Thursday, 10 March 2011
Sunday, 6 March 2011
Managing Debt - Top 10 Things You Need To Know About Managing Your Debts
Top 10 Things You Need To Know About Managing Your Debts
1. People are loaded with credit card debt.
The average household with at least one credit card has nearly £6,500 in credit-card debt, and the average interest rate runs in the mid- to high teens at any given time.
2. Some debt is good.
Borrowing for a home or university usually makes good sense. Just make sure you don't borrow more than you can afford to pay back, and shop around for the best rates.
3. Some debt is bad.
Don't use a credit card to pay for things you consume quickly, such as meals, groceries and holidays, if you can't afford to pay off your monthly bill in full in a month or two. There's no faster way to fall into debt. Instead, put aside some cash each month for these items so you can pay the bill in full. If there's something you really want, but it's expensive, save for it over a period of weeks or months before charging it so that you can pay the balance when it's due and avoid interest charges.
4. Get a handle on your spending
Most people spend thousands of pounds or dollars without much thought to what they're buying. Write down everything you spend for a month, cut back on things you don't need, and start saving the money left over or use it to reduce your debt more quickly.
5. Pay off your highest-rate debts first
The key to getting out of debt efficiently is first to pay down the balances of loans or credit cards that charge the most interest while paying at least the minimum due on all your other debt. Once the high-interest debt is paid down, tackle the next highest, and so on.
6. Don't fall into the minimum trap
If you just pay the minimum due on credit-card bills, you'll barely cover the interest you owe, to say nothing of the principal. It will take you years to pay off your balance, and potentially you'll end up spending thousands of pounds more than the original amount you charged. This is particularly important when rates are high like now. It could take 40 years to clear a card using this method.
7. Watch where you borrow
It may be convenient to borrow against your home to pay off debt, but it can be dangerous. You could lose your home or fall short of your investing goals at retirement.
8. Expect the unexpected
Build a cash cushion worth three months to six months of living expenses in case of an emergency. If you don't have an emergency fund, a home emergency or damaged car can seriously upset your finances.
9. Don't be so quick to pay down your mortgage
Don't pour all your cash into paying off a mortgage if you have other debt. Mortgages tend to have lower interest rates than other debt, and you may deduct the interest you pay on a mortgage loan. (If your mortgage has a high rate and you want to lower your monthly payments, consider re-mortgaging).
10. Get help as soon as you need it
If you have more debt than you can manage, get help before your debt breaks your back. Contact us today for free to talk about what solutions may be available to you to help solve your debt problems.
1. People are loaded with credit card debt.
The average household with at least one credit card has nearly £6,500 in credit-card debt, and the average interest rate runs in the mid- to high teens at any given time.
2. Some debt is good.
Borrowing for a home or university usually makes good sense. Just make sure you don't borrow more than you can afford to pay back, and shop around for the best rates.
3. Some debt is bad.
Don't use a credit card to pay for things you consume quickly, such as meals, groceries and holidays, if you can't afford to pay off your monthly bill in full in a month or two. There's no faster way to fall into debt. Instead, put aside some cash each month for these items so you can pay the bill in full. If there's something you really want, but it's expensive, save for it over a period of weeks or months before charging it so that you can pay the balance when it's due and avoid interest charges.
4. Get a handle on your spending
Most people spend thousands of pounds or dollars without much thought to what they're buying. Write down everything you spend for a month, cut back on things you don't need, and start saving the money left over or use it to reduce your debt more quickly.
5. Pay off your highest-rate debts first
The key to getting out of debt efficiently is first to pay down the balances of loans or credit cards that charge the most interest while paying at least the minimum due on all your other debt. Once the high-interest debt is paid down, tackle the next highest, and so on.
6. Don't fall into the minimum trap
If you just pay the minimum due on credit-card bills, you'll barely cover the interest you owe, to say nothing of the principal. It will take you years to pay off your balance, and potentially you'll end up spending thousands of pounds more than the original amount you charged. This is particularly important when rates are high like now. It could take 40 years to clear a card using this method.
