New figure from the Insolvency Service indicate record levels of insolvency for 2009.
Debt management can be a way of getting organised with your income and expenditure without borrowing and getting deeper into debt, by following an agreed debt management plan. Debt management helps you out of debt by allowing you to make affordable repayments.
Who do debt management plans work best for?
If you are in over £2,000 of debt, then a debt managment plan could be the right debt solution for you. We can help you set up a debt management plan, as well as work out exactly how much disposable income you are left with each month after deducting the necessary living essentials. To see what your disposable income is, simply print out our form Calculating Your Income and Expenditure - and follow the instructions. Alternatively you can let a member of the 1Stop team work out your disposable income for you.
Debt Management Plans are ideal for people who want to pay off their debts effectively, and who have the discipline and the disposable income to make regular contributions to their debt.
How do I start a plan?
Initially, you will need to compile a personal budget sheet to see if you have enough disposable income, and how much. You can add up your own budget by first adding up all household income. Then add up all essential expenses like rent, mortgage etc , then deduct the second amount from the first - you will be left with your disposable income. The easiest way to do this is with our downloadable form - Calculating Your Income and Expenditure . If you have a disposable income of at least £150 or more and can afford to make regular payments to your creditors, then a debt management plan may be a good choice for helping you control your debt.
If you have sufficient disposable income and your debt problem is not critical, then 1Stop Money will start to take the neccessary steps to contact and liaise with your creditors.
If you would like more information about debt management or other debt solutions please click on the links below.
Is Debt Management Right for Me?
IVA's - Individual Voluntary Arrangements
Trust Deeds (Scottish Residents Only)
Alternatively, to discuss debt management or any other debt solutions, please call 1Stop Money on 0800 012 4039 or fill in the online form and a 1Stop Money broker will contact you as soon as possible.
1Stop Money - your first stop for finding the debt solution you need.