There are a number of things you should know about when applying for a debt solution. However, trying to understand which solution is the best for you could be confusing. Debt help experts could help you with all your problems.
If you are unable to come up with a solution, it might be time for you to contact the debt help advisor.
I have compiled this complete guide and FAQs for your better understanding. You will be able to understand how to contact an advisor and everything you need to know.
Who are debt help experts?
Debt help experts are certified and licensed advisors who help you with your debt problems. They review your debt problems and come up with solutions.
Moreover, they could help with financial and personal financial management including:
- Evaluating debts
- Providing debt solutions
- Achieving financial goals
- Avoiding debts
- Investment management
- Income tax preparation
Who can help me with my debt problems?
Debt help experts could make you understand which debt solution is the best for you.
You could even contact the national debt advice for more information.
What documents do I need to take for a debt advice session?
In case you plan on beginning your debt management plan, you could be asked to submit some documentations. This is to prove your income and debt amount to your creditors.
I will list down the documentation you could be asked for.
- Proof of wage slip: This will ensure that you have a stable monthly income. Moreover, your debt company will be able to generate your monthly payment amount based on how much you can afford.
- Bank statement: This will show if you have made any direct debits or payments to your creditors.
- Reference numbers: this is mainly for your unsecured debt that will be included in your debt management plan.
- If you think you have other debts that you no longer remember, you could be asked to order a copy of your credit record.
- Housing and utility bills: to ensure that you make regular on time payments
- Housing services: to understand your expenses
- Travel, food, and living expense: to calculate your disposable income
You could be asked for more documentation based on your individual case.
How will debt advisors help?
Debt advisors could help you get a grip on your unwanted debts.
Moreover, they could help you get your finances shaped.
A debt advisor could analyse your debt situation and help you understand which debt solution is the best for you. They could also help you manage your payments and keep you motivated towards making your payments.
How will debt solutions help?
Debt solutions could help you with your debt problems in several ways.
- You could be able to cover up all your debts through one payment
- Your payments are reduced so they become affordable
- Interest and charges are frozen in most cases
- Your creditors can not directly contact you
- Full time employment is not required to be eligible for a debt management plan
- Your own personal account manager could act as your professional representative
- The pressure of dealing with your creditors is reduced
- You could be able to choose your payments based on your affordability
- Payments can be made on weekly or monthly basis
What type of debt solutions could be advised by experts?
Your debt advisors could help you with a number of debt solutions including:
- Debt Management Plan (DMP)
- Sequestration or Bankruptcy
- Debt Relief Order (DRO)
- Individual Voluntary Arrangements (IVA)
- Administration Orders
- Debt Remedy Tool
- Protected trust deeds
Frequently Asked Questions (FAQs)
What is national debt advice?
National debt advice is an organisation run by the Money Advice Trust.
They offer free and confidential debt advice for individuals who live in England, Wales, and Scotland.
How do I know if my debt expert is legit?
It is important to speak to a licensed professional. You could search online through Investor.gov to check seek information about your advisor.
How much does debt help experts charge?
In case you plan on getting debt advice through debt charities, it could be free of cost.
However, if you contact a licensed individual you might have to pay a one time price for the session. This could vary depending on the individual case.
Can I increase my income in case I am in debt?
Yes, it is possible for you to increase your income even if you are under debt. Your Debt Help Experts could advise you on a strategy on how you could do that.
However, if you are successful in increasing your income or if you receive a windfall, you will have to inform your advisors immediately. The money will be used to help contribute towards your repayments.
You could get into legal problems if you fail to inform your advisors.
What should I do before meeting my debt adviser?
There are a number of things you should consider visiting your debt advisor.
- Make sure your advisor is legit and qualified
- Create an outline of what you want to discuss in the meeting
- Collect all your documentations
- Do you research properly
- Financial adviser will ask you plenty of questions
- Be sure to keep your personal information confidential
Debt help experts could be a great solution to identify your debt problems. They could identify your financial strengths and weaknesses and create a plan for you.
You could be able to choose the best debt solution and pay off your debts earlier through debt help experts.
I would advise you speak to more than one debt help expert for more clarity.
If you require more information, please feel free to contact us.