Debt Management Advice
Getting the right debt management advice...
In recent years, it’s been easy to gain access to credit. UK debts have soared and banks are looking to reclaim their finances wherever possible. Once debts become unserviceable, and only the interest payments can be met, you may need some debt management advice.
Debt management advice will usually involve looking into the possibility of getting a debt management plan set up. This will gather all your debts together to make repayments simpler and easier to handle. Our debt managers can even negotiate the duration of the debt management plan and attempt to lower the interest rate in place.
Getting the right debt management advice can set you up to clear your debts quickly and efficiently. No legal documents need to be signed, so missed payments won’t directly result in repossessions.
Our debt management advice is confidential and non-judgemental, allowing you to clear your debts easily and in the strictest confidence.
IVA Advice for management of debts
An IVA (Individual Voluntary Agreement) is often arranged when creditors are unwilling to accept a debt management plan. The main difference between the two is the legal nature of an IVA. IVAs require a signature of agreement to proceed, which must be conducted in the presence of a licensed insolvency practitioner.
An IVA repayment plan is generally set out over 5 years and allows the debtor to make repayments that are manageable and within their budget. The repayment schedule must be met at all instances or legal action could be taken.
Bankruptcy Advice for management of debts
Declaring bankruptcy is a major decision and should not be undertaken without investigating all other options first. Bankruptcy is often the only option for those with uncontrollable debts and no way of repaying them, such as those on long term incapacity benefit, the unemployed and the retired.
There are a number of pros and cons associated with bankruptcy. The main, most obvious reason to file for bankruptcy is due to the clearance of all debts and release from the burden of creditors chasing money.
However, there are a great number of negative implications. Any assets, investments or savings will be taken to finance the debts and your ability to gain credit will be seriously limited for up to 6 years after filing for bankruptcy. If you inherit or win money after filing for bankruptcy, you may be expected to pay some or all of your debts off.
Money Advice Direct is an established provider of confidential and non-judgemental debt advice in the UK on serious debt problems. Whatever solution we recommend, honest, best advice is available 24 hours a day, 365 days per year. If you are in debt call us without obligation today on 0800 074 6918 or apply for debt help online and get detailed debt management advice today for your debts.
Listed below are some of the frequently asked questions on Debt Management Plans
- How do I know whether a Debt Management Plan is right for me?
- What are the advantages of a Debt Management Plan?
- What are the disadvantages of a Debt Management Plan?
- Is a Debt Management Plan a type of loan?
- How long will I have to pay a Debt Management Plan before I am debt free?
- How much does a Debt Management Plan cost?
- How much money will actually go to the companies I owe money to under a Debt Management Plan?
- How do I make the payments?
- If I have a change of circumstance can I stop the Debt Management Plan?
- Who tells the companies I owe money to that I am actually in a Debt Management Plan?
- Will the companies I owe money actually accept a a Debt Management Plan?
- How a will Debt Management Plan affect my credit status with Experian, Equifax and Callcredit, the three main credit reference agencies
- Will a Debt Management Plan stop all the companies that I owe money to constantly telephoning me and sending me letters?
- Will I receive a regular report to inform me that my debts are actually going down?
- After the Debt Management Plan is set will I receive be able to get any additional help and advice?
- After the Debt Management Plan is set up can I still use a credit card or apply for car finance if I budget for it?
- Once the Debt Management Plan has been set up does it mean that I will have to keep paying interest and bank charges?
- Can I include secured loans in a Debt Management Plan, such as car finance or mortgage?
- Can the companies that I owe money to threaten to take my house or flat once that I am in a Debt Management Plan?
- Can I include all my debts in a Debt Management Plan?
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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...]