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By Finance Inc.
This Report Covers:
- Debt Management
- Stopping Repossessions
- IVA's (Individual Voluntary Arrangements)
- Bankruptcy
- Loans
You'll Also Learn:
- Where to go next for more advice and
- You'll see some real life examples of people who have already taken the next step by contacting professionals
Reading Options:
- Read this report online now
- Print it out by simply clicking on the printer icon above
hi - This simple free report explains the options you have available to you right now. It is NOT a definitive report, as each person's circumstances can vary. You will need to consult a professional for a tailored plan designed specifically for you. (But don't worry, in this very report we will recommend the best option for you).
Finally this report is DELIBERATELY short. I know we all have limited time and attention spans so I have removed all the "filler" from this just to give you important bare facts. You can read this in less than 5 minutes... and those 5 minutes CAN change your life...
...So stop everything you are doing right now, and learn how you can put your life and your finances back in order more quickly and easily than you ever though possible.
 A-Z Of Debt Management: Simple Facts You Need To Know If You Want To Control and Eliminate Your Debt Immediately
Debt management is in many cases all that is needed for most people to finally conquer their overwhelming debt, and re-gain control over their lives. It may well be all that you need too.
It's surprisingly easy to put into action, and (as long as you are using a reputable debt management company), you can have trained experts handling (and sometimes eliminating completely) your debt for you, without you ever needing to receive another "nasty" phone call or debt collection letter, or incur even 1 penny more in interest.
(Please note that each persons individual circumstances are unique - these are examples of what is possible. To know your possibilities you need to consult experts - we'll show you how to obtain a free consultation later.)
If your debt is out of control here's why you look at debt management as a solution:
- You won't have to deal with anyone else who is chasing money from you. You won't have to worry any more when the postman delivers a letter of when the phone rings... all of this will be handled for you by professionals
- Interest payments on debts (which often makes debts impossible to pay) can be stopped completely or greatly reduced to "agreed" amounts... thus making the actual capital to be repaid an achievable amount
- Unsecured debts can be completely eliminated - legally, ethically and morally. (Note this is NOT strictly debt management, but we'll explain it below for you, and this may be your best option)
- You won't have to stay on top of a bunch of different payments, you will make one simply monthly payment (Important: do not confuse this with a debt consolidation loan, which we will explain below)
Let me explain Debt Management for you...
Debt management is an informal process of negotiation with unsecured creditors to obtain a reduction in the repayment amount and / or a reduction in interest charges. The negotiation involves providing proof to the creditor that the individual is unable to meet all their contractual liabilities.
How will Debt Management benefit me?
As we will negotiate on your behalf it will reduce the credit repayments to one lower monthly amount. This is done by requesting that the creditors freeze or reduce interest charges and therefore agree to a new lower monthly payment. Where interest charges are frozen, the money we pay to the credit companies is taken off the debt rather than being used to pay interest charges. You will then make one monthly payment to us and we will forward this to the credit companies.
This arrangement ensures that you can sustain the standard of living you are entitled to as a UK citizen as you will now be able to afford all household bills without being over committed and living beyond your means.
Frequently Asked Questions
I've spent too much. What should I do?
The simple answer is do not bury your head in the sand - debt does not go away. It is important to deal with the problem now before it escalates out of control. Confide in someone, a friend or family member - and then act on sorting out the debt.
I am in debt. Will my lender get nasty?
It is important to act promptly and talk to your lender or allow a licensed debt management company such as ourselves to act on your behalf. Most companies are sympathetic to people who cannot afford repayments, as recovering debt can be enormously expensive for finance companies. They are often willing to work out an agreement with you, as long as you keep them informed.
Should I take out a consolidation loan?
Debt Consolidation loans seem like a tempting "quick-fix" solution, but experts warn they could damage your finances further. The idea is that multiple debts will be simpler if they are "consolidated" into one repayment. This may seem like a dream for the debt-weary, but debt counsellors advise people to steer well clear of them.
Interest rates charged on these loans are normally much higher than those available on the High Street. They often come with payment protection insurance with unfair terms which may not cover you if you fall ill or are made redundant. They also tend to be "secured" loans. This means that if you are unable to keep up repayments you will lose the roof over your head.
What bills should I prioritise?
