Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

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Debt Management - Make A Fresh Start Right Now!

Debt management is a an agreed plan set up by a debt management company for anyone who has fallen in arrears with unsecured debts and does not wish to deal with the creditors themselves. Once an agreement is reached with the creditors, a debt management plan is then put into place and all outstanding debts are consolidated into one affordable monthly payment. The length of the debt management plan is dependent on the amount of debt to be repaid.

If you're looking to find out more information about debt management and would like to know if this option is best for you, then please apply below. It takes less than 2 minutes and there is no obligation for your free quote. Get your life back on track today! Apply Now.

The monthly payment figure is established on the basis of the individual’s personal income and day to day living expenses. Once the basic necessities, such as mortgage repayments, food and general household bills, have been budgeted for, any disposable income will then be strategized into an affordable yet realistic payment to be made to the creditors. This payment is distributed on a percentage basis each month to all of the creditors to whom money is owed. The debt management company continues to manage these monthly payments until the balances are either paid off in full or the individual himself feels capable of managing the debt.

A debt management plan can only comprise of unsecured loan debts such as personal loans, excluding Hire Purchase agreements, credit cards, store cards, catalogues and overdrafts. Secured debt cannot be included in a debt management plan as any payments on secured debts that remain outstanding can result in repossession of the goods. Therefore any payments on secured loans should be prioritised.

Simply outlined, the advantages of debt management are: only one monthly payment is made, which is paid on your behalf by the debt management company who will distribute the payments between the creditors on a pro-rata basis, interest and late payment charges and fees are frozen therefore stopping the debt from further increasing, the payment is worked out on what you can genuinely afford allowing you to continue paying for your fundamental living expenses, and all negotiation is done through a debt management company so you do not have the stress of dealing with the creditors personally.

The main things to remember are that a debt management plan is not legally binding and the lower the monthly payment you make the longer it will actually take to pay off your debt. Should your financial circumstances improve, the monthly repayment can be increased and the duration of the debt management plan will naturally be completed sooner. A debt management plan will affect your personal credit rating; however any defaults on an unsecured loan are usually recorded on your credit file anyway.

There are now many debt advice agencies offering free services so beware of those who may charge an initial set up fee or a monthly management fee as these can range anywhere between 15% to 17%. Remember, you can also obtain free advice from your local Citizens Advice Bureau which will provide you with good advice and information regarding your available options.

If you’re looking for Debt Management help and would like to find out about your options, MoneyOutlet is here to help you. Simply supply your requirements in the form above and you’ll receive a Free, No Obligation quote and be put in contact with a professional debt management team that will look after Your personal situation, not those of creditors. Our service is free and we recommend you don’t delay in finding out your options any longer than necessary. Get Debt Management help today. Apply Now

Citizens Advice Bureau

Published on September 16, 2007

Council Tax Bills In England Set To Rise By 3.9%

Council tax bills are expected to rise by an average of 3.9% in April. Costs of policing and employing more Community Support Officers have risen sharply thus affecting the decision to raise the tax. Local Government Minister says there is no excuse for this tax increase because councils could be saving as much as £1.5bn by simply cutting waste and reinvesting in local services... Read More
February 29, 2008

Will Personal Insolvencies Rise As Spending Surpasses Average Income?

Now that the credit crunch is firmly affecting the UK, personal insolvencies are expected to rise in 2008. Consumers prior to the last quarter of 2007 were able to access credit cards, loans, and mortgage products almost irrespective of their credit history. Living costs and expenditures on non-essential items are outweighing average earnings leaving many UK homeowners unable to make repayments and relying dangerously on credit cards bail them out... Read More
February 5, 2008

PPI Profits Sustain Personal Loan Market

Payment Protection Insurance offers huge profits for lenders who sell this product. PPI is a type of protection for the mortgage, loan, or credit card borrower in the event they become unemployed or for some reason cannot make their repayments. However, PPI is expensive and limited in its cover whilst many buyers often are unable to claim on it. The FSA is levying heavy fines to firms that mis-sell Payment Protection Insurance... Read More
February 1, 2008

More People Live In Fear Of Bankruptcy Or Repossession

Recent reports by experts and analysts reveal a real 'frenzy of fear' amongst many UK consumers. Due to the current credit crisis, rising mortgage costs, increasing inflation, and rising utility bills, homeowners and consumers alike are finding it difficult to manage. Home repossessions and bankruptcies are expected to rise this year and some say the 'fear' could be a good thing for consumers to tighten their spending... Read More
January 31, 2008

Northern Rock Looks Set To Be Nationalised

The threat of nationalising Northern Rock has shareholders worried. Investors were warned last week they could lose their invested money if the bank is sold. David Cameron is criticizing ministers for the takeover, saying the nationalisation of Northern Rock would be a final blow to Gordon Brown's economic credibility. ... Read More
January 16, 2008

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Personal Loan Centre - Tips & Information

• Debt Consolidation – What You Should Know
• Understanding Credit Reports
• Bankruptcy Explained
• Understanding County Court Judgements - CCJs
• Free Credit Report - What Does Yours Say?