Debt Management Agencies

Debt Management Plans are not legally binding

Money Advice Direct is a licensed debt management agency and can be contacted on 0800 074 6918, all year round 24 hours a day. You can approach our approved debt management agencies that will come up with a legal and credit industry approved plan. This will help solve your debt problems easily.

There are many debt management agencies in operation, but finding the right one can be a difficult challenge. Debt management agencies’ main operation is to help you to clear your debt in the easiest, fastest and convenient way possible based on your current financial situation.

By gathering your debts together into one manageable sum and calculating your incoming and outgoing finances, we can negotiate with your creditors to arrange the best repayment period to match your finances and even attempt to negotiate a lower interest rate.

As with most debt management agencies, we would recommend looking into setting up a debt management plan before considering an IVA or bankruptcy. A debt management plan will be the easiest way forward and there are no legal implications involved.

Please note that for consumers considering a Debt Management Plan; whilst initial advice is free, fees may be payable to the debt management plan provider. Please beware of any commercial service that states or implies that the service is free and fails to explain that while there may be no charge for the initial advice, charges may be incurred at a later date. For debt management plans an initial fee equal to 2 months disposable income will be retained from your initial payment(s) to your plan. Thereafter a monthly fee equal to 17.625% of your monthly agreed disposable income will be charged, subject to a minimum fee of £35.00.

Please note that for consumers considering a Debt Management Plan (DMP), although the consumer may become debt free at the end of the DMP period, if a default notice has been issued the effect is likely to remain on the consumer's credit profile for a lengthy time.

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.

 

IVA advice from debt management agencies

An IVA (Individual Voluntary Agreement) is similar to a debt management plan as all debts are accumulated and a structured repayment schedule is set out, usually for a 5 year period. The main difference is the legally binding nature of an IVA, which means all payments must be met. An insolvency specialist may even be able to negotiate lower interest repayments.

IVAs need to be signed and agreed to in the presence of a licensed insolvency practitioner. If repayments aren’t met as scheduled, legal action may be taken to reclaim any outstanding finances.

Debt management agencies should be able to give you suitable advice on whether an IVA is the right choice for you.

Bankruptcy advice from debt management agencies

Declaring bankruptcy is a major decision, and not one to be taken lightly. It’s extremely important to investigate all avenues of clearing debt before filing for bankruptcy. The majority of people that can’t take on a debt management plan or an IVA have no way of making regular payments. They may be on long term incapacity benefit, retired or unemployed.

Once bankruptcy is granted, all your debts will be cleared and creditors will stop chasing you for money. This can act as a massive relief, especially if depression has begun to sink in.

There are some big drawbacks to filing for bankruptcy, such as the negative exposure and bad press that can follow, as unlike an IVA or debt management plan, bankruptcy cannot be kept a private matter. If you inherit or win money whilst a bankruptcy order is filled, you may be forced to use this money to finance the debt, or if you are earning a good salary, you may be required to allocate some earnings to the debt.

Debt Management Links

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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 advice from debt management agencies.

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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