Debt Solutions

• Are you having problems with debt?
• Are you looking for a debt solution?
• Money Managers can help

Debt can come in a variety of forms. It could be credit card debt or unsecured loan debt. You may be struggling to meet your obligations directly to a credit card or loan company. Perhaps you are in arrears with your mortgage or rent. Perhaps you have arrears with your council tax or utility bills. We can really help. There are many debt solutions, and our website will explain them all to you. Make yourself a cup of tea, relax, and take a good look at the information here. When you're ready give us a call, and we'll go through the options with you, and find the best debt solution for you. We aim to give you the best debt advice possible.

Debt Management

Debt management is a process where all your debt s are agreed and managed by a 3rd party such as Money Managers. Interest is usually stopped on your debts, and a payment plan is agreed which is both affordable to you, and acceptable to your creditors. Monthly payments to all of your creditors are sent as one payment to the debt management company, and they pay all of your creditors for you. Good debt management companies will send financial statements initially to your creditors as well as updated statements every 6 months.

The debt company will deal with all of the phone calls and letters that are sent out to you. If you receive any nasty calls or letters then they will be at the end of the phone, and will resolve any problem that happens for you. This means you can concentrate on living your life, working to find the money to repay the debt, and not have to worry about what's going to happen next.

Debt Settlement:

Debt settlement enables you to pay off your debts for less money. Money Managers would contact your creditors and make them offers to settle the debt in full for a discount, saving you money. There are many different methods to achieve this, and the best method will depend on your personal circumstances. We have achieved average savings of between 75% and 25% for our clients. As a general rule a saving of 50% is usually very achievable, and very often debts can be paid off for even less. Debt settlement often works very well with debt management at the same time, and the two together can achieve very powerful savings.

Debt Consolidation

Debt consolidation is where you borrow additional money to pay off all of your other debts. Often the interest rate APR of the one big loan, means that you will be able to pay off your debts much more quickly as some of your initial debts may have very high APR's. The other big advantage is that it will be much easier to deal with and pay the debt, as there is only one company to deal with, rather than lots of individual creditors.

Debt IVA

A Debt IVA is known as an individual voluntary arrangement. This is a process where a licensed insolvency practitioner arranges a fixed repayment plan for your debt. Once agreed, creditors are no longer allowed to contact you regarding the debt. After 5 years the debt is fully written off, and you can start your life again. It is possible to achieve savings of around 75% of the debt, although often it can be much less depending on your circumstances.

An IVA is a very serious debt solution. If the IVA fails because you can't keep up the agreed repayments, then it is possible that your only remaining option could be bankruptcy. It is certainly a debt solution to be considered, but a full evaluation of the pros and cons of this method is essential.

PPI Compensation

PPI compensation may enable to you to get back money if you were mis sold a PPI (payment protection insurance) policy from your lender. Many of these were mis sold, and if so you could be entitled to receive the money back that you paid plus interest (often at around 8%).

If this is the case we can help you to recover the money. PPI compensation also works very well with debt settlement. If we were able to recover money for you, we could use that money to make offers to your creditors to settle some debts at a discount. This means that the money recovered would work very hard for you.

Bankruptcy

Bankruptcy will write off all of your debts in 1 year on average. It is certainly the most powerful debt solution. However, it also has the most serious consequences. Bankruptcy is certainly not to be taken lightly, and many people wish to Avoid Bankruptcy if they possibly can.

If you feel that bankruptcy is your only option to deal with your debts, then it may be for you. We would suggest you evaluate all of the debt solutions, and then we can discuss these with you, and work out together which one will be the best debt solution for you.

Remortgage

A Remortgage is another way to quickly pay your debts off. If you have lots of equity in your home, then a low rate APR mortgage could be the answer. As the mortgage is secured on the house, lower APR's are available to you. However, home mortgages are generally over very long periods. This means that although the interest rate may be low, the total you end up paying may be very large due to the length of the loan. Remortgages can often work very well with debt settlement.

Debt Advice

At Money Managers we aim to give you the best debt advice , and help you to find the right debt solution for you. If it's credit card debt or unsecured loans , we will do our very best to help you.

You can call us at any time, or you can fill out the contact form on any of the pages of our website, and we will call you back when it's convenient for you.

You can call us right now on 0800 112 3771 or 01332 595 522. We'd love to hear from you.

Money Managers offer expert debt solutions to deal with your debts.