UK Debt Management Company

When you take on a UK debt management company, you do not necessarily know which role you need them to perform. Therefore you need to ensure that the UK debt management company is reputable, and is qualified to offer you a variety of different debt-related services. In order to evaluate your situation and work out the best course of action for you, the UK debt management company needs to be told all the details about your creditors, the amount of money you owe to each company, and the current repayment arrangements. They will also need to know your salary details and your monthly outgoings, to determine how much money you have available each month to put towards a repayment plan. If you have equity available in your property, the UK debt management company may suggest remortgaging to release cash from the value of your home. If you do not have sufficient equity, and you have a relatively small amount of debt (up to £10,000) an alternative may be an unsecured debt consolidation loan, which would mean that you do not have to secure the debt against your property.

Either of these options would work if you are able to negotiate a lower interest rate with the mortgage or loan provide than you currently have. If neither of these options are viable, you may be advised by the UK debt management company to take the route of a debt management plan, whereby the debt management company would take on the management of your creditors and would work out a repayment plan on your behalf. If you instead need the protection of a legally binding agreement, due to the level of debt you have or the fact that creditors are taking legal action against you, an IVA or bankruptcy may be the only options available. To find a qualified UK debt management company, simply fill out the short form and an advisor from the SimplyFinance network will be in touch with you shortly.

Find a UK Debt Management Company today!

Things a UK Debt Management Company may Recommend

• Debt Consolidation Loan: This would involve taking out a loan at a lower rate of interest and using the money to pay off all of your existing debts.  This could either be secured or unsecured, depending on the amount that you needed to pay off.  A secured loan for debt consolidation purposes should not be considered unless there are no alternatives, due to the risks involved in securing your debt against your property.
• Debt Management Plan: The UK debt management company would take on the management of your creditors, and would arrange a reasonable repayment plan for you based on your financial circumstances. 
• IVA/Bankruptcy: This would be suggested by a UK debt management company in more severe cases.  If your debt had reached the point where your creditors were threatening legal action, an individual voluntary agreement (IVA) or bankruptcy arranged by a qualified debt specialist (known as an Insolvency Practitioner) would prevent your creditors from chasing you directly for the money.  This would have long-lasting consequences for your credit history, so should only be considered as a last resort.