7. Watch where you borrow
It may be convenient to borrow against your home to pay off debt, but it can be dangerous. You could lose your home or fall short of your investing goals at retirement.
8. Expect the unexpected
Build a cash cushion worth three months to six months of living expenses in case of an emergency. If you don't have an emergency fund, a home emergency or damaged car can seriously upset your finances.
9. Don't be so quick to pay down your mortgage
Don't pour all your cash into paying off a mortgage if you have other debt. Mortgages tend to have lower interest rates than other debt, and you may deduct the interest you pay on a mortgage loan. (If your mortgage has a high rate and you want to lower your monthly payments, consider re-mortgaging).
10. Get help as soon as you need it
If you have more debt than you can manage, get help before your debt breaks your back. Contact us today for free to talk about what solutions may be available to you to help solve your debt problems.
How Can I Prioritise My Debts?
When you are determining how to pay back your debts, you will need to identify the priority debts. This will mean you can use your available money to settle the most
important debts first.The most important debts aren't necessarily the biggest ones. Priority debts are ones where serious action can be taken against you if you don't pay what you owe.
Some examples of priority debts, and the consequences of not dealing with them, are listed below.
1. Mortgages
If you don't keep up with mortgage payments, the mortgage lender can take legal action to take possession of your house and sell it, for whatever price they want. If the price they get is less than the remaining debt you'll still be liable for the balance
2. Rent
If you fall behind with your rent, your landlord can evict you (and still take you to court for the money you owe).
3. Tax
Not paying tax can lead to you being made bankrupt or worse still going to prison.
4. Utility bills
Gas and electricity companies can disconnect their services to your home if you don't pay their bills. Even a phone bill can be a priority if you need the phone to help you earn your living.
5. Hire purchase (HP) debt
Any debt should be seen as a priority if what you're buying on credit (or 'HP') is essential such as buying a car you need for getting to work.
6. Other priority debts
If any of the following debts are unpaid, a court could use bailiffs to come into your home and take your goods away:
- Council Tax or Business Rates
- Court fines
- Maintenance and child support payments
Your goods would be sold to pay what's owed. If, after this, you still owe money, there's a possibility you might be sent to prison.
You may not lose your home or go to prison for not paying 'non-priority' debts, but you can still be taken to court and ordered to pay what you owe - often with extra costs on top. If you still don't pay after you've been ordered to do so, bailiffs can be used to seize your property.
Examples of non-priority debts include:- credit card or store card arrears
- catalogue arrears
- bank overdrafts and loans
- benefit overpayments
- money borrowed from friends or family
- non-essential goods bought on hire purchase (HP)
However, any debt that results in bankruptcy proceedings is the highest priority. Once bankruptcy starts, any leeway your other creditors gave you will disappear as they try to
protect their debt from the other creditors - it really is very important to respond to any court claims as soon as you can and get advice.
Contact us today for a free discussion
regarding how we can help you manage your debt.Priority Debts
Good Debt vs Bad Debt
Sometimes it makes sense to borrow - a lot of times it doesn't
It is almost impossible to live debt-free; most of us can't pay cash for our homes or our children's educations. But too many of us let debt get out of hand. Ideally, experts say, your total monthly long-term debt payments, including your mortgage and credit cards, should not exceed 36% of your gross monthly income. That's one metric mortgage lenders consider when they are assessing the creditworthiness of a potential borrower.
It's far too easy to spend more than you can afford, especially when you pay by credit card. The average household with at least one credit card carries nearly a £6,500 balance, and personal bankruptcies have hit all time record highs in recent years.
Of course, avoiding debt at any cost is not smart either if it means depleting your cash reserves for emergencies. The challenge is learning how to judge which debt makes
sense and which does not and then wisely managing the money you do borrow.
Good debt includes anything you need but can't afford to pay for up front without wiping out cash reserves totally or liquidating all your investments. In cases where debt makes sense, only take loans for which you can afford the monthly payments.
