Debt Management in Manchester

Introduction To Debt Management

Once the initial emotions of fear, despair and panic associated with that dreaded word “Debt” has subsided, it should now be possible to determine a course of action! If you are not in a position, where you are able to pay off your debts, then a debt management plan could be your solution. It could benefit you by the fact that you can use this type of plan, if your debts are less than L15,000, or you have a surplus of assets that prohibit you from entering an Individual Voluntary Arrangement (IVA) solution.

The Way To A Solution

The first thing to consider is getting the help you need and finding that in Manchester is not really difficult. However, keep in mind that the help you obtain, must be in your best interests and must not add to your already growing problem. An advantage with a debt management plan is that you will be able to cancel it at any time, as it is not legally binding. At the same time, your creditors are also given the opportunity to cancel the agreement on the same basis.

Debt Management in Manchester, like anywhere else in the United Kingdom, has a relatively low level of regulation; when compared to industries such as Chartered Accountants and Insolvency Practitioners. Therefore, selecting the right one to represent you may be the difficult part, but it is of primary importance.

A Financial Helping Hand

The main concern of your creditors is to get back what you owe them! By making a plan of payment to them, it will provide you with the opportunity to discharge your debts, on a regular and affordable basis. It is made convenient for you by your chosen debt managers, by you paying the total of the instalments to them and they will in turn distribute it between your creditors as previously agreed with them.

Obtaining advice and assistance with a debt problem will help you in stabilizing your finances and at the same time, provide a firm financial foundation for your future. Financial problems can create stress and put emotional burdens on families. By utilising a debt management plan, you can avoid that sinking, feeling in the pit of your stomach when you hear a knock on the door, or wondering who is calling you when you respond to a phone call.

End of the Tunnel

The initial steps that will be followed with your debt management advisor will be the recording of your outstanding debts and any current payment plan with your creditors. Negotiations will then take place on your behalf, between your advisor and creditors, to determine a reduced and affordable monthly amount. The situation will be fully explained to them and an understanding reached, whereby they will no longer direct demands at you for payment.

It is always advisable to seek help and a solution, before a problem becomes too large and beyond control. If you have even minor financial concerns it may be beneficial to consider a debt management plan.

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Debt Management in Manchester