Debt Management Programme

Debt Management Programme from The UK Insolvency Helpline

The UK Insolvency Helpline’s freephone service can be called on 0800 074 6918. The debt team tend to advise clients to be fully aware the disadvantages of debt management programme that before they sign up to one. Please note that although the consumer may become debt free (subject to terms and conditions) at the end of the DMP period, if a default notice has been issued the effect is likely to remain on the consumer's credit profile for a lengthy time.

The UK Insolvency Helpline would like to explain that in terms of a DMP if interest and charges continue to apply then there will be an increase in the total amount of debt to be repaid and that due to lower monthly payments it is very likely that the debt will be repaid over a longer period of time. Confidential debt management plans are available via debt management companies.

An IVA is an alternative to an informal debt management programme

The key for those considering an IVA is to take professional advice early on. That is why The UK Insolvency Helpline have launched The IVA Helpline service which will only recommend the most suitable solution for clients debt management requirements.

If one of the dedicated debt counsellors feel that a debt management programme is not the best way to deal with your debts we will recommend an IVA for your debts.

An IVA, unlike a debt management programme is legally binding. The UK Insolvency Helpline has the largest IVA advice team in the UK and clients will be pleased to know that there are no charges for any debt management programme set up by the service.

Our main criticism of a debt management programme is sometimes the debt amounts can grow because they are not legally binging. When we set up a debt management programme on behalf of a client we will only recommend a credit industry approved plan so success levels are very high indeed.

Our debt management programme counsellors will carry a detailed money advice assessment and at the end of the analysis our counsellors will only recommend a debt management programme once we are sure it is the right option for you.

Whether our clients opt for a debt management programme, an IVA, or bankruptcy we will guarantee best advice is provided at all times.

Tops Tips on choosing a debt management programme

There are many genuine companies offering professional a debt management programme service however there also several rogue debt management programme firms also in operation in the UK.

Before choosing a debt management programme firm please make sure they can provide you with written details on how long the programme will last for.
Before choosing a debt management programme firm make sure they are a licensed debt management company who adhere to the DTI's debt management guidelines.

20 Important questions on debt management programmes

If you are unsure our debt management plans, call The UK Insolvency Helpline debt management plan team on 0800 074 6918 where you can get debt help and advice on all feasible debt solutions to get debt free (subject to terms and conditions). A dedicated case counselor will explain some of the debt solutions available, based on your personal situation. Whatever your debt management needs, contact us today for confidential and non-judgemental advice and the best professional service.

Listed below are some of the frequently asked questions on Debt Management Plans

Disclaimer

Please note that in line with OFT debt management guidance, The UK Insolvency Helpline Debt Advice Service does not provide nor administer debt solutions itself. Instead the service will put you in touch with a licensed professional to arrange the debt solution.

Debt management plans are subject to status. Conditions apply. Repaying the debt over a longer period may increase the total amount to be repaid.

Your ability to obtain credit will be affected in the short term and might be affected in the medium term. Fees are payable for debt management plans.

Telephone calls may be recorded for training and quality purposes.

Please note that where the first payment goes to the debt management company and not to the creditors (whether as an initial up front fee, as a deposit or for some other reason) that they will miss a payment to their creditors and will therefore go into arrears or further into arrears. A token payment arrangement should be offered in the short term.
Please note that creditors are not obliged to accept reduced repayments or to freeze interest and that, unless they do so, repaying the same debt over a longer period of time will lead to an increase in the total amount to be paid.
Please note that debt collection actions, including default notices and litigation, can ensue and that there is no guarantee that any existing or threatened proceedings will be suspended or withdrawn. There possibility of default notices with a dent management plan – including that they may incur costs that are added to the debt.
Please note that by entering into a debt management plan consumers may not be able to obtain credit in the short term and that there is some likelihood that they will not be able to do so in the medium to long term either.
Please do not be misled into thinking that credit rating will improve earlier than when the payment of the debts is completed, or even immediately thereafter: records are retained by credit reference agencies for a further six years.
If you enter into a debt management plan tt is very important to meet debts such as mortgage, rent and utility payments as a priority and consumers are advised not to ignore correspondence or other contact from creditors or those acting on behalf of creditors.
Think carefully before securing other debts against your home. Consolidating debts in to one loan may cost more in the long term. Your home may be repossessed if you do not keep up repayments on your mortgage.

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IVA's

The IVA Guide
The UK Insolvency Helpline has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.

In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]

What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit The UK Insolvency Helpline's Guide to Individual Voluntary Arrangements (IVAs).
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The UK Insolvency Helpline offers confidential and non-judgmental advice and will put you in touch with a licensed professional to arrange your debt solution. Please note that failure to adhere to a debt solution could result in further financial problems. Please note that whilst initial advice is free, fees may be payable depending on the solution provided. Please note that your home may be repossessed if you do not keep up with repayments on a mortgage or secured loan.

Debt Management Programme