Bad debt includes debt you've taken on for things you don't need and can't afford (that trip to the Caribbean, for instance). The worst form of debt is credit-card debt, since it usually carries the highest interest rates.
Sometimes the decision to borrow doesn't hinge on how much cash you have but on whether there are ways to make your money work harder for you. If interest rates are low, compare what you'll spend in interest on a loan versus what your money could earn if it were invested. If you think you can get a higher return from investing your cash than what you'll pay in interest on a loan, borrowing a small amount at a low rate may make sense.
Debt is not always a bad thing.
In fact, there are instances where the leveraging power of a loan actually helps put you in a better overall financial position.
The chance that you can pay for a new home in cash is slim. Carefully consider how much you can afford to put down and how much loan you can carry. The more you put down, the less you'll owe and the less you'll pay in interest over time.
Although it may seem logical to put down every single available penny to cut your interest payments, it isn’t always the best move. You need to consider other issues, such as your need for cash reserves and what if any your investments are earning.
Also, don't pour all your cash into a home if you have other debt. Mortgages tend to have lower interest rates than other debt, and you may deduct the interest you pay on the mortgage loan. (If your mortgage has a high rate, you can always refinance later if rates fall.
A 15 to 20 percent deposit is traditional and may help buyers get the best mortgage deals. Many homebuyers do put down less - as little as 3 percent in some cases in the past, (however, not common in these tough economic times where 10% is frequently the lowest). But if you do, you'll end up paying higher monthly mortgage repayments because you're borrowing more money, and you may have to pay for a Higher Lending Charge insurance (HLC), which protects the lender in the event you default.
2. Paying for university
When it comes to paying for your children's education, allowing your children to take loans makes far more sense than liquidating or borrowing against your pension fund. That's because your children have plenty of financial sources to draw on for university, but no one is going to give you a scholarship for your retirement. It's also unwise to borrow against your home to cover university fees. If you run into financial difficulties down the road, you risk losing the house.
Your best bet is to save what you can for your children’s educations without compromising your own financial health. Then let your kids borrow what you can't provide, especially if they are eligible for a government-backed grants or loans, which are based on need.
Figuring out the best way to finance a car depends on how long you plan to keep it, since a car's value plummets as soon as you drive it away from the dealer. It also depends on how much cash you have on hand.
If you can pay for the car outright, it makes sense to do so if you plan to keep the car until it dies or for longer than the term of a high-interest car loan or pricey lease. It's also smart to use cash if that money is unlikely to earn more invested than what you would pay in loan interest.
Most people, however, can't afford to put down 100 percent. So the goal is to put down as much as possible without jeopardising your other financial goals and emergency fund. Typically, you won't be able to get a car loan without putting down at least 10 percent. A loan makes most sense if you want to buy a new car and plan to keep it, driving it long after your loan payments have stopped.
You may be tempted to use a home equity loan when buying a car because you're likely to get a lower interest rate than you would on an car loan. But before going this route make sure you can afford the payments. If you default, you could lose your home. And be sure you can pay it off while you still have the car since it's painful to pay for something that has been consigned to the scrapheap.
Leasing a car might be your best bet if the following applies:
- you want a new car every three or four years.
- you want to avoid a down payment of 10 percent to 20 percent.
- you don't drive more than the 15,000 miles a year allowed in most leases.
- you keep your vehicle in good condition so that you avoid end-of-lease penalties.
Remember, it's in the car dealer's best interest to finance at the highest rate possible, so look at what you'll pay overall, not just the monthly amount. If you tell your car dealer you can spend £400 a month, you could end up with a new car for £400 a month based on that fact only, and an uncompetitive interest rate too.
Tuesday, 22 February 2011
DMP - by www.debtsurvival.co.uk
A Debt Management Plan (DMP) is an informal arrangement which allows you to consolidate all of your unsecured credit commitments into one affordable payment.
