Apply For Debt Management Program
A Debt Management Program: Debt Relief Without
The Best Plan For Your Own Circumstances
People who are struggling
with debt still have to face paying the bills, whatever their financial
burden. But finding the money is almost impossible in some circumstances.
One way of reducing the monthly outgoings would be to apply for a debt
management program, where all your bills are combined so that you only
have one smaller sum to pay off each month.
When you apply for
a debt management plan like an IVA (Individual Voluntary Arrangement)
this will actually write off most of your unsecured debt as well. IVAs
are drawn up by a professionally qualified Insolvency Practitioner.
apply for a debt management program by completing the form below.
NOTE: If you have
at least two accounts in debt, and total debts of £2,000 or more,
enter your details below to see if you qualify. (But if you owe less
than this, or are on state benefits, then use this
link to apply instead.)
For you to be able to apply for a debt management program you should
have earnings more than a particular bare minimum amount and have arrears
of more than a specific amount, and these figures can vary from one
particular insolvency firm to another. Generally net income needs to
surpass these repayments after all the various other normal bills have
been met like mortgage repayments and also council tax and energy bills.
The average minimal volume of debt is usually around £2,000 however
this number may vary. A top amount of £50,000 is imposed in one or two
instances, though by going via a broker or intermediary the applicant
may get help more appropriate to your personal individual circumstances.
A debt management program is a valuable instrument and most folk would
likely jump at the opportunity of acquiring one because it is legally
binding and relieves the customer from the debt when the arranged time
period has been concluded. It is a significantly more civilized solution
to individual financial distress compared to other more barbaric options
like bankruptcy and it carries little or no stigma.
One primary benefit of an agreement such as this is that it may possibly instantly diminish the debt by a massive percentage. Typically that could be as much as sixty per cent, sometimes a bit more. This kind of reduction in debt load will make a significant alteration and is the main issue that differentiates an Individual Voluntary Arrangement from an otherwise conventional debt reduction program. Therefore anyone seeking such a procedure ought to apply for that rather than a standard debt assistance program.
Any debt management program will usually be drafted by a qualified
specialist insolvency specialist and shall be made specifically to cover
the particular conditions of the client. There is simply no catch-all
formula to such things since each situation is distinct, and a small
number of scenarios will be exceptionally different. The insolvency
specialist will set up the ideal attributes relating to the customer's
own individual circumstances and put in place a programme of payments
to a core fund normally lasting sixty months, however in some cases
this can vary.