Debt experts advise people to prioritise repayments on essential services such as mortgages and utility bills. If you are paying off a range of credit cards and store cards, you should pay off those with the highest rate of interest first. You could also switch your balance to a credit card which charges a lower rate of interest.
Should I be saving or paying off debts?
A general rule is to pay off your debts, for example your mortgage and credit card, before you start saving. This is because the amount of savings income you can get is almost always dwarfed by interest rates you pay on your debts. To check whether you are better off saving or repaying your debts, you should compare the interest rate on your credit facilities with your savings or investment rates.
Should I consider a debt management program?
Whether this is right for you or not, you certainly should be considering it. We negotiate on your behalf, to help reduce your current payments. To allow us to help you, simply get in touch with us form. You will be under no obligation and all correspondence will be in the strictest of confidence.
What do you do?
We negotiate with your credit card companies to reduce your monthly payment and request them to freeze or reduce their monthly interest charges. We will then take a single monthly payment form yourself and pay your creditors on your behalf. This will make managing payments towards your debts far simpler.
How much will I have to pay?
On our advice, you decide on a single affordable monthly payment.
Can you guarantee a reduction in payments?
No, not always. It depends on your ability to make your current repayment and is at the discretion of the individual creditor. But yes we will use our expertise and our best endeavours to reduce your monthly payments, and in many cases this is achieved.
How long will the "debt management" programme last?
Until all of the debts have been paid in full. Due to the reduced payment levels, this can be longer than the terms of original credit agreements and may incur addition interest payments as the term of the credit agreement is extended. Remember though we reduce or even freeze interest payments when ever possible.
How do I know I'm getting the best advice?
If your circumstances are not best served by a Debt Management programme, we will advise accordingly. This may involve suggesting that we refer you to partner companies offering Insolvency advice, IVA's or a range of debt consolidation loans.
How do I know my debts are being paid?
Once up to date balances from your creditors have been received, your monthly payment between them are pre portioned based on how much each is owed. A statement showing how much each creditor will receive will be issued. This remains fixed unless your circumstances change. You will be issued a quarterly statement showing all transactions on your account. In addition to this, you will still receive statements from your creditors.
Will this affect my credit rating?
When entering into a debt management agreement, you will be breaking the terms of your initial repayment agreement with your lender. This may have an adverse effect on your credit record. Due to time required arranging and distributing payments to creditors and delays in making first payment into the programme from clients, contractual payments to creditors may be missed. Frankly speaking though if your debt is currently out of control this is the least of your worries.
How is the programme administered?
Negotiations are made with your creditors to reduce your monthly payments. They are requested to freeze or reduce their monthly interest charges. A single monthly payment is taken form yourself and paid your creditors on your behalf. This will make managing payments simpler.
How do you charge for your services?
Our fees are 15% of the total amount repayable. The 1st Payment you make into the programme is also kept as a fee, and is a minimum of £25
How do I contact you to discuss my own situation?
Please use this link and complete the simple form www.how-to-beat-debt.co.uk/freeconsultation and arrange an informal open chat with one of our experts who will advise you of your possibilities and whether our services would be suitable for you.
This chat is completely without any obligation on your part, and will be extremely informative. In fact if you currently have problems with debt then you really should contact us right away. The sooner you inform yourself completely of your possibilities the better.
Other Services provided by Finance Inc.
Repossessions Stopped
- Remember, it is never too late to act as Finance Inc advisers have stopped hundreds of evictions even where our clients were due to be evicted within days of calling.
- We can assist if you are a homeowner, council tenant or with a Housing Association.
- An immediate consultation is necessary if you are being threatened with eviction.
Mortgage shortfalls are often the result of people having other unsecured debts which have been paid in priority over their mortgage. This is understandable as mortgage companies are often less likely to pressure lenders who have missed a repayment as their debt is secured against your property.
Creditors with whom you have unsecured debts are more proactive sooner if payments are missed as they do not have the same security. Therefore, they are quick to bombard you with letters and phone calls threatening extra interest or late payment charges and all sorts of collection or legal action if you don't pay.
As a result it is more likely for you to pay the creditor who shouts the loudest and this can be at the expense of your mortgage payments. This can ease your worries in the short term, but eventually the mortgage company will start to make demands and that's when panic sets in.
