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Debt management

Debt Support Service – Your road to financial freedom in 2021!

By | Debt advice, Debt management

DEBT MANAGEMENT SOLUTIONS FOR YOUR FINANCIAL FREEDOM!

Are you feeling weighed down by the burden of debt? Have you been struggling with your finances? Perhaps you’re even on the verge of bankruptcy? – Your road to recovery may be just a phone call away!

With the Debt Support Service, we are here to help free you from the stress and hardships associated with debt. With our fully tailored systematic approach, we’ll establish the best strategy to help you out of your current situation.

The Debt Support Service is fully authorised by the Financial Conduct Authority (the FCA ). The Debt Support Service is a very well-respected debt management agency, known for dispensing professional debt advice in the UK. You can take a look at our website to see which services we provide to those with issues arising from debt, and read testimonials of people like yourself who’ve reached out for help.

  • Individual Voluntary Arrangement (IVA)

An IVA is a legal agreement between you and your creditors. It freezes the amount of debt you owe, whilst you continue to pay it off in manageable instalments. During this time your creditors are not allowed to contact you or hassle you for repayment. Failure to keep up with the agreed instalments may void your IVA, so it’s very important to make your agreed repayments on time.

What can the Debt Support Service do for you?

Once you’ve made contact with us, one of our advisors will check to see if you are eligible for an IVA. If you do meet the required criteria, we can connect you to an Insolvency Practitioner (an IP) who will then initiate your IVA . The IP will assess your financial situation, the time period over which you desire to pay back your debt, and the amount you can afford to pay, before proposing the plan to your creditors. Once approved by your creditors, the IVA can then begin. You’ll then need to make regular payments to your IP who, on your behalf, will make payments to your creditors.

An IVA can be beneficial in many ways – You’ll have the advice and guidance of an IP throughout its term, the option to make flexible monthly payments that are dependent on your specific circumstances, and stop interest from being added to your existing debt.

  • Debt management and debt advice in the UK

When burdened with debt, we can begin to feel trapped. The answer is to seek help from a specialist. By choosing the Debt Support Service, you’ll benefit from the help and advice from professionals who have a huge amount of experience advising with debt management issues and providing debt advice.

 

At the Debt Support Service, we are ready to offer you professional debt advice UK and the support you need to see you through a difficult period.

Don’t delay! Your route to financial freedom is only a call away.

 

A range of debt options from the Debt Support service.

By | Debt advice, Debt management

Dealing with debt can be extremely challenging for anyone, and you could find yourself falling deeper into financial difficulty if you are falling behind on repayments. The important thing to remember is that there are places you can turn to for help. The Debt Support Service is one such point of contact, and we are here to help you today.

The Debt Support Service is amongst one of the leading debt management companies in the UK. A Debt management plan, UK is an informal agreement between you and your creditors, with which you arrange to pay back non-priority debts (such as credit cards, bank loans, water charges). Priority debts such as Council fines, Court fines, Income Tax etc, are not applicable for a debt management plan.

Range Of Debt Options - Debt Support service

You can try to initiate a plan on your own, however many find that debt management companies possess invaluable knowledge that they can offer to those struggling with debt, and have connections to creditors that allow them to negotiate on your behalf. If you find a ‘non-fee’ charging provider, this means that all the money that you pay into your debt management plan will go directly to your creditors, allowing you to pay your debt off sooner. Most debt management companies however, do charge a fee for setting up a debt management plan. A debt management plan helps you to manage your debts, paying them off at a more affordable rate. All your monthly payments will be consolidated into one payment, which you then make to your debt management company, who will in turn distribute it amongst all of your creditors. The payment amount will be based on the amount of disposable income left after assessing your monthly budget. A debt management plan, UK is not legally binding, which means that you are not tied in for a minimum period and can be cancelled at any time.

 

Debt management companies will always assess your financial position and provide you accurate advice on the repayment options available. They’ll also contact creditors on your behalf to initiate the debt management plan. Typically, most creditors do agree to a Debt management plan, UK as they see that you are making an effort to address your debt situation and pay back the money that you’ve borrowed. Often creditors are asked by the debt management company to freeze all new charges and interest, and creditors may agree to do so if certain conditions are met. A debt management plan, UK offers great flexibility, and can offer a very good route to take if you’re struggling with debt.

The Debt Support Service has expert advisers who are ready to talk with you today, and work on your behalf to find a pathway out of debt. We are fully regulated and authorised by the Financial Conduct Authority (FCA).

