Debt Management Services
Debt Management Companies and Debt
Management Service providers will negotiate with
outstanding creditors in order to reduce monthly payments
on unsecured debts to an affordable level.
How does it work?
You pay a monthly sum to the debt management
company, an amount that they determine you can
afford, based on your income and out goings. From this
payment they take their fees and then pay percentages
to your creditors included in the program.
In general, depending on your individual
circumstances and level of debt, we believe that a debt
management program is an option worth considering when
debts are below the £18,000 level and fees for
an IVA maybe disproportionate. However if your unsecured
debt is over £18,000 then an IVA
should be seriously considered.
In general terms if your total unsecured
debt exceeds £18,000 then you are probably
more suited to an Individual Voluntary
Arrangement - IVA.
In order to determine whether your
circumstances are more apporopriate to an IVA or debt
management program, please 
to complete our Financial HealthCheck
so that we can assess your financial situation and advise
on your best possible debt solution.
If you decide on the Debt management
route it is very important that you choose the company
who will arrange your finances very carefully.
Debts Solved will place you
with Pathfinder Debt Management a reputable company
who we feel offers an excellent service to our clients.
If, once we have assessed and discussed your situation
with you, we feel that debt management is your best
option we can then hand hold you through the process
to hopefully become debt free in the shortest possible
time.
Once again please complete our Financial
HealthCheck so that we can assess your financial
situation before you decide to take the debt management
route .
To sum up, if you have big debts in
excess of £18,000 unsecured, to more than 2 creditors,
with income to support an arrangement then an IVA is
generally the best options. If you don't have such a
big debt i.e. below the £18,000 mark or your income
couldn't support an IVA then debt management or a consolidation
loan would be a posssible solution. Please complete
our Financial HealthCheck so
we may advise you.
Points to bear in mind when pursuing
a debt management program are that they are not governed
by a court order and your creditiors could make you
bankrupt at any time, even if you keep to the original
agreement. Interest on debts in a debt management program
are generally not stopped and this could mean that the
amount you owe could actually increase over the term
of the debt management program. However, this is something
that can be negotiated by your debt management service
provider. If you are a home owner part taking in a debt
management program, you house could be at risk if your
creditors decide on the bankruptcy route.
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IVA,
IVA's - Individual Voluntary Arrangements
- A simple overview:
Individual
voluntary arrangements
- IVA,
a solution to debt problems. An individual voluntary arrangement
can reduce your monthly outgoings and stop interest on unsecured
debts governed by the arrangement. Any outstanding debt not
paid off during the term of the individual voluntary arrangement
is legally written off. An individual voluntary arrangement
usually runs for 5 years at which time the individual could
be debt free. An individual
voluntary arrangement is highly
regulated by the Insolvency Act 1986, and supervised by a
Licensed Insolvency Practitioner which leaves it less open
to abuse than other debt solutions such as debt management.
Please complete our Financial
HealthCheck so that we may assess your suitability to
an IVA.
Debts-Solved are providers of IVA and debt solutions throughout
the UK. IVA manchester, IVA London, IVA Wales, IVA Northern
Ireland, IVA England, IVA Liverpool, IVA Lancashire, IVA Merseyside,
IVA Birmingham, IVA Midlands, IVA Salford, IVA Bristol, IVA
Rochdale, IVA Conrnwall, I.V.A. Newcastle, I.V.A. Sunderland,
I.V.A. Durham, I.V.A. Cumbria, I.V.A. Middlesborough, I.V.A.
Leeds, I.V.A. Yorkshire, I.V.A. Hull, I.V.A. Bradford, I.V.A.
Harrogate, I.V.A. Nottingham, I.V.A. Lincoln and all other
areas of the UK.
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