We will negotiate with your creditors and try to freeze your interest and charges to help reduce the monthly payments to a more manageable level. As part of the DMP we deal directly with the creditors and ask them to cease any further collection activity with you. The clients will pay us an amount which is worked out based on their income and expenditure and we then distribute
payments between the creditors.
You could end up repaying your debts fasterwith the interest frozen, and in a more affordable way.
Our agent takes the details of all your debts, incomes, and assets. We then produce a bespoke debt management plan for you to get you back on the road to recovery!
'' Call Me A quick call to me and we can start your debt survival plan.''
Text 'DEBTHELP' to 07575019057 or simply call me now.
We will negotiate with your creditors and try to freeze your interest and charges to help reduce the monthly payments to a more manageable level. As part of the DMP we deal directly with the creditors and ask them to cease any further collection activity with you. The clients will pay us an amount which is worked out based on their income and expenditure and we then distribute
payments between the creditors.
Simple
We will complete all forms and paperwork for you, dealing directly with the lenders on your behalf. Very quickly they will cease chasing you for late payments etc. We take away all of this hassle.You could end up repaying your debts fasterwith the interest frozen, and in a more affordable way.
Our agent takes the details of all your debts, incomes, and assets. We then produce a bespoke debt management plan for you to get you back on the road to recovery!
'' Call Me A quick call to me and we can start your debt survival plan.''
Text 'DEBTHELP' to 07575019057 or simply call me now.
Individual Voluntary Arrangement (IVA)
Individual Voluntary Arrangement (IVA)
An IVA is a legally binding arrangement with your creditors which allows you to repay your debts in affordable monthly payments over a fixed period of time, usually five years.
Your IVA proposals are put forward to creditors in a document called proposals. The proposals are lodged into Court and your creditors also receive a copy. If your assets are at risk because of action taken by creditors, we can apply to court for an Interim Order, which means that creditors cannot commence or continue with any action against you and your assets unless the Court permits them to do so.
A meeting of your creditors is held and creditors are able to vote on whether to accept, alter or reject your proposals. As long as you proposals demonstrate a genuine desire to repay as much of your debt as you can afford, it is likely that creditors will accept your IVA.
Once your IVA is approved all interest and charges on your unsecured debt is frozen. If creditors accept that you can only repay a proportion of your debt, the balance of your debt will be written off as long as you keep to the terms of your agreement.
The advice you receive is free, any charges for progression of an IVA are approved up front with yourself and your creditors. Missed payments can bring your IVA to an end and could result in bankruptcy. Your home is at risk if your IVA fails.
Monthly Contribution IVA
This is where the individual offers monthly voluntary contribution payments for a period of up to five years. The amount that is offered is whatever the individual can reasonably afford, can be as little as £250 per month and will usually be substantially less than debt repayments that were previously being made. All interest and charges will be frozen during the course of the IVA, and at the end of the five year period the arrangement is concluded and the remainder of the creditors’ debts are written off.
Lump Sum Settlement IVA
An alternative to a voluntary contribution IVA, the lump sum IVA involves the payment of a one-off lump sum in full settlement of the debts. Such a proposal may be suitable where maximum offer for a remortgage or secured loan for consolidation is not enough, or a family member is prepared to make a one-off payment that generates a higher dividend than if monthly payments were made or where there is equity in a property that can be re-mortgaged. A lump sum IVA may be attractive to creditors, as it will enable them to be paid in a matter of months rather than waiting for up to five years.
Monthly Contribution + Lump Sum IVA
Where a client may have substantial debts and could only offer a low monthly contribution in their IVA, but own their own property, FFO Debt Solutions may be able to negotiate a lower monthly contribution with a lump sum paid towards the end of the IVA. This can be arranged by way of a re-mortgage.
FAQs
Can I protect my house?
An IVA prevents creditors from taking action against you and your property. However, before the end of the IVA it may be necessary for you to introduce a sum of money into the arrangement in place of a proportion of your share of equity in your property. This is normally done by remortgaging your property. If remortgaging is not possible, you may be able to extend the arrangement for a further twelve months during which you time you pay additional contributions in place of equity.
