Getting into debt can happen for a number of different reasons, such as loss of job or breakdown of a relationship. But no matter what the reason why you are struggling with your finances, it is important that you take control of your debts as soon as you can.

Here are some simple ways to manage debts but we would always recommend that you seek professional advice. DebtsManagement.co.uk can offer you professional free advice about how best to get your finances in order and if you would be suitable for one of our debt solutions, such as debts management.

1: Outgoings. One of the many reasons that people get into debt is because of lack of control over their outgoings. It is essential that you get your finances in order and work out where your money is being spent and how spot the areas where you can cut down your spending. One of the simple ways to manage debts it to record everything you spend on over the course of a month.

2: Cut down your outgoings. Now you are aware of how you are spending, it is time to cut down. Cut up your credit cards and avoid getting into more debt which is just too expensive in the long term. You don’t need to add to your debt, as monthly charges and interest payments only means that your debt will increase,

3: Work out a plan. Understand what debt you have outstanding and to whom you owe it to. This should make it easier to take account of where your money is going each month. You may find that your unsecured debt repayments are unaffordable when you include your essential living costs. If that is the case then move onto step 4…

4: Seek professional debts management help. There is no point struggling with debt alone. The current economic climate means that many more people are having to seek professional ways to manage debt in order to control their own debt management. DebtsManagement.co.uk are an ethical financial solutions company who offer a full selection of debt repayments meaning that there will be one suitable for you.

For more information about simple ways to manage debt and help from the experts, fill out the Quick Enquiry Form for a free callback from an experienced debt advisor.

One of the easiest ways to get your finances in order is to learn how to track your expenses. Understanding how much money you spend and where you seem to spend your money the most frivolously is almost impossible without some kind of plan. One of the reasons why many people need help managing debts is because they have lost control over their spending and end up in debt but without understanding the full reason why.

Simply put, learning how to track your expenses means you can easily see where your money is going, making debts management much easier.

1: Decide on how to track your expenses.
There are a number of tracking methods and it is important that you choose the right one for you. For example, you may decide that you will pay for every single item with your debit card so you can utilise your online banking and see how much you have really spent.
Alternatively you may wish to keep receipts and update a spreadsheet at the end of each day for an accurate calculation or have a notebook where you manually log each purchase. You need to choose the right tracking method to fit in with your lifestyle, if you opt to manually write down all your expenses ensure that you commit to writing everything down so you have a full overview of how best to start managing debts.

2: Learn how to organise your expenses.
Now you have chosen your tracking method, it is time to get this information into a readable order. Track your daily expenses alongside any essential expense, such as mortgage or rent payment. From here you can put them into different categories such as: unsecured debt repayments/debt management plan, rent/mortgage, utility bills, food shopping, leisure etc. Choose as many categories as you feel appropriate and then work out which are of your life if draining your income the quickest.

Sometimes many people find that it is not the big payments which are causing a discrepancy between your income and outgoings but rather the smaller daily purchases which are add up to quite a costly monthly sum.

There are numerous benefits of successfully learning how to track your expenses. For example, it should ensure that that you will always know what the balances in your account is and that you are quicker to spot the areas where you money is draining and be able to tale action. However, you may find that even cutting back on your expenses means that you cannot afford your unsecured debt repayments and if you are in that situation DebtsManagement.co.uk can help. Fill in the Quick Enquiry Form to the right hand side of this article for an instant call back.

A Debt Management Plan allows you to consolidate your existing unsecured debt into one lower monthly payment without the need for any further lending. We will help calculate how much is affordable to the debt management plan based on your current levels of income and expenditure. You can benefit from lower monthly payments which are affordable to you.

You don’t have to worry about setting this up with your creditors as there are specialist debt management companies, such as DebtsManagement.co.uk who can negotiate with your creditors to ensure that the debt repayments are affordable to you. All you need to do is make the single reduced payment to us and we will distribute these monies accordingly.

