Decrease Your Debt With the Best Debt Advice

With the current financial climate, personal loans and other forms of credit are increasingly difficult to secure. As a result, more people are now struggling with their finances. Many organisations exist to help you get out of debt in a way that is manageable for you. This article explains who could benefit from the debt advice that these organisations provide, and summarises a number of the debt solutions they offer.

For immediate help with your debts please call The Debt People on 0161 927 8001 today.

Who could benefit from debt advice?

Anyone who is finding it harder each month to keep up with their debt repayments, or who feels financially overstretched should seek some impartial debt help. Additionally, people who may be using their credit cards to pay for regular everyday items (bills, food, fuel etc) or for cash advances may also benefit from speaking to a professional.

Someone who deals with debt on a daily basis will understand your debt problems and could offer some simple ways to help you get out of debt. By going through your financial situation a debt professional will be able to identify how you got into your position and could offer some simple budgeting tips which could help alleviate your finances. They will usually offer some free advice based on your current circumstances, and may even recommend a number of professional solutions if they think that you could benefit from one to clear debts.

For immediate help with your debts please call The Debt People on 0161 927 8001 today.

Professional debt solutions

Basically, professional debt solutions are ways to help you get out of debt and include things like debt consolidation loans, debt management plans and IVAs. These are arranged for you by a debt professional (and often require qualified specialists to set up on your behalf), which is why they are classed as professional debt solutions.

A debt management plan gathers all unsecured balances into one monthly payment. Repayments are then re-scheduled over a longer period of time, which is calculated based on how much can realistically be afforded – this makes finances more manageable. Debt management is usually for people with smaller debts, and where they owe to two or more separate creditors.

An IVA is similar, in that all unsecured balances are gathered into one payment; however this is repaid over a fixed period of time (usually five years). After this time, all outstanding unsecured balances (such as personal loans, overdrafts, store cards and credit card debt) are written off.

A qualified Insolvency Practitioner is required to provide IVA advice and to set-up and manage the payments on an IVA. Whilst these are often reported in the press as being the ideal “solution” to debts, they are suitable in only a limited number of cases – as certain criteria need to be met.

For immediate help with your debts please call The Debt People on 0161 927 8001 today.

Getting the best debt advice

When seeking debt advice it’s important to consider all of your available options. Reputable companies will not make you pay up front for advice and will offer a number of debt solutions. Reputable companies in this sector include The Debt People, Hamilton Locke and Chiltern (who have recently been recognised by the Office of Fair Trading for their sound business practices and customer service, through their voluntary membership with trade body DEMSA). These companies do not charge an upfront fee – as their debt advice is free. Their solutions are also tailored to your specific needs and circumstances.