Money Debt Help
We can help identify the money or debt problem
Money Advice Direct across the country dealt with many new clients in need of money debt help and debt problems in the last financial year, and early reports indicate the figure will be higher in the next 12 months.
The staff at Money Advice Direct have been helping people achieve their financial goals since 1997. The organisation was launched with the objective of meeting a long-standing need for money debt help and was designed for people who were frustrated with their debt situation and looking for a simple way to get out of debt quickly, as well as lower their monthly payments without having to qualify for a consolidation loan.
Debt Help and Money Advice Guide
If you are one of the thousands of consumers who are concerned that your spending odf money is getting out of control, then help is at hand. This section of the website is designed to help you put your money back on track. Follow the five points below and you should manage to stay clear of more serious debt problems, which can lead to insolvency or bankruptcy or the need to take out an IVA.
Identify the money or debt problem
Work out how much you owe. Make a list of all your various debts and find out exactly what interest rate you are paying on different loans, credit card debt, store card debt, mortgage debt etc. This will help you identify the most expensive debts, which need to be paid off first.
Reduce the cost of borrowing money
Debt repayments can go on for a long time, and creditors will want to be updated regularly, just in case your circumstances have changed.
It is wise to keep your financial statement updated, and if things improve you may be able to offer a higher rate of repayment to your creditors. Always bear in mind however that you do not have to offer increased payments if your situation has not improved!
There may be circumstances in which long-term repayments are not a realistic idea, and it may be better to ask the creditor to consider placing a long-term hold on the account, or to write off the debt. Seek help from an adviser
Reduce how much money is spent
The easiest way to control spending is to budget. Start making a log of where your money goes – fishing out the last few month’s bank statements can help. Think about what is necessary and where you can save money. Set yourself a monthly spending allowance and – this is the difficult bit - stick to it. Please see our online budget calculator for help.
Keep in touch with the people you are in debt with
If you are still struggling to repay your debts then talk to the lenders involved. Tell them you are having difficulty keeping up with repayments. Did you know that some lenders may be prepared to help by freezing interest or lowering monthly repayments.
Always make at least the minimum repayments and don’t ignore calls or letters from your bank or credit card company.
How to manage your debt
- Are you liable for the debt?
- Look at your income
- Sorting Priority and non-priority debts
- Repaying Priority Items
- Repossession
- Non-priority debts
- Putting together a statement
- Enforcement Action
- County court
- High court and Magistrates' court
- In the long term
- DIY Financial Statement
- Pro-Rata Offer
- Contacting the creditor
- Offer of repayment
- Change of circumstances
Those with serious debt problems need advice that is why Money Advice Direct is here. Every person that contacts the service will be allocated a case adviser who will listen to your problem and suggest constructive steps you can take to get on top of your debts. Please call 0800 074 6918 or apply online for advice.
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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...]