Debt Management Centre
Choosing the best option for clearing your debts
Debts can easily mount up, especially in recent years when credit cards have been offered with every postal delivery and offers for loans were regularly seen on television adverts.
Public debt is higher than ever and finding a way to pay off just the interest repayments can be a struggle for many. Building up debt on a range of credit cards and store cards is one of the major reasons for uncontrollable debt, but there is a way to financial freedom.
Our debt management centre will be able to help you to choose the best option for clearing these debts.
Debt management plans are usually the most simple and effective way of clearing debts, which is always the best way for all involved.
Our debt managers will be able to assess your income and outgoings, and develop a structured plan to clear the debt in the best way possible. Our debt management centre even negotiates with creditors to lower the interest repayments.
Debt Management Information Centre
Are you struggling to pay credit cards, loans, store cards or catalogues? Would you like someone to help sort out your payments and talk to creditors for you?
Would you like to be able to pay one affordable amount to all your creditors each month?
If this sounds like you, a Debt Management Plan may be just the thing.
IVA advice at the IVA Advice Centre
An IVA (Individual Voluntary Agreement) is most commonly arranged when creditors refuse to accept a debt management plan.
IVAs are often set out over a 5 year period which usually allows sufficient time to clear all debts. An IVA must be signed for in the presence of a licensed insolvency practitioner, as they are legally binding contracts.
Unlike filing for bankruptcy, our debt management centre always ensures that IVAs are conducted discreetly, confidentially and without negative press. However, if any payments are missed, this may result in property, investments and possessions being sold to finance the debt.
Bankruptcy advice at the Bankruptcy Advice Centre
A debt management centre will advise you that bankruptcy is a drastic measure and should be considered after investigating all other avenues first. Those who file for bankruptcy most commonly have no way of paying off their debts, such as the unemployed, retired or those on long term incapacity benefit.
Once bankruptcy is granted, the relief from the pressure of creditors chasing money is considered by many to be the main benefit. Any savings, investments, assets or businesses will need to be sold to finance the debt.
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 the debt advice centre.
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...]