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Using A Debt Management Helpline

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Debt Management Helpline

There are hundreds of debt management companies out there, all boasting skilled advisors willing and able to solve all your financial problems, but who can you really trust? This website is dedicated to providing free, unbiased help and advice on how to deal with debt problems, including how to make sure you select a reliable debt advisor.

When debt overwhelms you it can often lead to inactivity through not knowing what to do or where to go for advice. The most important thing is to act as quickly as you can, because debt will only continue to escalate if left unaddressed. Once you have decided to seek help, the most important decision you will make is with regard to which debt management organisation to work with.

One of the reasons why this decision is so important is that it is very easy to end up with one of the many debt management helplines and websites that have sprung up in recent times, which are actually only money making schemes that are unlikely to deliver what they promise. The danger is that you take advice from a company that is really only advising you to do what will allow them to make the most money out of you. The last thing you need when you are in debt is a dodgy payment plan that involves over the top fees, keeping you in debt for much longer than you ought to be.

What this site will help you do is to understand the options open to you, so you can make an informed decision about the type of help you probably need, and honest advice on how to go about making sure you get help from a trustworthy source. As with most services, it is beneficial to shop around before making any decisions. You should apply to a few debt management companies that you know to be honest and reputable, and only make your mind up when you have had proposals and advice from these.

You can find a list of some of the most reputable debt management companies on the main Debt Management page of this site.

Debt Management Helpline – How Debt Management Works

It is worth having an understanding of what debt management is before you seek help, so that you have more idea of what to expect and what to look for. Debt management is a specific form of help and may not be suitable for your situation. That does not mean there may not be something else that is more appropriate, but it pays to have an understanding of these things first.

When you contact any debt management helpline they first of all want to go through your financial circumstances in some detail, in order to be able to advise you on which route out of debt is going to work best for you. The usual system is to apply online using a very basic form, after which they contact you by telephone to go through your details with you. Only after that will they be able to offer advice and perhaps make a proposal to deal with your debts.

The most frequently used solution to financial problems is the debt management plan or DMP. These are intended to reduce what you pay out each month, simplify your payments into one single payment and enable you to repay everything that you owe over a set period. So you end up with your debts being paid back in full and you understand exactly when you will be free from debt again. This is achieved by your advisor contacting all your creditors and negotiating new terms for repaying what you owe. They will be seeking to reduce interest charges and perhaps get any late payment fees waived, etc.

Through this process of negotiation it is possible to end up with a situation where, instead of paying all your separate debts, you just make one, affordable monthly payment to the debt management company, which they in turn have to pass on to all the different creditors. As well as being more affordable, this system is obviously much easier to keep track of, so you are better able to control your finances.

Debt Management Helpline – Will I Be Eligible For A Plan?

There are a few conditions that need to be met for you to be suitable for a payment plan of this sort. The debts that can be included can only be of the unsecured type. If you are unsure what this means, it just refers to those debts that are not secured against some property or asset. A mortgage is an example of a secured debt, so that cannot be included in a payment plan.

Apart from that, your debts will generally need to be to a few different creditors (certainly at least two), and you must have a source of income that leaves you enough free each month after your essential bills to pay a reasonable amount into the plan. If you meet these basic requirements you will probably be offered a DMP by a reputable company.

Debt Management Helpline – What Happens If I Cannot Get A DMP?

There are of course people whose situation is too serious for a DMP to be viable. If your debts are particularly high, for example, and you do not have enough money coming in to make a payment large enough to pay them back within a reasonable time. For anyone in this situation, the threat of bankruptcy tends to loom large, but there are alternatives too.

In the UK, there is a solution called an IVA, or individual voluntary arrangement, which is designed to give you a way out of debt that avoids becoming bankrupt. The IVA works by allowing you to make an affordable monthly payment towards your debts for five years, and when that time is up all your remaining debts get written off and you are debt free. You can find out more about this on the main IVA UK page of this website.

In the US the only alternative to bankruptcy is debt settlement. This also involves writing off a large part of the debt, which would otherwise be impossible to repay. This is done by a process of negotiation with creditors by a skilled debt settlement specialist. You can find out more on the main Debt Settlement page of this site.

Debt Management Helpline – Where To Get Help

Apply to a few different companies before deciding what to do, and only approach reputable organisations that have a good track record of success. You can find a list of some of the most reputable organisations in the UK and the UK on the main Debt Management Companies page of this site.

Alternatively, UK residents can apply for debt help now by completing the form at the bottom of this page. A representative from 123 Debt Solutions, one of our top recommendations, will then get in touch to go through your details.

Apply For UK Debt Help Now

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, 123 Debt Solutions

Just submit the form and an advisor will get straight back to you

You Can Use This Form To Apply For Debt Management Plans, Debt Consolidation Loans,
IVAs or Trust Deeds

Whatever the nature of your debt problem, it is worth checking to see which solution could work for you.

Please Only Submit If You Are A UK Resident

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.