or certain other circumstances.
  
• We can advise on solutions which cover all of your debts, such as bankruptcy, Administration Orders, and Individual Voluntary Arrangements. Please note that for consumers considering an Individual Voluntary Arrangement (IVA) or Protected Trust Deed (PTD); that only unsecured debts are to be included e.g credit cards, unsecured loans and bank overdrafts. Please note that at the end of the period those debts that are not included such as secured debts, Government fines and child support payments will remain to be outstanding.
• We can help arrange for the payments on what you owe to be reduced, subject to creditors approval.
• We can help with court hearings related to debts and go to court with you
• We can help you to regain control of your finances by easing the payments to your creditors.
• We won't make any judgment about why you are in debt. Our job is to help sort out the problem, however the debts arose.
• If you can’t afford to pay your debts call 0800 074 6918 now

Top Tips to clear your debts

Use your savings to clear your debts
It only makes sense to have savings and debts at the same time if your savings are earning a better after-tax return than the debts are costing you. Did you know that mortgages, where your savings are used to reduce your mortgage, may cost more than you think because there are often cheaper deals available on other types of mortgages.

Speed up your repayments to clear your debts
The sooner you repay your debts, the less they will cost you. So don’t just make minimum repayments on your credit card. Pay off as much as you can afford each month.

Control your spending to clear your debts
Think carefully before you buy anything: ask yourself whether it is really essential. Cut all non-essential spending and channel it into clearing your debts. Buy cheaper brands, where you can, and pay in cash to prevent yourself from sinking further into debt.

Draw up a budget to help clear your debts
A monthly budget can help you to keep control of your finances and spot ways of making cutbacks.

Switch credit cards to help clear your debts
Transfer your balance to a card with a 0 per cent introductory rate.

Switch to a better bank to help clear your debts
Don’t assume that just because you are in debt, you are locked into your current account.

Switch energy and phone companies to help clear your debts
If your bills are high, consider pay-as-you-go or budget schemes and limit yourself to a certain sum each month.

Increase your income to help clear your debts
Consider overtime, an extra part-time job two or three evenings a week or letting out a room in your home to a lodger.

Sell your possessions to help clear your debts
Somebody may be prepared to pay good money for all that junk in the attic.

How to get advice to clear your debts

If you have already tried to clear your debts and feel you are not making any headway with your debts, do not panic. To clear your debts or make an appointment to speak to a debt adviser at Money Advice Direct call 0800 074 6918 24 hours a day 365 days a year.

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