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Debt Counselling

64 Helped Today! - 19/09/18

debt counselling

When personal debt gets out of control, it can be difficult to know where to turn for help. Expert debt counselling specialists are available to offer advice and help individuals devise a reasonable debt management plan based on their unique set of circumstances.

By completing the convenient form above, a skilled debt management advisor will be able to present suitable options to help individuals get out and stay out of debt.

Debt Counselling can help people formulate a plan with the goal of becoming debt free, but it is important to schedule an initial meeting with a counsellor and have certain information on hand including:

  1. Details of all of your debts of any kind will be needed for counsellors to help come up with a course of action.
  2. Counsellors will need proof of total income including any benefits and pensions.
  3. A list of household bills like utilities and food will be needed including information on any that are past due.
  4. Information on any assets such as houses and vehicles will be needed as well.

How Does a Debt Management Plan Work?

There are a number of variations on debt management plans, and debt counselling can help select the right one.

  • A single monthly payment can be made to the debt counselling office, and it will be divided among creditors until all debts are paid or settled.
  • Counsellors will contact creditors with a proposal for reduced payments, and creditors often agree to the terms.
  • Debt management plans allow people ample money to live on from month to month as they climb out of debt.

What about Bankruptcy?

Bankruptcy is a form of insolvency in which an individual has unsecured debts that are greater than the individual’s assets. Unsecured debts are things like credit cards and personal loans, and assets are things like houses and cars. Bankruptcy allows all unsecured debt to be written off and a fresh start to be made; however, no other credit may be issued or loans taken out for 1 to 6 years depending on the creditor. Some assets may have to be sold to offset some of the debt, but items needed for day-to-day living may be kept. Often debt counselling professionals only recommend bankruptcy in extreme cases.

How are Individual Voluntary Arrangements (IVA) Different from Bankruptcy?

People who have a sustainable source of income or a lump sum to distribute among creditors may qualify for an IVA when their debts are greater than the value of their assets. A qualified debt management advisor will draw up a repayment proposal for creditors who will either accept or reject it. Proposals that are accepted become legally binding contracts. However, in situations where assets are greater than debts, a debt management plan is best to keep an individual’s credit rating from being affected. It is a good idea to contact debt counselling advisors before debt becomes so steep that an IVA is necessary.

Why Talk to a Debt Management Advisor?

debt counsellors
  • Debt counselling professionals will do everything possible to help avoid a bankruptcy or IVA.
  • Counsellors can educate those in debt and help them stick to an affordable monthly payment plan to reduce debt.
  • The debt management plan usually succeeds in having all charges and interest cancelled.
  • Many people who stick to the plan become debt free within 5 years.
  • Harassing letters and phone calls can be stopped once a debt management plan is in place and working.

Debt counselling professionals can help just about anyone dig themselves out of debt. The key is to complete the easy form above to get started on a course of debt-free living. Qualified debt management advisors have been able to surprise people who think their situation is hopeless by organizing a reasonable debt management plan that is feasible and uncomplicated.

Other Services:

At www.Debt-Management-Site.com we do not give advice. On completion of our form, we will introduce you to one of our authorised debt solutions partners. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not www.Debt-Management-Site.com. All solutions are subject to acceptance and eligibility. Further conditions will apply and calls are recorded for your protection. Initial advice is always free but, as commercial companies our partners do charge for on-going services. Debt Write off only applies on completion of the Insolvency Solution and details do appear on a public register. Full details will be discussed prior to entering into an agreement and alternative options may be offered, where considered to be in your best interest. Your ability to obtain credit will be affected for 6 years, even if the solution lasts for less and your assets and property could be at risk.

To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up by the Government to help people manage their money.

All debt solutions should be very carefully considered. www.Debt-Management-Site.com never charge for the advice we give you, but if you enter an Individual Voluntary Arrangement (IVA) or Debt Management Plan with one of our partner companies, then fees will apply and these are made clear by our advisors or in the documentation you receive. Retained payment may place you further into arrears. www.Debt-Management-Site.com partners all comply with the Financial Conduct Authority rules and principles of business and you have the right to a cooling off period of 14 days. It is likely that your ability to obtain credit will be affected for 6 years, even if the solution lasts for less.

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