Debt Management Plans Cardiff

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Get Help with Debt Management Plans in Cardiff

Welcome to Debt Management Plans Cardiff, where we understand the challenges of managing debt. Our range of services, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are tailored to your needs. We’re here to help you achieve financial stability without judgment. Explore your options today!

Make one affordable monthly payment to us and we’ll manage the payments to your creditors for you.

We deal with your lenders on your behalf, taking care of all the hassle and paperwork.

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How do I get started?

Answer a few quick questions

Use our easy online questionnaire to start the debt help process.

Speak to a debt specialist

Our friendly, experienced team will explain all the available options.

Choose your plan

Select the best solution for your circumstances and lifestyle.

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What debt are you most concerned about?

Credit Cards

Over Drafts

Unsecured Loans

Store Cards

Personal Loans

Utility Bills

Business Debt

Catalogues

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Advantages of a DMP

We will manage the contact with your creditors and provide them everything they need. So, as long as you keep in touch with us, your creditors shouldn’t need to contact you.

You will just make one monthly payment to us, instead of paying all of your creditors individually.

In the vast majority (99.48%) of cases, creditors will stop applying interest and charges, so the money you pay will come straight off the balance.

You will have an online account which you can use to view your account and make changes.

If your circumstances change, we will renegotiate the payments with your creditors.

Disadvantages of a DMP

Your creditors don’t have to agree to the repayment, or to freeze interest and charges.

A debt management plan doesn’t protect you from further recovery or legal action from your creditors.

Your credit rating will be impacted because you’ll be paying reduced amounts to each creditor. If you’ve been missing payments to your debts it is likely that your credit report will already have been impacted.

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When facing overwhelming debt, bankruptcy can be a viable solution in the UK. It provides a fresh start for individuals struggling with unmanageable financial obligations. Bankruptcy is suitable for those with unpayable debts and no other viable options. The process involves declaring bankruptcy, which involves court proceedings and the appointment of a trustee to oversee the case. Assets may be used to repay creditors, and after a year, most debts are typically written off. However, bankruptcy can have long-term effects on credit scores, making borrowing difficult in the future. It’s important to seek professional advice to understand the implications fully and explore alternative solutions tailored to your situation.

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Individual Voluntary Arrangements (IVAs) provide a structured approach to resolving debts in the UK. Suitable for individuals with unmanageable debt, an IVA involves a formal agreement with creditors to repay a portion of the debt over a set period. Upon completion, remaining debts are typically written off. While an IVA can offer relief, it may affect credit ratings and borrowing capabilities. Seek professional advice to determine if an IVA is the right solution for you.

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For individuals in the UK facing financial hardship, Debt Relief Orders (DROs) can offer a path to debt relief. A DRO is suitable for those with low income, few assets, and debts under a set threshold. The application process involves a fee and assessment of eligibility criteria. Once approved, debts are frozen for 12 months, providing a crucial breathing space. However, a DRO can have consequences on credit ratings and the ability to obtain credit in the future. Seeking professional advice is essential to understand the implications fully and make informed decisions.

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Debt Management Plans (DMPs) offer a structured and manageable way to repay debts in the UK. Suitable for individuals struggling to meet monthly repayments, a DMP involves consolidating debts into a single affordable payment. This plan is agreed upon with creditors to ensure fair distribution of payments. While a DMP can provide relief and prevent further financial strain, it may also impact credit scores and borrowing capabilities. Seeking expert advice is crucial to determine if a DMP is the right solution for your specific circumstances.

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How does it work?

Let’s say you owe…

Debt Type	Amount
Bank Loan	£5,366.00
Gas Bills	£129.00
Pay Day Loan	£1,989.00
Overdraft	£1,234.68
Debt Collection Agency	£380.16
Short Term Loan	£243.88
Debt Collection Agency	£471.61
Council Debt	£1,009.24
Credit Card	£8,433.00

Total amount owed

£19,256.57

After an IVA

65%
debt written off

IVA Payments
£110
per month

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Example case completed in 2023. Repayment calculated using income and expenditure data. Monthly payments and write off percentages are based on individual circumstances.

Get expert advice on Debt Management Plans in Cardiff. Explore tailored solutions for debt relief and financial stability in the UK.