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Debt Management Advice
How can I manage my debt?
Managing your debt can be very simple but is a problem that a lot of people suffer with. Using a debt management company like Debt Release Direct can provide you with various options and solutions for managing debt.
From Debt Management Plans, IVAs and Debt Relief Orders, to plain and simple advice on debt, Debt Release Direct have over 10 years experience in the debt management industry and are confident in finding a solution for you.
We provide confidential, no obligation, debt management advice that is tailored to each individual’s financial circumstance. This way we can be sure that our debt management service will work for you.
Debt Release Direct offers advice on debt that is tailored to each client’s specific needs and personal circumstance. All our advisors are fully trained and qualified to give advice on debt.
As a specialist debt management company, our debt management advice is given from a wealth of experience and knowledge gained over the years. For debt management advice and general advice on debt, call Debt Release Direct or fill out our online contact form for a free call back or alternatively call us now for FREE on 0800 019 7465 and let us provide the information you need.
Debt Management Plan Help FAQ's
What exactly is a debt management plan?
Can anyone apply for a debt management plan?
How do I know my debts are being paid?
Who administers the Debt Management Plan within Debt Release Direct?
How long will my Debt Management Plan last?
How much are your fees?
Will a Debt Management Plan affect my credit rating?
Will you deal with all of my debts including my secured loans?
Will every single creditor accept the arrangement?
What exactly is a debt management plan?
A Debt Management Plan is an effective and very simple way to pay your non-priority creditors (loan and credit card companies etc). Your allocated debt counsellor will calculate the amount you can afford to pay. The counsellor will give consideration to your priority debts which include mortgage, rent, utilities, council tax and other necessary living expenses like food and clothing. Any money which is left will then be deposited with Debt Release Direct as a single monthly payment. We will then distribute this amount to your non-priority creditors on your behalf.
Can anyone apply for a debt management plan?
This depends on your own personal circumstances. We do recommend looking at this arrangement first before IVA and bankruptcy because it is more flexible.
How do I know my debts are being paid?
Each month you will be sent a statement from us which will show a breakdown of payments sent to your creditors. In addition to this you will also still receive statements from your creditors. (Is this fact true)
Who administers the Debt Management Plan within Debt Release Direct?
We have a dedicated team of well trained individuals and you will be assigned your own Personal Account Manager who will look after you from start to finish. You will be provided a direct number to your Personal Account Manager and will not be passed around a call centre. (Is this fact true)
How long will my Debt Management Plan last?
Upon setting up the plan we will give you a timescale but this is based on the information you provide. The length of the plan depends entirely upon you. There is a great deal of flexibility in a Debt Management Plan and at regular intervals we will review your circumstances. At this point if you then feel you can afford to pay off more of your debt, you have the flexibility to increase your payments. On the other hand if you are finding it difficult with the payment we can reduce your monthly payments further. Unfortunately this will increase the term of the plan and also the total amount you have to repay.
How much are your fees?
We are very clear about our fees and charges, and our initial advice is totally free. Only when we have agreed upon the correct course of action, such as a debt management plan or bankruptcy do we know which fees are applicable. Please refer to the terms and conditions section for details.
Will a Debt Management Plan affect my credit rating?
Due to the fact you may already be experiencing financial difficulties; it is probable one of your creditors has recorded an adverse finding against you on your credit history. It is also likely a default notice (missed payment) will also be noted. Unfortunately this will affect your credit score in the short to medium term. It is imperative you use a professional Debt Management Company to draft your plan and liaise with your creditors; this will ensure regular payments are made on time to each of your creditors.
Will you deal with all of my debts including my secured loans?
We will only deal with your unsecured credit and non-priority debts. This may includes personal loans, overdrafts, store cards, catalogues and credit cards etc. Unfortunately we cannot assist with mortgages, rents, council tax, hire purchase agreements and utility bills such as gas and electricity. When we draft your monthly budget these payments are taken into account and therefore you must continue to maintain these priority payments as there can be serious consequences otherwise.
Will every single creditor accept the arrangement?
Debt Release Direct has established an excellent working relationship with every major credit company, and therefore we are positioned well to negotiate the plan whilst also making certain we achieve the best possible deal for you.