Debt Advice by Debt Support Service

Debt advice and help from the experts – The Debt Support Service

By | Debt advice, Debt management

With a growing population, economic slowdown and unprecedented global circumstances, businesses, individuals and even whole countries have been met with very difficult conditions. As a result, many have fallen into debt. But fear not, debt problems can be solved, they just first need to be adequately addressed. It may not be a quick or simple road ahead, but there is always a way to tackle a problem, and the earlier you tackle it, the easier it is to deal with. When you feel out of control you may be worried or frustrated, in this case it is essential to seek advice from those who have knowledge and experience of your particular predicament, and here that we should seek sound debt advice. For the best debt advice, a debt management company is going to have specialist knowledge. A resounding reason to approach a debt advice agency is to obtain crystal clear guidance on which plan is best for your circumstances. Debt advice is given to help people in financial difficulty and guide them through the various options and plans that are appropriate for their financial situation.

Debt advice and help from the experts - Debt Support Service

A large proportion of people living in the UK are struggling with debt. This has resulted with an increase in debt management companies UK trying to help people manage these debts. The first debt advice that debt management companies in the UK will offer you is to look at a ‘debt management plan’ (otherwise known as a DMP), this is an unofficial agreement between you and your creditors to pay back all of your unsecured debts. These include credit card debts, utility bills and unsecured bank loans. If you find a ‘fee-free’ provider you will be making reduced monthly payments that will be distributed between your creditors. If your creditors agree to the proposed DMP plan, they may be asked to freeze the interest charges on your debt. Whilst providing debt advice, debt management companies in the UK collect basic information about you, which will include your monthly income, assets, liabilities, expenditure and a list of your debts. From this information, it is then determined what you can afford to pay towards your debt each month.

 

At the Debt Support Service we go through not only your financial status, but also your personal circumstances so that we can fully understand your current situation and the difficulties you may be facing. At this point we can discuss which debt solution is most suitable for you. We’ll then go through the available options, the pros and cons to each option and provide you with the information you need to help you make an informed choice. With the help of this process, we can fully appreciate your desire to become debt-free, and understand which debts should be prioritised.

Whilst many people might want to pay their debt back in full via a DMP plan, others might not wish their credit rating to be affected by an option such as this. At the Debt Support Service our role is to provide you with the best debt advice to help you determine which options are most suited to your situation. It is completely your decision as to which debt solution you choose. We take the time to assess your financial and personal circumstances before providing you with debt advice, as we believe both of these factors are crucial to the process. You can always reach out to the Debt Support Service through online chat, telephone call, or email and our trained advisers will then guide you through your debt issues.

Debt management Agency - Debt Support Service

Debt management help from the Debt Support Service

By | Debt management

Good financial planning can help to reduce stress, save money, raise your credit score and potentially make low-interest rates on any future credit available to you. But what happens when things don’t go to plan and we start to lose control of our finances?

Firstly you might have to contend with late payment fees from credit cards loans and failed standing orders, which have the knock-on consequence of affecting your credit score. Then in the case of credit cards, if you’re not paying significant amounts towards the money you owe each month, you’ll be owing increasingly more money due to the interest on your debt. On top of all this, you might be hounded with phone calls from debt collection agencies. A low credit score can make it difficult to buy a new home or a new car.

With all this in mind, it’s extremely important to keep on top of your finances and not allow debt to spiral out of control. If you do unfortunately find yourself in such a position, a good course of action is to approach a debt management agency. Debt management agencies can help you find a solution to your debt problem and help to get your finances back on the right track. A Debt management agency will assess your financial position and offer you advice on the repayment options available, potentially contacting creditors on your behalf to arrange a debt management plan. One such debt management agency is the Debt Support Service, they are only a phone call or email away and are ready to help you tackle your debt.

A debt management agency works with a debtor to establish how much money they have incoming and outgoing, and how much they can reasonably afford to pay towards their debt each month (after expenses have been taken into account). The debt management agency will then draw up a budget plan that includes regular monthly payments to your creditors. This monthly payment is received by the debt management agency, before being distributed amongst your creditors. Some agencies are non-profit, or charge non-fee rates and if this is the case all the money from monthly payments go directly to paying off your debt. A significant benefit of a debt management agency is that they can negotiate with your creditors to reduce or possibly even waive your interest rate.

 

An IVA is one of the debt solution plans available. They can be an alternative to bankruptcy, and consist of a formal arrangement between you and your creditors. An IVA can be very flexible when compared with other debt options, adapting to your changing circumstances. The terms of an IVA can last up to five years and will remain on a debtor’s credit file for six years from the time that an IVA is initiated.

 

So how does an IVA impact you?

YourJob – It should have no direct impact unless you are a solicitor, an accountant, or work for a law firm. You can always check with an HR department to see if an IVA has any bearing on your position.

Assets – You will need to disclose all assets that you have to an insolvency practitioner.  Non-disclosure of assets at this point would be a violation of the law. Your insolvency practitioner will decide whether your assets should be included in the IVA, or if you can keep them.

Future income – Any future income that you may receive such as money received from the sale of a house, any windfall, an increase in your income, any inheritance or gift, should be disclosed and may then be included in your IVA.

If you wish to take that first step towards becoming debt-free – Contact The Debt Support Service today.