Debt Management Advice
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What is Debt Management?
Debt management is an informal arrangement between you and your creditors, negotiated by us on your behalf.
We take details of your debts, income and outgoings, and provide proof to your creditors that you can't afford current repayment levels.
You make one affordable payment to us, which we distribute to your creditors.
Typically, the new payment is half your existing payments, but will depend upon individual circumstances.
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Why Debt Management?
Lower payments
Payments are based on disposable income once essential outgoings such as rent and food are budgeted for. Many non-obvious items can be included as essential living expenses, please contact us for full details.
One payment
Less hassle, you pay us and we forward payments to your creditors either weekly or monthly.
No need for creditors to contact you
You can advise your creditors that National Debt Advice are dealing with your debts and your may refer any correspondence from your creditors to us.
Flexibility
If your financial circumstances change for the better or the worse, you may adjust payments in the debt management programme accordingly. Remember Debt Management is not a contract.
No charges for late or missed payments
Often we can achieve to have interest payments stopped at the point of entering the debt management plan.
No need get involved in legal proceedings
Unlike an IVA, debt management is an informal agreement, not involving the courts nor requiring high minimum debts or repayment levels.
Debts We Can Help With
Debts other than from unsecured borrowing can be included in debt management or IVA proposal. Below is a list of debts that we can help with.
- Unsecured loans - Meaning, loans not secured on a property or subject to a hire purchase agreement. If you fail to make hire purchase payments, for example on a car, then the hire purchase company can repossess the goods.
- Overdrafts
- Credit Cards
- Store Cards
- Solicitors Fees - Only if they are no longer acting on your behalf.
- Vets, Doctors, Dentists, School Fees - Only if no longer using the service.
- Mortgage shortfall - Not your current property, but one you sold for a loss or has been repossessed.
- Hire Purchase shortfall for car -Only if you no longer have vehicle or have had it repossessed or have voluntarily surrendered back to finance company.
- Items on Hire Purchase in some circumstances - Only when the Item has been return and money is still owed, or it is impractical for the vendor to reclaim the item, for example a fitted carpet.
- Department of Works and Pensions - Overpaid council rent, benefits or social loan, Only if your no longer in receipt of benefits.
- Private landlord rent - Only if you are no longer living at the property.
- Utility bills from previous address(s) - Only if you have a new supplier. If you have same supplier at your new address you must come to a direct arrangement with the supplier.
- Disconnected mobile phone bills.
- Business debts - Only if the business is no longer trading.
- Catalogue arrears - if no longer using the service.
- Shopacheck, Provident, Greenwoods - Plus other doorstep lenders.
Why Use National Debt Advice?
We handle 1000's of enquiries per month , and as one of the UK leading debt solution companies, offer a range of solutions .
Therefore you can be assured we recommend debt management only when it is the most appropriate solution for you. We are licensed under the 1974 consumer credit act, who issue guidance to ensure that our advice is ethical and professional. |
