Government Debt Management – Complete Guide
Getting a DMP can usually make your debt problems easier.
But where to get it from? Is your provider qualified enough to know what he’s doing? And is he even authorised to do so?
Learn everything you need to know about government debt management in this article.
Let’s dive right in.
Options For Paying Off Your Debt
There are a number of options available to the public to clear their debts. Moreover, you can even get free debt advice regarding debt solutions both online and from professionals in person.
There are many debt management services that give you debt advice and help you formulate a debt payment program which clears your debts and also helps you avoid a bankruptcy situation.
If you want free money advice service and want an answer to every debt question (for free), you can log onto the stepchange debt charity web-site which connects you with industry experts who give you solutions to your debt problems.
The UK stepchange website provides support and solutions to your debt issues according to the rules and regulations applied throughout the United Kingdom.
The UK government also has other services in action to give you ways to pay back your debts. The best thing about free debt advice websites like this is that they follow strict data protection regulations and don’t give your information to anyone.
What Is A Debt Management Plan
A debt management plan (DMP) allows you to pay your debts back to your creditors at a rate that you can easily afford. These are for non-priority debts like credit card debts. Debts like national insurance and government debt don’t come in this category.
DMPs are offered by government debt management companies who don’t let their customers fall into bankruptcy.
In England and Wales, DMPs are quite common as a lot of people need a debt solution and don’t have the time and expertise to talk to their creditors . These people then contact a government debt management company to get debt solutions.
The company connects them to an insolvency practitioner who analyses their debt trends and talks to their creditors about the regular payments they have to pay. The government debt management companies reach an agreement for their customers which they can afford.
Remember though, these government debt companies have to be authorised by the financial conduct authority before they can offer solutions to your problems.
Government debt help is often free. Make sure you’re not getting ripped off by your services provider and that your money is not going to waste. Get proper information on the company you’re going for (watch their adverts and visit their website too – it helps).
Government Agencies Offering Debt Management
The Government agency responsible for everything related to debt is the Debt Management Office (DMO). They will arrange for you to get a DMP as well.
The DMO is currently managing all of the UK’s government debt, so this is definitely a reliable option to look into.
Other places you could contact are the National DebtLine and the Stepchange Debt remedy office (but they are not affiliated with the UK government).
Frequently Asked Questions (FAQs)
Wrapping It Up
Talking to a professional helps in every case. They analyze your debt trends and give you debt advice according to that.
Don’t be shy to ask for help. It most probably will improve your situation.
If you have any more questions, reach out on the given email address for more debt advice. I’ll be happy to answer your queries.