Debt Management Associates
Clear and concise advice on debt problems
Learn about debt management, financial solutions, consolidation loans and other related articles online or call 0800 074 6918 for detailed advice.
Personal debt can be accumulated in many different ways and in recent years. Our debt management associates know that it’s been easy to get credit on demand, regardless of somebody’s financial position.
Credit cards have been one of the most common ways of generating debt, with many people only able to afford the high interest repayments every month. Stress and depression can soon set in if it’s difficult to see light at the end of the tunnel.
Our debt management associates are here to get the best debt management solution for you. We can talk you through your current financial position and negotiate the best way forward, helping you to become debt free (subject to terms and conditions).
A debt management plan may be the best option. Our debt managers will collate your debts, review your income and outgoings, and work with your creditors to develop the best repayment plan. A lower interest rate can even be negotiated with your creditors in many instances and financial freedom can be just a step away.
IVA advice from our IVA associates
If creditors don’t agree to a debt management plan, they may want to negotiate an (IVA) Individual Voluntary Agreement). Our debt management advisors will make you aware that IVAs are usually set out over a 5 year period and legally bind the debtor to making scheduled repayments.
Investments, property and possessions may be seized to cover outstanding debts if any payments are missed. Unlike filing for bankruptcy, there’s no negative press or stigma surrounding IVAs and businesses are free to run as normal.
Our debt management associates are here to help you make the right decision to become debt free (subject to terms and conditions).
Bankruptcy advice from our Bankruptcy associates
Good debt management associates will be able to tell you that bankruptcy is an extreme measure for clearing debts and is clearly a last resort for those who have no way of making payments. It is common for retired, unemployed and those on long term incapacity benefit to file for bankruptcy, as they have no income to service the debts.
Bankruptcy is only possible for people with debts of over £750 and has a range of benefits and downfalls.
Once bankruptcy is accepted, all creditors must accept that they will receive a fraction of the full amount owed and must cease to chase the debtor for money. This can be of great relief to the debtor, especially if the burden of owing money has resulted in depression. Any investments, savings, assets or businesses must be sold to finance the debt. Click here to read the articles as the bankruptcy information centre.
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 a debt management associates.
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...]