How do the IVA fees get paid?
As soon as you decide to proceed with an IVA then your payments to creditors cease and contributions towards your IVA start. These will be set at a figure which you have agreed you can afford. It takes around 6 - 8 weeks to set up an IVA and your first two payments will be treated as a deposit towards our Nominees fees. Once your arrangement is approved you will only pay the monthly contributions agreed by your creditors.
Example : 60 monthly contributions of £300 = £18,000. Our fees are agreed with creditors and will be taken from your monthly payments.
Do I need to open a new bank account?
Yes, if you have debts with the same bank. Creditors have the right of set-off, which means they can take your wages to "set-off" against other monies owed to them. If you are not overdrawn and do not have loans or credit cards with your bank then you do not need to open a new bank account.
Please open a bank account with no overdraft facility. Creditors will generally insist that you do not incur future credit which includes allowing your bank account to be overdrawn. For help with opening a bank account see bank accounts
Is my IVA likely to be approved?
Yes, we would not recommend an IVA as a solution if we did not believe it had more than a reasonable chance of being approved. It would be unfair to you and a waste of everybody's time and energy. It is rare for any of the IVA's that we assist with to be rejected as creditors are generally willing to negotiate.
However, if the IVA is not approved you can put forward other solutions to your creditors including debt management and also bankruptcy. We will continue to help you.
How does this affect my credit rating?
An IVA will be on your credit record for six years which is the same length of time as any other adverse credit is recorded.
Will I still be able to obtain credit?
The IVA proposal normally states that you can only get credit if your Supervisor allows you to do so. This does not normally apply to individuals in business who can demonstrate that they need credit to be able to continue trading.
Will my creditors stop contacting me?
Yes, once your IVA is approved all further contact from creditors should cease. It may take a while for creditors to amend their systems but within 1 to 2 months of the IVA starting, all communication from your creditors will stop. Creditors are legally bound into the terms of an IVA, consequently preventing them from pursuing you for the debt.
Can my arrangement be brought to an early conclusion?
Yes, we can convene a variation meeting to offer a sum of money in full and final settlement of your obligations under the IVA. The sum of money could be raised by:
What happens if I can't pay my contributions?
If you find you cannot maintain your payments, we can ask creditors to agree to a reduced payment or a payment holiday. Your IVA proposals will be drafted to include the power to put revised proposals to creditors.
We also offer contributions insurance which will cover your contributions for a period of twelve months, if you are unable to meet your contributions due to accident, sickness or unemployment. It is important that you keep us informed of any problems. We understand that most of us encounter unforeseen problems and we need to know so that we can help.
Who gets to know about my IVA?
Unlike bankruptcy your IVA is not advertised in a newspaper. Your employer will not know unless you choose to tell them. Your IVA is however, registered and this may be picked up by credit reference agencies who will note your IVA on your credit reference file.
What are downsides of an IVA?
The payment period for an IVA is normally 5 years unless creditors agree an early settlement. In Bankruptcy Income contributions are for a period of three years only. The extra 2 years of contributions with an IVA mean that creditors get a better payout which is why they support IVA's.
You have to make sure that you can afford to meet your contributions. If you fail to pay your contributions, and there is no reasonable explanation for the failure, your arrangement may fail. Creditors will no longer be bound by the arrangement and can pursue you for the full amount of their debt. Failure of the arrangement could also mean that the Supervisor has to petition for your bankruptcy. If you cannot meet your payments through hardship, we will always strive to vary or settle the arrangement, rather than fail it.
Our Debt Plan Advisors will visit you in your home and collect all the financial information we require to formulate your own Debt Management Plan, designed just for you. get started here by completing this simple form
Our Debt Plan Advisors will visit you in your home and collect all the financial information we require to formulate your own Debt Management Plan, designed just for you. get started here by completing this simple form
An IVA is a legally binding arrangement with your creditors which allows you to repay your debts in affordable monthly payments over a fixed period of time, usually five years.