Having a debt management plan can offer some real benefits to you if you currently find it a struggle to meet your multiple debt repayments on time. You also don’t have to worry about dealing with your creditors as we will deal with these on your behalf as part of the debt management process. You should also take into account any considerations regarding the debt management process, for example  you will have to repay your debts over a longer period of time and not all creditors are willing to freeze interest or charges on your debt.

This is designed to give you just a basic overview of the debt management process and further detailed and personalised information about debts management, please fill out the Quick Enquiry Form for a FREE callback.

Sometimes a Debts Management Plan or an IVA is not your best debt solution to your debt problem. Debts Management may be able to offer you one of our secured lending opportunities which might be more suitable.

What is Secured Lending?

Secured lending can allow the debtor to consolidate their unsecured debts into a secured loan. This may often most suitable for those who have equity in their home, can afford to make the new secured loan payment and want to take advantage of a potentially lower interest rate.

Secured Lending Benefits

Benefits of Secured Lending, in comparison with alternative debt solutions, could include:

• Lower monthly payments
• Payments are more affordable to you
• One single payment which is easier to manage
• Often a better interest rate than with an unsecured loan

Secured Lending Implications

You should be aware that as well as any benefits of Secured Lending, there can be some implications which must be noted. These include:

• Not everyone is suitable for secured lending
• Longer time to clear your debts
• Risk that spending may continue on the consolidated debt.

Debts Management Services

Secured lending services which Debts Management can offer you advice on, include:

• Secured Loans – A Secured Loan is otherwise known as a homeowner loan, and is secured against an asset of value. It is normally most suited to homeowners who have equity in their property.
• Remortgages – A Remortgage can be a great way to consolidate your unsecured debt or raise additional funds using the equity in your home.
• Consolidation Loans – Consolidation Loans are often secured against an asset. They are used to clear high-interest unsecured debt, such as store cards, overdrafts and credit cards.

Each section seeks to provide you with the basic information about each product area, such as who they are suitable for, how they work to help you with your debts problems and any benefits and implications.

For free advice and information about secured lending or other debt solutions, contact Debts Management free on 0800 0481 777 or fill out the QuickEnquiry for a free callback.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

For mortgages and re-mortgages the overall cost for comparison is 5.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.

A Debt Management Plan is an informal agreement between you and your creditors. It allows you to repay your debt at a realistic level and shows your creditors that you are committed to repaying all of your debt, even though it may take you a little longer to do so. This type of plan can also allow you to avoid lengthy insolvency procedures too, such as an IVA or Bankruptcy.

If we help you decide that your circumstances are suitable for a debt management plan, we can calculate how much you can afford to repay towards your debt based on your income and expenditure. Debt Management Plans are often an ideal debt solution for those who feel as though they cannot afford their debts as they are tailored to what you can afford. During out initial phone call we will make sure that we account for all essential expenses, such as mortgage/rent payment, food shopping, utility bills, etc.

From here we will negotiate with your unsecured creditors and ask hem to accept reduced payments based on what we have agreed is affordable to you. Many creditors also agree to freeze or reduce additional interest and charges on your debt, although this cannot be guaranteed.

There are a number of benefits to a debt management plan too. If you go through a debt management company, such as DebtsManagement.co.uk, we will handle the negotiations with your unsecured creditors. You also don’t need to worry about phone calls and letters from your creditors as we can handle this as part of our debt management service.

Please be aware that this form of debts management is not suitable for everyone, and it is essential that you get professional debt management advice so that you are aware of all the possible debt solutions.

The new loan could pay off your existing unsecured debt and therefore replace it with your one new loan. But we will not place any restrictions on what you can or cannot do with your loan.

Secured or Priority debts cannot be included in your IVA proposal so it is important that you keep up to date with these. Examples of debts which cannot be included in your IVA include your mortgage, car hire purchase and student loan company debts.