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 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.

How Can a Debt Management Plan Help?

A Debt Management Plan can help you manage your debt by offering you one low monthly payment to all your unsecured creditors. Debts Management will work on your behalf to negotiate with your creditors to offer you a smaller monthly payment and perhaps get further interest or charges on your debt frozen.

This Debt Plan will help you manage your debts as you only make one payment to service your debt, regardless of how many creditors you have. As the payments to your unsecured debt will be reduced, you should feel less of a struggle paying your secured debt, such as mortgage payment or your unsecured priority debts such as your rent.

If you are eligible for a debts management plan, it can be an ideal way for you to regain control of your finances and reduce the stress from creditors who are asking for payments that you cannot afford.

Is there Another Way to Manage My Debt?

Although a debts management plan is a good way to get your finances back in order, it is not suitable for everybody. Debts Management have access to a number of leading debt solutions and we are confidence that we can find a way to help you manage your debt.

If you feel as though a debt management plan is not the right debt solution and you have debts over £15,000, then an IVA could be the best way to deal with debt. Not only will you benefit from reduced monthly payments, any unaffordable debt will be written off on completion of your IVA.  An IVA is only suitable for residents of England, Wales and Northern Ireland, but the Scottish equivalent is a Trust Deed.

If you are struggling to manage your debt then you might be thinking about bankruptcy as a solution to your debt problems. However you should always explore possible debt solutions before declaring yourself bankrupt, as there are long-term consequences which cannot be avoided.

Not sure if a debt management plan is the best way to manage your debt? Call our Debts Management team on freephone 0800 0481 777 for advice about our range of debt solutions.

If you are looking for a way to manage your debts, a Secured Debt Consolidation Loan could help.

A Debt Consolidation Loan can reduce your monthly payments to your unsecured debt by consolidating your existing unsecured debt and replace it with a secured loan. This should reduce the amount that you have to pay out to your debts, and having one lower monthly payment may make your finances much easier to control.

Still considering your options? Fill out the Quick enquiry Form now for a free callback and to  see what debt solutions are available for you.

Alternative Ways to Manage Your Debts

A Debt consolidation Loan is really only best suited to those who have equity in their property and feel confident that they can meet the payment commitment of the new loan. If you feel as though a Debt Consolidation Loan is not the answer to your debts problems, Debts Management can still help find a debt solution for you.

We can offer you advice on how to manage your debts with the help of a Debt Management Plan or IVA. Both of these should reduce your monthly payments to unsecured creditors which should give you greater control over your finances.

An IVA can come with many additional benefits; it offers a certain amount of debt write off so you only pay back what you can afford. It is a fixed payment plan so you pay monthly payments over an average period of 60 months, and then you can be debt free after your IVA has been completed.

No matter what your debt problems, Debts Management have helped people in a similar situation to you, and our experience means that we will be able to find a debt solution to suit your needs.

For advice and information about help to manage your debt through consolidation, call us free on 0800 0481 777.

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.

Budget – One of the reasons that you may be having problems with managing your debt is because you are spending beyond your means. If this is the case then you need to find a way to get your spending back under control, and creating a budget is one of the most effective ways to manage debt and your personal finances.

Make a list of all your essential outgoings, such as council tax and utility bills and work out your incomings. Make sure you include all forms of income including any benefits.

You will be left with your disposable income, and with the right budgeting you should be able to manage your debt much more effectively.

Priority Debts – Not all debts are created equal and there are specific debts which should be paid off before others. One of the effective ways to manage debt is to assess your priority debts. Work out which of your debts are classed as a ‘priority’, such as your mortgage and utility bills.

It is essential that you pay these off first. Failure to do so means that you will probably lose that service or, in the case of a mortgage or secured loan against your home, your creditor could repossess your home.

Manage Debt With Professional Help – You may find that your debt is too out of control and that you cannot afford to meet the creditor repayments and that you are cutting back on essentials in order to manage debt.

If you are in the situation where you can not manage your debt, then there is professional debt help available. A financial solutions company, such as DebtsManagement, can help you manage debt much more effectively by reducing the monthly amount that you need to pay to creditors through one of our debt solutions.

