If you have large debts, a debt management plan could be the best way to get your finances back on track.
The plan is an informal agreement between you and your creditors, where we request they accept lower monthly payments that are more realistically suited to your financial circumstances. Lenders may also be willing to freeze any interest and charges you have on your debts.
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If you are struggling with unsecured debt, this could be the solution to your problems.
A debt management plan will make your finances so much easier to manage. You will be assigned to a Financial Solutions Advisor, who will be able to provide you with advice and assistance with your finances so you will never feel like you are facing your problems alone. Your Advisor will set up and administer your plan and provide you with advice every step of the way.
A debt management plan is essentially a payment plan, albeit one that is clearly structured, showing what you owe, who you owe, how much you will pay each month and most importantly when your debts will be paid off. This puts you on the path to a regaining control of your finances.
Tailored Debt Management
By tailoring a solution to your financial circumstances, a debt management plan is unique to you. To ensure the payments on your plan are affordable, your Financial Solutions Advisor will look at all aspects of your monthly household income and essential expenditure and work out what you can realistically afford to use to pay towards your debts each month.
Once your financial circumstances have been assessed, they will negotiate with each of your creditors, to come to an agreement about repaying your debts each month at a reduced rate. They will also negotiate to have any interest and charges either frozen or reduced.
Think smarter, a debt management plan could be the ideal solution to solve your problems. It is a simple solution that doesn’t require you to take out another loan.
With regard to debt problems, we understand that not one problem is the same, it is for this reason there is a comprehensive range of debt solutions available including:
Debt Management Plans
For those struggling to repay unsecured debt each month, a debt management plan could be the answer, allowing you to repay your debts at a speed you can realistically afford. This will make your finances easier to manage and you will never feel like you are facing your debt problems alone, practical advice and assistance will always be just a phone call away.
It takes away the stress of having to deal with your creditors directly, you make just one monthly payment to us and we distribute it to each of your creditors on your behalf.
Individual Voluntary Agreements (IVAs)
There is help for those who owe £15,000 or more in unsecured debts and for whom a debt management plan is unsuitable with an Individual Voluntary Agreement (IVA). Unlike a debt management plan, an IVA is a legally binding agreement and offers greater protection from your creditors. However with an IVA there are greater implications and for this reason they are not designed for all. If an IVA is the right solution for you, a monthly payment plan will be set up for 5 years and your creditors will not be able to pursue for further repayment of your debts. An IVA is designed as a safer alternative to bankruptcy.
For those in Scotland struggling with a substantial amount of debt, a Trust Deed is another solution. Like an IVA in England and Wales, a Trust Deed is designed for those who owe too much for a debt management plan to be suitable.
A Trust Deed is a recognised alternative to Sequestration and is a legally agreement between you and your creditors. With a Trust Deed, you will agree to pay one reduced monthly payment for all of your debts over a fixed period and your creditors will agree not to pursue you for further repayments.
Debt Relief Order
It is possible for those in severe financial difficulties and with a very low income to administer a Debt Relief Order. Debt Relief Orders are designed for those with serious debt problems who are unable to repay their debts over a reasonable amount of time, so to be accepted for one you must meet very strict criteria.
To be considered for a Debt Relief Order, you must owe less than £15,000 in unsecured debts, cannot be a homeowner, must have no more than £300 worth of assets and have less than £50 a month income left over after you have paid all of your living costs and essential expenditure.
If you are juggling multiple debts on credit cards, store cards, loans and Hire Purchase (HP) agreements, debt consolidation is a good option.
Debt Consolidation combines all of your monthly debt repayments into one simple monthly payment. It is ideal if you are repaying multiple debts as you may be paying over the odds in interest and will also be dealing with many different creditors. Debt Consolidation simplifies this and we will find you the best value debt consolidation loan for your financial situation.
Reclaim Mis-sold PPI
If you have taken out a loan, credit card or store card in the last ten years, you could have been mis-sold Payment Protection Insurance. The Financial Services Authority (FSA) estimates that millions of people were mis-sold PPI over the last ten years. Customers were routinely mis-sold the insurance as it either didn’t suit their needs or they were provided with incorrect information at the time of the sale. You can reclaim the money you have paid out for this insurance.
Help and Advice
If you are struggling with debt, contact a Financial Solutions Advisors for advice and practical debt assistance. Experienced debt management consultants can provide you with a no obligation financial assessment and advise you one of our debt management solutions. Not all debt problems are the same so using debt management expertise, you will be advised on the debt solution that will best suit your financial situation.
If you are struggling with your finances and debts are getting the better of you, you should apply now. We’ll help you find no obligation financial advice and practical debt assistance and a no obligation financial assessment to determine which solution will best suit your financial circumstances.
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