The way to solve the problem depends on several things:
- How quickly you to act.
- Amount of unsecured debt you have.
- Amount of mortgage arrears.
But no matter what your circumstances are Finance Inc will endeavour to help.
IVA’s
An IVA is an alternative to bankruptcy introduced by the government as part of the Insolvency Act 1986. It enables an individual in debt (debtor) to make a proposal to the people they owe money to (creditors) to reach a settlement. Should the proposal be approved by a majority of the creditors, the IVA then stands as a contract that binds all parties and prevents any further action.
A standard IVA will offer to pay whatever is affordable monthly into a fund over a five year period, and after that the debt is cleared. This can be the case even if the creditors end up getting less than 30% of their debts repaid, and so monthly payments into an IVA can be as little as £250 per month. Payments are based on what an individual or household can actually afford and are normally over £300-400, but still tends to be significantly less than the existing minimum payments on credit cards and loans.
IVAs are becoming an increasingly popular choice for the over-indebted in the UK. Finance Inc has a department that specialises in advising on, setting up and supervising IVAs and is one of the UK's leading insolvency organisations in this field.
How it Works
The IVA was designed initially to be a more convenient means for processing individual insolvency cases without incurring the excessive costs and court time involved in bankruptcy. As such there are many elements that are similar to bankruptcy, but the process is simpler and the outcome less severe.
So for example under either bankruptcy or IVA they are the same assets and income that are up for distribution to the creditors; it is just that it is the individual who proposes what will be paid into an IVA, whereas under bankruptcy the magistrate at the hearing decides what the outcome will be.
The application and set up process takes around 4-6 weeks from the point of application, including activities such as fact finding, collection of evidence, drafting the IVA proposal, reviewing and signing, sending to creditors, and voting. The most professional organisations will do the majority of the work themselves and will only require the debtors for minor activities such as providing evidence and reviewing and signing the documentation.
The resulting proposed IVA will be based on what the debtor can realistically afford to pay over a five year period. Normally it will be made up of sixty monthly payments at an agreed level, however it can also include lump sum contributions from, for example, a release of equity from a property.
The approval of an IVA is dependent on receiving a 75% majority of approving votes from the creditors. Most lenders have standard terms for what they will accept, including normally a reduction in the overall level of debt by as much as 75%. Most good insolvency practices are quite familiar with these terms.
Once approved a standard IVA will run for a five year (60 month) period. During this period payments are made on a monthly basis into a fund that the Insolvency Practitioner governs. The funds that accumulate in this account are used to pay off the creditors. This fund is also used to pay the fees of the Insolvency Practitioner.
The payments into the fund are supervised by the Insolvency Practitioner. There are normally payslip reviews approximately every quarter, and a full review of the debtor's situation every twelve months.
During the period of an approved IVA the creditors are required to freeze all interest on the debts, and they are prevented from pursuing the debts and prevented from porgressing any legal action related to these debts.
At the end of the five year period, assuming that the IVA has been satisfactorily completed, all of the debts are cleared.
When it is Suitable?
An IVA is suitable when someone is unable to pay off their debts but does not want to file for bankruptcy. It can be an attractive option to all parties including the creditors as often it presents for them a better result than under bankruptcy.
There are certain criteria however that are required for an IVA to have a good chance of success. It is recommended that a debtor speaks to a Finance Inc advisor to get a better understanding of what these are. The following are some simple guidelines for what can work:
- Minimum unsecured debt of around £15,000 -20,000. (no maximum)
- Minimum monthly payments of £250-300. (no maximum)
- Stable monthly income.
What to Look Out for
Companies who are trying to be pushy about selling IVAs. Watch out for advertisements that offer to reduce debts by 75-90% before knowing more about an individual's situation. these offers can be greatly mis-leading so you need to be cautious and make sure you are correctly informed.
Total contributions into an IVA tend to be more than under bankruptcy, because of the five year period. However there are other implications of bankruptcy. Make sure that the difference between bankruptcy is fully understood.
Be careful not to continue to build up other types of debt such as credit cards and overdrafts. Some organisations suggest cutting up credit cards until the consolidation loan is paid off.