If you have a problem with your debts, it can often be hard to know which was to turn. But thankfully help is at hand, Debts Management are here to help. We only offer ethical advice about your debts, and are determined to find a solution to suit your needs.

Although your debt problems may seem to be getting worse and worse, there are a number of debt solutions available to you. The key is to take action as soon as possible, so pick up that phone today and give us a call for free. We’ll give you the best possible advice and can arrange all the main debt solutions for you.

The first debt solution many people consider is to consolidate their debts via a debt consolidation loan, either unsecured or alternatively one that is secured against your home. Secured debt consolidation loans generally attract a lower interest rate than unsecured debt consolidation loans, however you should think carefully before taking out any secured loans, as securing debts against your home could lead to your home being re-possessed if you do not meet your repayments.

Not sure what debt solution is right for you? Call now to find out….

Debt Management Plans

If debt consolidation loans are not appropriate for you, debt management plans could be the answer. These enable you to consolidate all your unsecured debts, making one affordable monthly payment without borrowing any more money.

Debt management plans are suitable for people with unsecured debts up to £15,000 and allow you to make repayments to your creditors via one monthly payment, which you make to a debt management company such as ourselves. We then make payments on your behalf to your creditors, with the monthly payment set at a cost you can realistically afford. There is also no need to worry calls or letters from your creditors, as we handle all communication with your creditors once your debt management plan has been set up.

Whilst setting up your debt management plan we will also negotiate with your creditors to try and persuade them to reduce or freeze the interest and/or charges on your debts, although obviously we cannot guarantee this. However the beauty of a debt management plan is that you have the flexibility to change your payment plan at any time, particularly if your personal circumstances change.

If you are having serious problems with debt, for example if you are unable to keep up on your minimum repayments to your various creditors, and if you have more than £15,000 of unsecured debt, then an Individual Voluntary Arrangement (IVA) could be more appropriate and help you to avoid bankruptcy.

Individual Voluntary Arrangements (IVAs)

IVAs are a less drastic alternative to bankruptcy.

Whereas a debt management plan is an informal agreement between you and your creditors, an IVA is a legally binding contract. There are real benefits to this option, as the IVA is as legally binding on your creditors as it is for you.

If you maintain your monthly payments your creditors can’t take further action against you, your assets are protected, interest and charges are frozen, and you’ll pay only what you can afford each month.

If you keep to the repayments that have been agreed for you over the duration of your IVA (which is typically 60 months), your remaining debt is written off at the end of the repayment period.

Debts Management Can Help Find Your Debt Solution.

If you are having debt problems call us today for advice on the different debt solutions and which one is right for you. Whilst we specialise in debt management, the sister companies within our group offer the other debt solutions, including IVAs and debt consolidation loans.

So whichever debt solution is right for you, we’ll be able to arrange it for you. Call Debts Management free today on 0800 0481 777.

Debt Consolidation: This means that you consolidate debt into one low monthly payment to make it easier to keep track of your finances. Debt consolidation typically happens in the form of a debt consolidation loan where to take out a new loan to pay off all of your existing debt.
However, you may not wish to take on more debt in order to pay off debt which is already unaffordable. If this is the case you may be thinking about debts management.

Debts Management: One of the most popular debt solutions which allows you to make your debts more affordable on a monthly basis without the need to take out any further credit. A debts management company, such as ourselves, will work with your creditors to negotiate lower monthly repayments to your debt that you can realistically afford after all living expenses have been taken into account. We may be able to get your interest and charges frozen but this cannot be guaranteed. Instead of worrying about multiple debt repayments made at multiple times of the month, you just make one payment to us which we will distribute between your creditors as agreed.

Individual Voluntary Arrangement (IVA): One of the more unusual debt terms which you may come across is an IVA. This is similar to a debt management plan as it allows you to reduce your payments into one but it offers you additional advantages which you cannot get with debt management. For example, an IVA is a legally binding contract which, once agreed, means your creditors cannot change their mind. You agree to repay a fixed amount over a typical period of 60 months, your creditors freeze interest and charges and any unpaid debt will be written off on completion of the IVA.

This gives you just an overview of the debt solutions available. For further explanation about the different debt terms available, contact DebtsManagement.co.uk directly.