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Debt Management Consultant

Many Debt Management Companies operate across the UK, some of them providing their services for a fee and some for free. When you use the services of a Debt Management Company you may find yourself dealing directly with a Debt Management Consultant.

Debt Management Companies provide a range of services to people with debt problems. The Consultants will give you advice and support to help you resolve your debt issues.

Expert

If you have a lot of different debts, working out what to do with them can seem a hugely complicated and intimidating task. A professional person with experience and knowledge, not only of the law, but practical experience of dealing with people in similar situations, can be a huge asset in managing your debt.

Plan

A Debt Management Consultant will typically start by trying to get an overview of your debt and financial situation. To start with, you will need to give them whatever information you have about your different debts, so that they can get an idea of how much your outgoings are.

If your situation is particularly difficult, the Consultant may recommend that you sell any assets that you may have to clear some of the debts, but naturally this will depend on your own situation.

Funds

Once they have an idea how much you owe, the Consultant will help you to come up with a plan to manage and, where possible, clear the debts. They may recommend that you obtain additional borrowing to pay your existing debts off, and in some cases the same company will provide this service, for example through consolidation loans.

The Consultant may also recommend such measures as balance transfers, and other methods for consolidating your debts, and they should be well placed to inform you about the merits and drawbacks to the various options that are available to you.

A good Debt Management Consultant will make sure you fully understand the implications of any additional borrowing, and that you are happy that this will ease your financial burden both now and in the longer term.

Payment plans

Many Debt Management Consultants help their clients to create a payment plan for their debts. They will be able to advise you on how best to target the debts that you owe, paying any additional funds that you have (over and above the minimum payment amounts) towards the highest priority debts. Often these will be the debts that you pay the highest interest rates on, so that clearing them first means paying less back overall.
Some Debt Management Consultants will be able to deal with your creditors directly, helping to mediate between you if you are having difficulty speaking to them yourself. They can even set up a system whereby you pay your funds to them each month and they split them between your different creditors to best manage your debts.

Choose wisely

It may go without saying, but you should be sure to only seek financial advice from reputable companies and individuals. If you are seeking help from a Debt Management service for which fees are payable, make sure you understand these first before agreeing to anything.

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