Your IVA proposals are put forward to creditors in a document called proposals. The proposals are lodged into Court and your creditors also receive a copy. If your assets are at risk because of action taken by creditors, we can apply to court for an Interim Order, which means that creditors cannot commence or continue with any action against you and your assets unless the Court permits them to do so.
A meeting of your creditors is held and creditors are able to vote on whether to accept, alter or reject your proposals. As long as you proposals demonstrate a genuine desire to repay as much of your debt as you can afford, it is likely that creditors will accept your IVA.
Once your IVA is approved all interest and charges on your unsecured debt is frozen. If creditors accept that you can only repay a proportion of your debt, the balance of your debt will be written off as long as you keep to the terms of your agreement.
The advice you receive is free, any charges for progression of an IVA are approved up front with yourself and your creditors. Missed payments can bring your IVA to an end and could result in bankruptcy. Your home is at risk if your IVA fails.
- Ideally suited for unsecured debts over £15000
- Potentially write off a percentage of the overall debts
- Debt free within 3 – 60 months
- Safeguards house & car and avoid the consequences of bankruptcy
Monthly Contribution IVA
This is where the individual offers monthly voluntary contribution payments for a period of up to five years. The amount that is offered is whatever the individual can reasonably afford, can be as little as £250 per month and will usually be substantially less than debt repayments that were previously being made. All interest and charges will be frozen during the course of the IVA, and at the end of the five year period the arrangement is concluded and the remainder of the creditors’ debts are written off.
Lump Sum Settlement IVA
An alternative to a voluntary contribution IVA, the lump sum IVA involves the payment of a one-off lump sum in full settlement of the debts. Such a proposal may be suitable where maximum offer for a remortgage or secured loan for consolidation is not enough, or a family member is prepared to make a one-off payment that generates a higher dividend than if monthly payments were made or where there is equity in a property that can be re-mortgaged. A lump sum IVA may be attractive to creditors, as it will enable them to be paid in a matter of months rather than waiting for up to five years.
Monthly Contribution + Lump Sum IVA
Where a client may have substantial debts and could only offer a low monthly contribution in their IVA, but own their own property, FFO Debt Solutions may be able to negotiate a lower monthly contribution with a lump sum paid towards the end of the IVA. This can be arranged by way of a re-mortgage.
FAQs
Can I protect my house?
An IVA prevents creditors from taking action against you and your property. However, before the end of the IVA it may be necessary for you to introduce a sum of money into the arrangement in place of a proportion of your share of equity in your property. This is normally done by remortgaging your property. If remortgaging is not possible, you may be able to extend the arrangement for a further twelve months during which you time you pay additional contributions in place of equity.
How do the IVA fees get paid?
As soon as you decide to proceed with an IVA then your payments to creditors cease and contributions towards your IVA start. These will be set at a figure which you have agreed you can afford. It takes around 6 - 8 weeks to set up an IVA and your first two payments will be treated as a deposit towards our Nominees fees. Once your arrangement is approved you will only pay the monthly contributions agreed by your creditors.
Example : 60 monthly contributions of £300 = £18,000. Our fees are agreed with creditors and will be taken from your monthly payments.
Do I need to open a new bank account?
Yes, if you have debts with the same bank. Creditors have the right of set-off, which means they can take your wages to "set-off" against other monies owed to them. If you are not overdrawn and do not have loans or credit cards with your bank then you do not need to open a new bank account.
Please open a bank account with no overdraft facility. Creditors will generally insist that you do not incur future credit which includes allowing your bank account to be overdrawn. For help with opening a bank account see bank accounts
Is my IVA likely to be approved?
Yes, we would not recommend an IVA as a solution if we did not believe it had more than a reasonable chance of being approved. It would be unfair to you and a waste of everybody's time and energy. It is rare for any of the IVA's that we assist with to be rejected as creditors are generally willing to negotiate.
However, if the IVA is not approved you can put forward other solutions to your creditors including debt management and also bankruptcy. We will continue to help you.
How does this affect my credit rating?
