Clear Your Personal Debt Problems, subject to creditors approval.

We are a national telephone debt helpline

Money Advice Direct is a national telephone helpline for people with personal debt problems in England, Scotland, Northern Ireland and Wales. The service is available on freephone 0800 074 6918, and it takes just ONE free telephone call to clear your debt problems. Whatever solution we recommend, honest, confidential and non-judgemental advice is always available. If you owe money call us without obligation today on 0800 074 6918 or apply on line to clear your personal debt problems (subject to creditors approval).

Advice in how to clear personal debt problems

1. Analyse your expenses
   Leaving aside the large monthly direct debits and standing orders, where can you make savings on the small expenses such magazines?
2. List your weekly outgoings
   Note down every purchase and set a sensible budget remember if you you haven't got the cash then you can't spend it.
3. Sort your credit and store cards
   Try and switch your balances to a 0% interest deal, but be careful of upfront balance transfer fees.
4. Cut your bills
   Too many consumers are paying too much for their energy requirements because they have failed to switch suppliers. Many people we speak to that have never switched gas and electricity suppliers are overspending hundreds of pounds per year.
5. Re-mortgage to get a lower rate
   A lot of people we speak to are too lazy to shop around for a good deal when their initial mortgage period is up. Remember too that switching mortgages is usually accompanied by a lots of fees such; arrangement, deeds release; completion, early repayment etc.
6. Use Common Sense
   Check all your expenses to make sure you are not just wasting money on goods and services you don’t even need.
7. Only get debt advice from a regulated helpline
   If you need advice on budgeting and debt management, speak to an independent financial adviser or contact Money Advice Direct on 0800 074 6918 or apply online

If you're struggling with debts, they may seem impossible to manage. However, there are ways to get out of debt, no matter how bad the situation seems. And there's plenty of confidential and non-judgemental advice available to help you. Once you've sorted out your personal budget, you can start to make arrangements with your creditors (people you owe money to) about how much to pay. There are several options.

You can clear your personal debt problems, subject to creditors approval, with one of the following procedures:-

Consolidating your personal debts

If you're thinking about taking out a single loan to pay off all your existing debts, make sure you're not simply taking on more debt. Check that the terms of the loan - interest rates and length of the loan, for example - aren't too harsh. Be very careful about taking out a loan secured on your house to clear your personal debt as it will put your home at risk.

Informal Personal Debt Arrangements

If you know you can't pay all your debts, its important prioritise your debts and to write to your creditors to see if you can agree on a repayment timetable. An informal arrangement won’t actually clear your personal debt problems but it can reduce or stop interest and make the debts easier to live with. An informal arrangement isn't legally binding, so your creditors could ignore it later and ask you to pay in full.

Personal Debts Management Plans

Debt management Plans offer help if you're in debt (they usually only deal with non-priority debts - see the link 'Find out more about non-priority debts' below). They negotiate with your creditors on your behalf in order to reduce the payments you are making overall. You then make one payment into the Debt management Plan which distributes it to the creditors.

Individual Voluntary Arrangements (IVAs)

An IVA is a scheme introduced by the government in 1986 to clear your personal debt problems. They are subject to creditor approval. If you can't work out an informal arrangement, you can apply to court for an IVA, where you formally agree to pay part, or all, of your debts over a period of time (typically five years). You'll need an insolvency practitioner to set up the agreement, and 75 per cent (by value of your debts) of your creditors must agree to it. Bear in mind that IVAs take several months to organise, and you may have to pay a large administration fee. Please note that IVAs are for personal debt. A CVA is for company debts.

Personal Bankruptcy

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year). An IVA will definitely clear your personal debt problems but there are many bankruptcy disadvantages.

To find out more about how to clear your personal debts please contact us today on 0800 074 6918 or apply online. Once a dedicated case advisers has evaluated your financial position they will ensure you get the right solution for you, if an IVA, debt management or bankruptcy is the best option you have, we’ll manage the process for you from beginning to end for your debts, subject to creditor approval.

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