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Best UK Debt Management Companies

A good debt management company will be able to advise you on how best to deal with your particular debt problem. They can provide direct solutions to help you tackle these difficulties and pay off your debt, and very often provide useful help and advice to ensure that you steer clear of similar situations in the future.

However, these companies are commercial organisations and therefore need to generate an income from their activities. They do this by taking a commission on the plans they set up for people. This does not mean that the plans are not the right solution or that they will not help you to effectively pay off what you owe, but some organisations have been known to cross the line into giving people poor advice, based on what is likely to make money for them rather than what is going to be the best answer for you.

In these situations some people have ended up with more debt than they had before they approached the company for help. For this reason you need to exercise a degree of caution when you are selecting debt management companies to approach, and that is what we can help you with.

What To Look For In A UK Debt Management Company

It is a sad fact that some debt management companies in the UK can not be trusted to offer honest advice, therefore it is helpful to have some idea of a few things you can look out for and check in order to help you know which companies are the best ones to use.

Signs of a reputable organisation:

Any company offering debt advice should be licensed by the Office of Fair Trading (OFT). You can ask them for their Consumer Credit Licence number to check on this. The very best ones are likely to be members of DEMSA, the Debt Managers Standards Association. This ensures they stick to an extensive code of practice that sets very high standards in every aspect of the services they provide.

An advisor from a reputable company will always explain the plan in detail and tell you exactly how much they get paid and how they will receive that payment.

Here are a few things that should ring alarm bells:

Be wary of flashy adverts, particularly on TV, which promise to wipe out your debts. As with anything else, things that appear too good to be true usually are. Some companies advertise 'free' debt management plans. This is usually an indication of a misleading claim, as almost every company providing these solutions is a commercial organisation that needs to be paid for the work they do. They do this by taking a commission out of the payments that you make into your plan. Some companies do not tell you about the commission and pretend there is no cost to you. There always is, so if any advisor is not completely up front about how they get paid, do not go near them.

Who Should Apply To UK Debt Management Companies?

In general there are certain criteria that must be met for a debt management company to be able to help you, but if in doubt you should apply to them anyway, as it costs nothing and puts you under no obligation. The worst that can happen is that they are not able to help you, but at least you get some free expert advice on what you ought to do next.

UK debt companies provide debt management plans and IVAs (individual voluntary arrangements). Both of these only deal with unsecured debts. This includes the most common causes of debt, such as credit cards, bank overdrafts, personal loans, etc. What it cannot include is anything secured against property, such as a mortgage.

For this type of plan to work you will also need to have several different creditors, rather than just one big debt. Other than that, the only other stipulation is that you have a source of income that will leave you enough money to make a reasonable payment towards your debts every month, after covering your essential living costs (mortgage, rent, food, council tax, utilities, etc).

If you meet the above criteria and have at least a couple of thousand pounds worth of debt, it is well worth approaching at least one of the companies listed below.

Recommended UK Debt Management Companies

Leading UK Debt Company: 123 Debt Solutions

One of the UK's largest and most well established organisations, 123 Debt Solutions offer a variety of debt remedies by working with a range of leading specialists. The fact that they can call on other leading companies means they can offer consolidation loans as well as debt plans, IVAs and trust deeds. It also means they are more likely to find a solution that works for you than any single company.

Just visit complete the online form below and a debt expert will get in touch.

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, 123 Debt Solutions
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You Can Use This Form To Apply For Trust Deeds, IVAs, Debt Management Plans or Debt Consolidation Loans

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it.
Think carefully before securing other debts against your home.
Repaying debt over a longer period may increase the total amount to be repaid.