Loans
We can help you find finance by a secured home loan or an unsecured loan. Even if you have bad credit, a County Court Judgment (CCJ) or have been declined a loan already, we can help. We specialise in LEGITIMATE Debt Consolidation Solutions of all types and can offer free advice as to your best option.
Why can you get me a mortgage when my bank can not?
Different lenders have different criteria as to who they will accept and in what circumstances. One in four people have some form of bad credit registered against them and there are thousands of mortgage products on the market, one for everyone.
Will the interest rates be very high?
Not necessarily. We will try to find the most suitable product for you with the best rate possible.
Pros of a Debt Consolidation loan
- May be able to reduce your monthly payments.
- Can take off some of the pressure you may be under from your existing creditors.
- You will have only one creditor to deal with.
Cons of a Debt Consolidation loan
- Can pay more over a longer period.
- May incur additional costs for setting up the loan.
- If secured, your home may be at risk.
- You will be left with only one creditor - this can make it difficult to negotiate should you have further problems in repaying your loan.
Do NOT take out any other "debt consolidation" loan before consulting us, as many offers you see on TV etc. are extremely poorly presented, very mis-leading and can worsen your financial situation considerably.
Contact Us Now For A No Obligation Free Consultation And Learn How To Beat Your Debt - Starting Today
Please use this link and complete the simple form www.how-to-beat-debt.co.uk/freeconsultation and arrange an informal open chat with one of our experts who will advise you of your possibilities and whether our services would be suitable for you.
This chat is completely without any obligation on your part, and will be extremely informative. In fact if you currently have problems with debt then you really should contact us right away. The sooner you inform yourself completely of your possibilities the better.
Real Life Examples Of People We Have Helped Manage Their Debt And Solve Their Finances
See For Yourself Exactly What
We Can Do For You By
Reviewing These Examples..!
Below are real life examples of what is possible with effective debt management. Once you have read these be sure to inform yourself of what our debt management service can offer you with a 100% free, no-obligation consultation with one of our debt experts - click here www.how-to-beat-debt.co.uk/freeconsultation
 Example No. 1
 I really did not want to face up to the fact that I had spent £25,000 on various credit cards.
But I had no choice but to face facts when I had run out of credit and I could no longer afford the repayments on my cards.
Finance Inc pointed me in the right direction, explained all the options available to me and treated me like a human being, a very professional and personal service which I would and have recommended. 
Scott Strange, Birmingham
Credit Card Debt | 
| Example No. 5
I would like to take this opportuinity to thank Finance Inc in helping me find a solution to what I thought was a never ending problem. I now know that I will be debt free in 5 years thanks to Finance Inc.
Mr P. Bates, Manchester
Bankruptcy |
| Example No. 6
Having been at a very low point in my life not really knowing where to turn I knew I had to do something to change things, but I did not know what to do until I came accross Finance Inc's website.
I then applied for a free consultation with a Debt Professional. It was so simple to do all I had to do was pluck up enough courage to make the call because I felt stupid that I had made mistakes and I did not know what to do.
Within the first moment of the call I started to feel at ease and I could see that there was a way out of the debt which I found myself in, Finance Inc were very professional and reassuring and by the end of the call there was a huge weight and burden were lifted from my shoulders.
I now go about my daily routine feeling like I use to - Free. With the knowledge that Finance Inc are a professional Company very helpfull and very understanding under a very stressfull time for me.
Harry Warrington, London
Debt Management |
| Example No. 7
Dear Sirs,
This is just a quick note to everyone at finance inc. Thanks you very much for all your help in helping me finally get on top of my debts. I am now finally back in control, and have a clear plan.
I feel like a new person!
Mr M Taylor, Newbury, Berks. |
| Example No. 8
I would like to take this opportuinity to thank all the advisors who helped me through the difficulty of debt which has made life unbearable for me over the last 6 months.
I was able to reduce my monthly payments to make sure I could afford my rent again. Thanks for all of your help.
Carol Murphy
murphy.cj@virgin.net
07961894794 |
It's time now for you to take the next step to see what we can do for you. Click here to take advantage of our free consultation now - www.how-to-beat-debt.co.uk/freeconsultation. You completely owe it to yourself to learn all the options open to you! Do it now, don't put it aside or procrastinate!
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