It is a stressful experience to have to cope with debt, particularly when repayments begin to impact upon short-term living costs or long-term financial ambitions. In the UK, dealing with various debts, using the services of professional debt management company might be the thing that is going to bring you relief of control. This paper brings to light the top 10 debt management companies that people in the UK trust to assist them in rearranging payments and get their way to financial freedom.
What Is Debt Management Company?
A debt management company assists an individual or the family with debts that are not secured like credit cards, personal loans as well as overdrafts. These firms discuss your positions with creditors to help reduce the interest level or even collect all your payments together in order to make one or two affordable payment arrangement which is usually referred to as a Debt Management Plan (DMP).
Other companies will also give you specialist advice in case you are dealing with the added complication of keeping a debt management plan mortgage which helps keep your home safe as you work out your repayment schedule.
The Best UK Debt Management Investments Firms
The following are ten well-known UK based organizations which provide reliable debt management services:
1. Step Change Debt Charity
One of the main non-profit making organization that provides free, independent advice and debt management schemes. StepChange has been noted to be very ethical and transparent in its service.
2. PayPlan
PayPlan provides open debt advice and bespoke services, such as debt management plans and Individual Voluntary Arrangements (IVAs). They are also of help to people trying to balance between a debt management plan mortgage and a sensible budget.
3. National Debtline
A highly reputable charity which provides confidential debt advice on phone and online. Their team can offer DMP advice and materials to deal with priority debts.
4. Christians against poverty (CAP)
CAP provides debt advice and faith-based assistance on a free basis. They give in-home services and they assist their clients to handle their debts in a caring and pragmatic manner.
5. MoneyPlus Advice
A provider who is authorised under FCA that provides paid-for services related to debt solutions such as debt management plans and IVAs. Reputable in offering online accessibility of accounts that is friendly to the user.
6. Debt Advisory Centre
Provides types of debt relief including DMPs, IVAs and bankruptcy advice. Their staff is known to perform one-on-one service.
7. Gregory Pennington
Having more than 20 years experience in the industry, this firm assists clients in establishing sustainable DMPs and introduces a ten years approach of reclaiming some debts.
8. ClearDebt
A company with excellent reputation on transparency, ClearDebt specialises on IVAs and DMKs, and it has passed the rigorous regulations of FCA.
9. Baines and Ernst
A reputable debt management company offering debt management plans (DMPs) and assistance to people who have mortgage payments as well as other financial accounts.
10. Debt Free Direct
They are part of the Fairpoint Group and are one of the providers of custom-made debt management strategies and clients with a complicated financial picture, such as debt management plan mortgaging.
Selection of the Debt Management Company
It is important that when selecting a debt management company the following queries should be considered:
- FCA authorisation and regulation
- Clearly defined fee structures (where it applies)
- Good word of mouth and customer reviews
- Diversity of debt solutions provided
- Access to mortgage-related tips to individuals on a plan
It is also prudent to enquire whether a business would offer post purchase services and budgeting amenities to ensure that one does not renege into debts.
Final Thoughts
When you are in trouble with a number of different repayments and you do not know where to go, one of these 10 company names in debt management sector in the United Kingdom might be able to offer you the advise and back you need. Be it lowering interest rates or smoothing your debt management plan mortgage into a monthly payable figure, a good business will leave an everlasting impression on your pocket.
There is always professional council to advise and making sure the company you deal is regulated by the financial conduct authority (FCA) in order to be assured of a trustworthy service that is also compliant.