How Does Debt Management Work?
Debt management works by taking all the debts that you owe and reducing it down to one manageable monthly payment. We speak to all your creditors to reduce interest and charges, lowering the amount of debt you owe. We also work out what you can afford to pay each month and distribute this amongst your creditors, to make sure that you are not left struggling.
We Deal With Your Lenders
When in debt you can constantly be pressured to make repayments you cant afford by your creditors, this then causes you to miss payments or take out more debt to pay off other creditors. We take all of this away from you. We will speak to all of your lenders and explain the position you're in. We speak to them to come up with manageable solutions to deal with your debt, lower interest and reduce charges. We can also offer you support and guidance in how to deal with these situations.
Dedicated Finance Manager
We understand that getting into debt is a traumatic experience, and often caused by events outside of your control. We are here to help. When dealing with your debts you will have one dedicated finance manager to give you the guidance and support you need, and to make sure that you are fully informed every step of the way. We will make sure that you only pay one affordable monthly payments and we will work hard to freeze your interest payments and charges.
What Is An IVA
An individual voluntary agreement or IVA is a form of debt management. Its less severe than becoming bankrupt instead offering a more flexible solution to manage your debt problems. Formal agreements are drawn up to help you repay your debt, which can include the freezing of interests and charges. An in some cases may even help to lower the overall amount of the debt you owe.
Who Can Have An IVA?
You can set up an IVA if you owe more than 15,000 to creditors on unsecured debts. You may still be eligible for an IVA if you have a mortgage or secured loan however theses won't be included. If you owe money to two or more creditors and are struggling to reduce your debts. However you must be a resident of England, Wales or Northern Ireland.
What Are The Benefits Of An IVA?
IVA agreements are tailored to fit your needs perfectly, for this reason they are the best way to avoid bankruptcy. They make sure that you can afford your repayments and allow you to keep your house. If the debts are in your business the IVA also allows you to continue trading to pay off the debts. However they are limited to five years, and if you do not keep up to date with your repayments you may still end up filling for bankruptcy.
Consolidate Your Debts
Consolidating your debt into one monthly payment will allow you to pay off your debts simply and easily. It will allow you to better manage your money and will mean that your repayments are structured and organised so you aren't left struggling.
We are hear to take away the stress of dealing with creditors and to make sure that your debt is managed in the best way for you. We can help you manage debt with credit cards, store cards and catalogues as well as loans. You will have a dedicated finances manager who will work to reduce your charges and interest.
The best chance you will have to clear your debts is to be completely honest with us. We won’t judge you and will endeavour to give you as much information as we can on which solution may work best for you. We want to help you make an informed decision so you can solve your debt problems.