Debt Management Companies UK and US - Find The Best Debt Management Co

How Debt Management Plans Work:
Using A Debt Management Co

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Debt Management Companies in UK
Debt Management Companies in US

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And What Is The Definition Of Debt Consolidation

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Debt Management Plans are one of the most popular informal arrangements for dealing with debt in the UK and the US. These are only available for unsecured debts (ie you can't use them for your mortgage or secured loans). So this solution will only really apply for dealing with your Secondary Creditors.

To get help from Debt Management Companies you must have some money available each month in addition to what you need to cover your priority creditors (see page on prioritising creditors). So if you have done a Personal Financial Statement, check that it shows you have some surplus income left after paying your priority creditors before you sign up for any type of debt program.

If your available income is low, you may need to look at Debt Settlement instead if you are US based, or for UK residents, you should consider an IVA. Both of these options involve writing off substantial proportions of your main debt.

What Are Debt Management Plans?

Debt Management Plans (DMPs) are informal arrangements set up with your creditors to pay them back what they are owed in regular installments, usually at a reduced rate. While it is possible to set up such arrangements with each creditor yourself, a DMP involves using a Debt Management Company to deal with your creditors and negotiate with them on your behalf. The advantage being that they are obviously very experienced in negotiating with creditors and the new terms they agree for you ought to more than make up for the fact that you have to pay for their services.

This can be particularly useful if you are not confident about negotiating with creditors and you want to be free from the hassle of your creditors chasing you. While some DMPs can appear to be free, the debt management company will usually build their fees into the monthly payments that you have to make. Any reputable company will be totally up front about their fees and how they are paid.

Advantages of Using Debt Companies:

The negotiations with creditors is done for you by an advisor from the company

Your creditors should stop hassling you

You only have one regular affordable payment to make instead of lots of separate ones

They can be used for all unsecured debts, such as personal loans and credit cards, which can mount up quickly even with the best credit card deals

It is often possible to freeze or reduce interest charges

It avoids borrowing more money to pay off existing debts

A debt management company may help to prepare your financial statement if you are not confident about this

The informality of the agreement should mean you have more flexibility to adjust payments if you circumstances change, or cancel it at any time

Other Considerations with Debt Management Companies

As with any commercial solution to debt, the debt management company will charge for their services, usually in the form of an admin fee included in your monthly payment

Unlike an IVA, a DMP is an informal agreement, so your creditors cannot be forced to agree to participate

You still have to deal with your Priority Creditors, as DMPs only deal with Secondary Creditors

Debt Management Companies:
Points To Check Before Committing Yourself:

Approach more than one company (see recommendations below) and compare the payment plans they can offer

Before you sign up, make sure you are aware of any fees, including any which are payable up front

Check to see if you can cancel the agreement whenever you want to

Recommendations For The Best Debt Management Co

You should ensure that you get advice and quotations from two or preferably three debt management companies so that you can compare what is being offered and make a decision based on which provides the best value for you.

To help you avoid some of the companies that are likely to just give you advice based on what will bring them the biggest profit, I have recommended some of the best debt management companies, who are all reliable, good value and reputable.

Remember - Debt Management Plans are only suitable if you have considerable unsecured debt to several different creditors. They do not apply to secured loans or mortgages. You should also have a steady income and some money spare to put towards a regular monthly payment.

The following recommendations are for some of the best debt management companies in the UK and US. The US ones are listed first, with the UK ones below.

It is important to select a company that operates in your own country or they will not be able to help you.

Debt Management Companies In The UK:

Remember - Ideally Apply To More Than One Of These And Compare Offers

Top Recommendation: NoDebtNow

You can apply for advice on a debt management plan, IVA or trust deed from NoDebtNow direct from this site by completing the Online Form at the bottom of this page.

NoDebtNow are our top recommendation because they are one of the most respected and effective debt management companies in the UK. They are highly reputable, being members of the Debt Managers Standards Association (DEMSA) which is approved by the Office of Fair Trading for protecting the interests of consumers.

To be eligible for help you should be struggling with unsecured debts of £2,500 or more and seeking debt help (not a loan).

Apply to NoDebtNow by using the Online Form below, or alternatively you can visit their website or call them on (0800) 473 0636.

Highly Recommended: 123DebtSolutions

This company specialise in helping UK residents to get out of debt. They work with a range of leading debt specilaists to offer a variety of solutions including debt management plans, consolidation loans, IVAs (for debts over £15,000) and trust deeds (for residents of Scotland).

An experienced debt advisor will be appointed to deal with you throughout the process and you will get regular updates to show you exactly how things are progressing. They will stop your creditors contacting you and try to reduce the interest charges you pay.

To be offered a debt management plan by 123DebtSolutions, you will need to have at least £3,000 worth of unsecured debt to at least two creditors. Visit their website and click on 'Get Help' to apply for debt help.

Debt Management Companies UK:
Money Advice Group

Well respected and excellent value, Money Advice Group have very experienced debt advisors who will go through your finances with you and give you honest advice on which debt solution is going to get the best result for your particular situation.

To apply for a Debt Management Plan you must be:

UK Resident

over 18 years of age

Be struggling to pay debts of at least £5,000 to two or more creditors

To find out how they can help, just visit their website and complete the 'Debt Test' form on the right of page. They will then make contact with you within 24 hours to work out the best solution to your problem. Make sure you complete all fields on the form fully and accurately to prevent errors or delays.

US Debt Management Companies
(see above for UK):

CuraDebt (US Only)

Read a full Review of CuraDebt here

I am making only one rcommendation for US companies, because Curadebt stand out head and shoulders above the rest. Without doubt one of the largest and most experienced debt companies in the US, CuraDebt are unusual in offering both debt management and debt settlement, so they can offer whichever option works best for your particular circumstances.

Curadebt have been helping US citizens with money problems since 1996 and have a proven track record of success. One advantage of this is that they already have established relationships with many of the most common creditors. Curadebt have already helped thousands of people to take back control of their finances and become financially solvent again.

Curadebt are unusual in providing you with a written guarantee of results. They also undertake business debt settlement for people who run companies that are experiencng debt problems.

Minimum Requirements For Help From Curadebt

For Curadebt to be able to help you, you must have at least $5,000 worth of unsecured debt. Curadebt can assist people in all US states EXCEPT CO, CT, DE, GA, IA, ID, IL, KS, KY, MD, MN, MS, MT, NH, NJ, SC, UT or WI.

How To Apply To Curadebt

The online application takes literally seconds, with just eight fields to complete. Just fill in the very simple online form, and then you will get an automated phone call which is just to verify your phone number. This message will give you a PIN number that you need to enter to validate your application. Please note, it is very important to complete the application form accurately and to respond to the verification message, otherwise your application will not be followed up.

Once your application is validated, an experienced debt advisor will get in touch to go through your finances with you.

Apply For UK Debt Help Now

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, NoDebtNow
Just submit the form and an advisor will get straight back to you

Use This Form To Apply For Debt Management Plans and IVAs Only

If you have debts of LESS than £2,500 please complete our alternative Online Form instead

If you wish to consider the option of a consolidation loan, please complete the form on the Loans page

Please Only Submit If You Are A UK Resident

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Debt Management Companies

Finding The Best Debt Management Co

How Debt Management Plans Work:Using A Debt Management Co

Complete Our Online Form (below) To Get Debt Help Now(UK Residents Only)

Or Go Straight To The List Of Recommended Debt Management Companies in UK Debt Management Companies in US