National Debt Service is a recognised debt charity in the UK. They offer help to people who are struggling to manage their debt problems.
I have compiled this complete guide with everything you need to know, FAQs, and advice to help you understand better.
Read the guidelines provided carefully in order to be fully informed before contacting national debt service.
What is the national debt service?
The national debt service is a free charitable organisation that is run by Money Advice Trust.
They offer advice to individuals who are unable to manage their debt problems. However, this could only be available for people who live in England, Wales, and Scotland.
You could contact them through their free telephone number, email, or through their online web chat.
How does the National debt service work?
The process begins when you contact them. This could either be through their telephone service, email, or through their web chat.
Your advisor will ask you a ton of questions related to your assets, the amount of debt you have, and your financial situation. Moreover, you could be asked to provide documentation.
After thorough evaluation, you will be given advice about your debt problem. They could help you understand which debt solution is the best for you and how you could manage to pay off your debts.
If you are satisfied, they could create a Debt Management Plan (DMP) for you which is personalised according to your need.
Once the documentations are finalised your creditors will be informed. If they agree you could begin your debt solution process.
Your advisor will become your trustee and contact your creditors for you.
What does the National debt service do?
National debt service provides advice to individuals with debt problems. They offer a wide range of debt solutions, advice on budgeting, and also help you manage your finances.
If you consider taking a Debt Management Plan (DMP) with them, they contact your creditors for you as well.
What type of debt solutions does the national debt service offer?
The national debt service offers a wide range of debt solutions for you to pick from. However, it is important to understand your advisor could suggest a debt solution based on your financial situation and affordability.
The list of debt solutions includes:
- Individual Voluntary Arrangement (IVA)
- Trust Deed
- Debt Arrangement Plan (DMP)
- Debt Arrangement Scheme (DAS)
- Debt Relief Order (DRO)
Is it possible to get my interest and charges frozen?
Yes, your advisor could be able to convince your creditors to freeze your interest and charges. If they agree you will not have to worry about them for a certain period of time.
However, if your creditors do not agree, you will have to continue to make payments to pay them off.
Reviews of the National debt service- complete overview
National debt service helps thousands of people with their debt problems. More than 87% of people would recommend the debt service to those who are struggling to make payments.
“ the national debt service has helped me understand my debt problems. The team was extremely patient, and professional”
Similar reviews can be found on their page.
However, there is no lie, someone people were unsatisfied and opted for a different debt solution.
Frequently Asked Questions (FAQs)
Is the national debt service legit?
Yes, it is an agency run by Money Advice Trust. It was set up in 1987 and has helped thousands of people with their debt problems since.
You could contact them on their number for further information.
How will I benefit from the National debt service?
You could benefit through a number of ways. These include:
- You could get free advice on rent and mortgage.
- In case your creditors take court actions against you, national debt service could help you out.
- They will help you budget better.
- You could be provided with options to increase your income.
- You will not have to deal with your creditors anymore.
- You make your monthly payments to your creditors once, and your trustee will deal with your creditors on a weekly or daily basis.
- You could prevent your house from getting sold.
- Your advisor could personalise a debt plan for you based on your needs.
- It is also possible that your advisor could convince your creditors to freeze your interest charges.
- There is a high chance that your remaining debts could be written off.
What is the best debt solution for me?
This could be difficult to say. Your debt solution is decided after analysing your financial situation and the amount of debt you have.
- Debt Management Plan (DMP):
They could help with decreased monthly payments. In case you have debt less than £1,000, this could be the best option for you. Your monthly payments begin from an estimated amount of £80 a month.
- Individual Voluntary Arrangement (IVA):
In case you have debts for more than £10,000 this could be the best option for you. The monthly payments could start from £100. This usually lasts for 60 months. However, it could vary based on how much you can afford.
- In case you are no longer able to contribute towards your monthly payments, this could help you. You could be protected from the creditors taking action against you. Moreover, your debts can be dealt within a span of 12 months.
- Debt Relief Order (DRO):
In case your debts are for more than £20,000 and are unable to make payments, this could be the best option for you. Moreover, this is also an option if you have little or no assets left to sell.
I would suggest you speak to your advisor to understand which debt solution is the best for you. They will be able to help you understand better.
I understand choosing a debt company could be stressful. However, national debt service could provide advice on a wide range of debt related subjects.
Read this guide carefully in order to be fully informed before contacting the agency.
In case you feel we have missed out on something you would like to know, please do not hesitate to contact us.