Debt Management Advice

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A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

Discipline is the Key to be Debt-Free

Money is a dominant factor in today’s materialistic world. And most of us are accustomed to taking loans in order to cope with daily expenses.

However, people are failing to repay their loans because of improper planning and lack of discipline. If this is your case, then debt management advice may be very helpful to you.

Debt Management Steps

Debt counselors will usually advise you to come up with a debt management plan together with them. Normally, you will be asked relevant questions such as the details of your debt and your current financial situation.

There are several steps needed to complete the process:

1. You and your debt advisor will prepare a schedule of repayment and then follow it strictly until all debts are paid.
2. You need to reduce unnecessary expenses.
3. If you took debt consolidation, all your debts will combine in one single loan account which you have to manage and pay.
4. Your repayment plan will be based on the final negotiation between you and your creditors. It should be beneficial to all parties concerned.

Professional counselors will give you debt management advice on how you will resolve your debt. They can even help you determine what options are available for people in your situation. You may also ask for their recommendations on where you could find the most appropriate debt management company for you.

Debt Management Company

There is no shortage to the number of debt management companies who can assist you in your dilemma. You can search for them online to save time and effort. Whilst there are companies that provide free consultations, there are those that will require you to pay for their service. But it will be well worth it anyway.

You must choose your debt management company carefully. Verify if they are legitimate and if they have a good reputation in the market. Also go through the fine prints of any terms and conditions or contracts that they have. In all things, it’s better to be safe than sorry.

At first, your chosen company will try to deal with your creditors through debt management. However, it will advise you to take either debt consolidation or Individual Voluntary Arrangement (IVA) if the first option fails. Bankruptcy will also be considered if there is no more hope in your account.

Remember that a debt management advice company will only assist you in clearing out your debt. But the implementation of the advice, as well as the discipline of following it everyday will still depend on you. GP

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