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Debt Management in the UK
Debt management, as defined in the UK, is a course of action
where a reduction in repayment amount and/ or interest charges
is negotiated with unsecured creditors, when you are no longer
able to meet your repayment requirements.
For some background, it's interesting to note that in the UK 18%
of households are in arrears and are unable to pay their credit
bills or make monthly payments on time. According to recent UK
statistics, in the 12 months after personal debt exceeded £ 1
trillion for the first time in July 2004, total personal debt in
the UK has risen to £ 1.1 trillion. This amount is equivalent to
a £ 1 million increase every 4 minutes. Aside from the harsh
statistics the reality of bad debt for most people is an
increased level of stress, leading to ill-health, depression or
mental illness or, in extreme cases, even suicide.
For many people who find themselves in a situation where they
are simply no longer able to cope with their financial
obligations, a debt management plan can be a solution where they
can reduce their monthly repayments, avoiding bankruptcy, and
providing relief from the stress of being in arrears every
month. Furthermore your commitments are simplified and you will
be able to deal with your creditors as a whole instead of
individually.
Debtsolver offer debt management plans for individuals who are
resident in the UK i.e. England, Ireland, Scotland and Wales, as
well as the Channel Islands and Isle of Man. It should be
stressed that debt management plans are only available on
unsecured debts, and does not apply to secured loans such as
mortgages, some car finance packages, Hire Purchase agreements
and leases. If you fall into the latter category, we would urge
you to contact us anyway, as we may be able to find an
alternative solution.
Although debt management negotiations can take place informally,
in the end you as the debtor would enter into a new contract
with your creditors. You would need to provide evidence that any
previous contractual liabilities can no longer be met. This
means that the you would usually need documentary evidence of a
change of financial circumstances, for example due to job loss,
bereavement, ill-health or other crisis that has led to a
substantial drop in salary or income.
The reduced monthly payment is shared between your creditors,
who benefit because they can avoid either expensive legal
proceedings or court appearances, or paying fees to debt
collectors. Bankruptcy can be a costly and drawn-out process in
the UK, and debt management is usually a better financial
alternative for your creditors, so they will often extend
favourable repayment terms to avoid this.
It's important to realise that unlike debt consolidation, debt
management is not a new
Associated Websites
loan; it's a negotiated settlement with
your creditors whereby you will usually make a reduced monthly
payment that is shared between them. Debtsolver's personal
advisors will help with the debt management process and can
handle difficult negotiations on your behalf. A Summary of the
Debt Management Process
Debtsolver will make a complete appraisal of your finances and
any other relevant circumstances, including monthly incomings
and outgoings, as well as reviewing your list of creditors. It
will help if you can provide any other relevant evidence such as
letters from your employer, your doctor, medical bills or any
other documentary evidence of the circumstances that led to your
inability to meet your debts.
We will then summarise this information to come up with a
monthly payment schedule that you can reasonably afford and
offer to your creditors.
We will then approach your creditors on your behalf with a debt
management plan, and usually be able to negotiate a reduced
monthly payment plan.
The plan will continue until your debts are cleared or until you
wish to voluntarily end the arrangement. The most common reason
for this being an improvement in financial circumstances
enabling a client to leave the plan and revert to their original
monthly payments.
Debt Management Plan Criteria:
For us to be able to negotiate a debt management plan on your
behalf, you would usually meet the following criteria:
Due to an unforeseen change in circumstances, it's no longer
possible for you to meet your financial obligations.
You are ready to commit to a negotiated monthly repayment that
you can afford, and that your creditors are satisfied with, and
in any case not less than £ 200 per month. Your total
commitments should not exceed £ 10,000.
You have at least three different creditors with whom you have
unsecured loans or debts.
A debt management plan can reduce your monthly outgoings, and
simplify all your different repayments into one monthly lump
sum, provided certain criteria are met. As well as saving you
money, this can reduce the stress and anxiety of dealing with
multiple creditors. For more details about a debt management
plan, or for any other enquires, contact us at Debtsolver UK.
About the author:
Debtsolver is a UK company providing resources and information
on Debt
Management UK, Debt
Consolidation UK, Debt
Problems UK and IVA & Debt
Advice
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