Debt Management Corp
Personal debt is now at an all time high in the UK
With personal debt at an all time high in the UK, you may need a debt management corp to help you become debt free (subject to terms and conditions).
Credit cards, store cards and personal loans are some main sources of personal debt, with most adults accumulating debt by at least one of these methods. By using several credit or store cards, the total debt can soon add up to a large amount.
These debts can become difficult to manage and the interest repayments could take a serious amount out of your monthly budget. Just meeting these repayments can even be a struggle and becoming debt free may seem an impossible target.
Our debt management corp can tailor a debt management plan that can offer you a way to financial freedom. Our debt managers will talk to your creditors to negotiate a lower interest rate, add together all of your debts, then assess your income and outgoings to evaluate what you can afford to pay each month.
There are no legally binding contracts involved, so you can rest assured that your debts will be cleared in a set time and without fear.
IVA advice
An IVA (Individual Voluntary Agreement) is debt repayment plan, usually set over a 5 year period and is legally binding. As it is legally binding agreement, it must be signed for in the presence of a licensed insolvency practitioner.
The debt management corp will expect you to meet all payments, as failure to meet repayment dates set out in the agreement may result in the repossession and sale of property, investments and possessions to cover the debt.
There’s no stigma or bad publicity with an IVA as there is with bankruptcy, as it can be conducted entirely privately.
Bankruptcy advice
A debt management corp will be able to tell you that declaring bankruptcy is a big decision with lasting implications; getting credit can be near impossible for up to six years after your application is granted. It is usually an option taken by people who are unable to find an income to service the debts, such as those on long term incapacity benefit, retired or unemployed.
Having bankruptcy granted, all creditors will be forced to cease chasing payment. This can be an enormous relief to those who have experienced the stress and depression of constantly owing money. Any assets, investments, savings and businesses will need to be sold in order to finance any remaining debts.
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 one of the leading debt management corp in the UK.
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...]