How do i get out of debt?
Getting out of debt can be as straight forward or complicated as you want to make it. Using a debt management company like Debt Release Direct, could save you a lot of time and hassle as we can do the legwork for you and deal with your creditors directly. We have trained and qualified specialists who can advise you on how to get out of debt.
This usually involves committing yourself to a Debt Management Plan or other type of debt management solution. Debt Release Direct offers a vast range of debt solutions and will guide you through the processes.
Debt Advice
Our advisors offer debt management advice and will look closely at each individual case to determine the best debt management solution for you. We understand that being in debt is stressful and bares a lot of pressure on our clients. Our debt advice is tailored to meet their individual needs and based upon their financial circumstances.
If you want to know how to get out of debt as quickly and as easily as possible, then call Debt Release Direct for FREE on 0800 019 7465 and let us provide the information you need.
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.
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This depends on your own personal circumstances. We do recommend looking at this arrangement first before IVA and bankruptcy because it is more flexible.
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Each month you will be sent a statement from us which will show a breakdown of payments sent to your creditors.
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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.
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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.
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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.
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We will only deal with your unsecured credit and non-priority debts. This may include personal loans, overdrafts, store cards, catalogues and credit cards etc. A Debt Management plan cannot include payments such as mortgages, rent, 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.
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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.
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