Financial Problems Help

Help for people with financial problems

Money Advice Direct is a dedicated service providing help with financial problems and solutions to solve financial problems. If you or a member of the family need help with financial worries please call 0800 074 6918 or apply online.

If you do have financial problems don't just ignore it and hope it will go away. You must get financial advice as soon as possible from a qualified debt adviser. Money Advice Direct will help with all financial debt problems and can even help with debt management plans, IVAs or even provide bankruptcy advice.

Helpline and advice for people with debt problems on 0800 074 6918 or online financial help at www.insolvencyhelpline.co.uk
The advice team in conjunction with www.debt-after-divorce.co.uk advise not to let financial difficulties come between you and your partner if you are in a relationship, try not to talk about money problems. Set aside a certain time each week to talk about money problems. There is nothing worse than being alone in debt and your partner not being aware.

The advice teams can direct people to specialist advice on issue such as problems with debt, mortgages or utility bills, as well as provide information for first time buyers or other people looking for financial help if required.

How severe are your financial problems

To advise you on the suitability of each debt solution, we'll need to know what your monthly outgoings are and whether you income is regular. If you have significant financial problems, it's possible that an IVA (individual voluntary arrangement), debt management plan or bankruptcy will be more suitable.

Help with financial problems help for families

The advice provided by Money Advice Direct will help households facing money worries access a wide range of specialist help and advice, making it easier for families to get support and debt and financial advice services. The money advice team  will also direct people worried by rising energy bills towards sources of advice to save consumers money on utility bills.

If you are seeking help with financial problems you may want to consider the following procedures:-

• IVA – Individual Voluntary Arrangement – If your financial problems are serious and your debts are above £20,000 then an IVA should be considered. An IVA usually lasts for 5 years. Once you successfully complete the IVA you should never place yourself in an exposed financial position again.
• Debt Management Plan (DMP) – A DMP is an arrangement between you and your creditors which is managed for you. You repay your debts at a rate you can afford and you no longer deal with the creditors. A debt management plan is an effective solution no matter how big the financial problems are.
• Bankruptcy – If you have taken advice on your debts and financial problems and it has been found you are beyond help them bankruptcy should be considered. Bankruptcy may have disadvantages but it will solve your financial problems out once and for all.
• Protected Trust Deed (for Scottish residents) - A trust deed is a formal arrangement with your creditors, used in Scotland where a debtor grants a deed in favour of the trustee which transfers their assets to the trustee for the benefit of creditors. If you have serious financial problems over £10,000 this procedure should be considered.

Whatever help you need with your financial problems you need to make changes to your life otherwise the route cause of your financial problems will not go away. A dedicated case adviser be assigned to each caller to make sure the financial situation never occurs again through ongoing budget and lifestyle advice.

Money Advice Direct is a national telephone helpline for people with debt problems in England, Scotland and Wales. Expert advice is provided 24 hours a day, all year round and callers in debt even be sent a self help information if they require or just general financial advice and money saving tips. The debt advice team offer a range of financial services including debt consolidation, management and settlement solutions.

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