There are many ways to pay off your unwanted loans. Debt Resolution Forums are amongst the most prominent ways to get rid of your debt. However, many people are confused about this method.
I have compiled this complete guide with all the information you might need to understand what a Debt Resolution Forum is. Moreover, you will be able to understand how it works.
Read the article carefully to understand how you could benefit through a Debt Resolution Forum. I have included FAQs and everything you need to know.
What is a debt resolution forum?
Debt Resolution Forum or (DRF) works as a trade body. They mainly help individuals with severe debt problems to recover their debt problems. This is mainly done through Individual Voluntary Arrangements (IVA) and Debt management Plans (DMP).
What does a debt resolution forum do?
The Debt Resolution Forum helps with promoting professional methods of resolving debt problems for individuals. They are mainly focused on the quality and type of advice given to the debtors.
What is the phone number of the debt resolution forum?
You could call Debt Resolution Forum (DRF) on their number: 0161 905 8372.
Moreover, you could visit their website to contact them.
What are the criteria for applying for a debt resolution forum?
There is no specific criteria provided. If you are someone who lives in the UK and want to pay off your debts, you could be eligible.
The DRF management will look over your documents. Moreover, they will analyze your financial situation before giving advice on your debts.
Once an analysis has been completed, they will inform you about the techniques that could help you.
How will I benefit from a debt resolution forum?
There could be a number of benefits you could get through a debt resolution forum.
I will list down the most prominent one’s for you.
- In case creditors voted against you, they will still be bound by the decision.
- Your creditors will not be able to harass you or take further actions against you.
- It is possible that your interests and charges will be frozen.
- Your remaining debt could be written off in the end.
- Insolvency Practitioners will help you prepare a customised proposal.
- You will only have to make a single payment and your Insolvency Practitioner (IP) will deal with your creditors.
- In case you decide to make payments through an Individual Voluntary Arrangement (IVA), your spouse or partner could make arrangements to buy your share. This could prevent you from selling your home.
- In case any Country Court Judgment (CCJ) action was taken against you, it could be suspended.
- Your monthly debt payment could be reduced.
It is important to understand that the advantages you get could vary depending on the type of debt solution you choose.
Can I make a complaint against the debt resolution forum?
Yes, in case you are not satisfied with the offer made, you could file a complaint.
However, I would suggest you speak to the agency first. They could provide you with an alternative solution or work on the issue you are facing.
In case you are still unsatisfied, you could write an email to: firstname.lastname@example.org.
What are the drawbacks of a Debt Resolution Forum?
You could face some types of difficulties if you choose a Debt Resolution Forum.
I will list the most common down for you.
- In case you choose a Debt Management Plan (DMP), your creditors could change their mind at any time. This is mainly because a DMP is an informal agreement.
- Your credit rating could be affected.
- If you are making reduced payments, it could take you a longer period of time to pay off your debts.
- Interest will be continued to be charged until you make payments.
- Your information could be added to the public register. This means anyone could get information about your debt problems.
- In case your circumstances change, your practitioner may not be able to get your creditors to accept the amended terms.
- If your IVA fails, you could go bankrupt.
Frequently Asked Questions (FAQs)
How do I use a debt forum?
It is important that you treat the information you find on debt forums with caution.
I would advise you not to make a decision based on what you read off of a debt forum. They could be misleading or filled with biased information.
The best way to use a debt forum is to find a debt advice provider. They will analyse your personal information and evaluate your debts. However, this could be time consuming. However, a recommendation will be provided based on your individual needs.
In case you are advised a debt solution, you will be informed about the pros and cons. This will help you make an informed decision.
Which debt forum is the best?
I will list down the most prominent debt forums for you.
- Money Saving Expert
- Trust – Deed forum
These are UK based debt forums that could help you out with your debts.
Where is the debt resolution forum located?
The Debt Resolution Forum (DRF) is located in Altrincham, England.
Many people suffer with unwanted debt problems in the UK. It could be difficult to find a professional organisation that could understand and help you deal with your debt problems.
However, you would be relieved to know that the Debt Resolution Forum helps you pay off your loans by providing personalised solutions. This is done by evaluating your debts and financial situation.
Read the guide carefully in order to be well informed about how a Debt Resolution Forum works. Moreover, it will help you make informed decisions.
If you feel we have missed out on anything, feel free to contact us. Moreover, you could even visit their office located in Altrincham, England.