Debt management – your debt problems solved
Are you struggling to manage your debts?
Do you want to avoid Bankruptcy and IVA?
If your personal debts have got out of control and you don’t know how to repay all of your debts then a Debt Management Plan could be the answer. With a debt management company on your side you can take control of your debts.
A debt management plan will:
- Help to stop debt recovery actions
- Try to freeze interest and charges on your debts
- Negotiate with your lenders to try to reduce your monthly payments on your unsecured debts
If you have reached a situation where on a monthly basis, there is no reasonable way that you can service your monthly personal credit commitments; you need to act, and you need to act now!
Before taking such drastic action like the IVA or Bankruptcy routes; which are, at best life changing, and worst devastating, it is best to consider the option of a Debt Management Plan.
Debt management companies work with you to reduce your monthly loan and credit payments so that they are affordable. They will negotiate directly with the finance companies so you don’t have to.
No more nasty letters or telephone calls. Once you have a Debt Management Company on your side they will deal with the loan companies and take the stress away from you.
Take control of your finances
Don’t hide from your debts. Take control and contact us today to find out how a debt management plan can help you. Call us on 0800 316 5756
How does debt management work
The basis for a debt management company came about as a result of work by the Money Advice Trust, and the creditor sector. The general idea is to promote a positive approach to dealing with a situation which is clearly a “can’t pay” scenario. Won’t pay situations will never be tolerable to creditors, and will be pursued vigorously.
Historically, this is where the problem has been; how to distinguish to a creditor a genuine case of can’t pay, from a case of won’t pay. Much work has been carried out to ensure a “partnership” approach to debt, between the creditor and the customers Money Advisor.
The scheme has secured a commitment from creditors, so that in the case of “cant pay” situations, offers for reduced payments put forward by Money Advisors, using scheme format; should be accepted.
Debt Management Companies are experienced in handling peoples debt problems and will discuss with you what you can afford to pay each month. Your debt adviser will then make a formal approach to all of your loan and credit companies offering them the lower payment. This is done in a prescribed format so the lenders will recognise you have genuine payment problems and should then accept your offer of payment.
Take control of your finances
Don’t hide from your debts. Take control and contact us today to find out how a debt management plan can help you. Call us on 0800 316 5756
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Debt Management Companies are not regulated by the Financial Services Authority. Enhanced Wealth Limited do not directly offer a debt management service and any enquiries will be forwarded to a specialist debt management company.
