Debt Management Corporation
Clear all of your debts in the most efficient way
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).
Debt in the UK is at an all time high, with the majority of people having some form of debt. Whether its credit cards, store cards or personal loans, there are many ways for people to unintentionally find themselves owing money that they can’t afford to pay.
A debt management corporation will aim to clear all of your debts in the simplest, quickest and most economic way possible.
By gathering together all of your outstanding debts, we can work out how much you owe. We will speak to each of your creditors and try to lower the interest payments. By assessing your income and outgoing finances, we can establish what you can afford to pay each month to clear the debt and provide you with a schedule for becoming debt free.
Our debt management corporation can assure you that this is often the best way to clear your debts as there are no legally binding contracts, and you can relax in the knowledge that your debt will be professionally managed.
IVA
An IVA (Individual Voluntary Agreement) may be necessary if a debt management plan cannot be agreed. This form of payment plan is legally binding and often set out over a 5 year period.
As this agreement is legally binding, it must be signed and agreed to in the presence of a licensed insolvency practitioner. Failure to meet scheduled payments can result in investments, property and possessions being taken to finance the debts.
A debt management corporation will inform you that unlike with bankruptcy, there is no stigma or bad publicity connected to IVAs and they can be conducted entirely privately.
Bankruptcy
A debt management corporation will inform you that bankruptcy is a big decision and should only be undertaken after all other methods of debt payment have been investigated. Once bankruptcy has been granted, gaining acceptance for credit can be almost impossible for up to six years.
It’s most common for people on long term incapacity benefit, the unemployed and the retired to apply for bankruptcy as they have insufficient income to service their debts.
Bankruptcy will have a much bigger impact on your life than an IVA or debt management agreement. Any creditors will be forced to stop chasing payments once bankruptcy has been agreed, which can be a great relief. All assets, savings, investments or businesses will need to be sold to cover as much of the debt as possible.
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 corporation 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...]