An IVA will be on your credit record for six years which is the same length of time as any other adverse credit is recorded.
Will I still be able to obtain credit?
The IVA proposal normally states that you can only get credit if your Supervisor allows you to do so. This does not normally apply to individuals in business who can demonstrate that they need credit to be able to continue trading.
Will my creditors stop contacting me?
Yes, once your IVA is approved all further contact from creditors should cease. It may take a while for creditors to amend their systems but within 1 to 2 months of the IVA starting, all communication from your creditors will stop. Creditors are legally bound into the terms of an IVA, consequently preventing them from pursuing you for the debt.
Can my arrangement be brought to an early conclusion?
Yes, we can convene a variation meeting to offer a sum of money in full and final settlement of your obligations under the IVA. The sum of money could be raised by:
- Remortgaging your property
- Funds from a relative
- Cash in policies (Subject to getting you expert investment advice)
What happens if I can't pay my contributions?
If you find you cannot maintain your payments, we can ask creditors to agree to a reduced payment or a payment holiday. Your IVA proposals will be drafted to include the power to put revised proposals to creditors.
We also offer contributions insurance which will cover your contributions for a period of twelve months, if you are unable to meet your contributions due to accident, sickness or unemployment. It is important that you keep us informed of any problems. We understand that most of us encounter unforeseen problems and we need to know so that we can help.
Who gets to know about my IVA?
Unlike bankruptcy your IVA is not advertised in a newspaper. Your employer will not know unless you choose to tell them. Your IVA is however, registered and this may be picked up by credit reference agencies who will note your IVA on your credit reference file.
What are downsides of an IVA?
The payment period for an IVA is normally 5 years unless creditors agree an early settlement. In Bankruptcy Income contributions are for a period of three years only. The extra 2 years of contributions with an IVA mean that creditors get a better payout which is why they support IVA's.
You have to make sure that you can afford to meet your contributions. If you fail to pay your contributions, and there is no reasonable explanation for the failure, your arrangement may fail. Creditors will no longer be bound by the arrangement and can pursue you for the full amount of their debt. Failure of the arrangement could also mean that the Supervisor has to petition for your bankruptcy. If you cannot meet your payments through hardship, we will always strive to vary or settle the arrangement, rather than fail it.
Our Debt Plan Advisors will visit you in your home and collect all the financial information we require to formulate your own Debt Management Plan, designed just for you. get started here by completing this simple form
Call 07575 019 057 for Debt Help Today
Debt Management Plans
Our debt management service offers free confidential advice to help you find a solution to your financial difficulties. We specialise in clearing our customers’ unsecured debts through affordable monthly payments.
We will allocate you a fully trained personal advisor. Their job is to talk through your current situation and devise a Debt Management Plan to help get you back on your feet. Usually all interest and charges will be frozen, and typically the new payment amount under a debt management plan is half the amount the client is currently paying, but will depend on the individual circumstances.
We can help customers -
Our Debt Plan Advisors will visit you in your home and collect all the financial information we require to formulate your own Debt Management Plan, designed just for you. get started here by completing this simple form
Our Debt Plan Advisors will visit you in your home and collect all the financial information we require to formulate your own Debt Management Plan, designed just for you. get started here by completing this simple form
We will allocate you a fully trained personal advisor. Their job is to talk through your current situation and devise a Debt Management Plan to help get you back on your feet. Usually all interest and charges will be frozen, and typically the new payment amount under a debt management plan is half the amount the client is currently paying, but will depend on the individual circumstances.
We can help customers -
- Who have overstretched themselves with credit cards, loans or overdrafts.
- Whose monthly expenditure now exceeds their monthly income
- Who are using credit cards to pay off other debts or to pay for items they previously bought with cash
- Who have had a consolidation loan refused
- Whose circumstances have changed due to a divorce, separation, bereavement, loss of job or overtime
- Who feel like no one is listening
Our Debt Plan Advisors will visit you in your home and collect all the financial information we require to formulate your own Debt Management Plan, designed just for you. get started here by completing this simple form
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