Have borrowed money from someone and couldn’t repay it due to lack of money?
The creditor is not agreeing to negotiate for less with you? Can’t figure out how to solve the problem?
Then, take the help of debt management companies in the UK. These companies make strategic plans so that you don’t remain under a financial burden anymore.
With their help, you will be able to repay your debt very soon. Their wise advice will help you gain your financial stability.
With each passing day, the economic uncertainties of different families are increasing in the UK. As a result, their payment burden for debt is also surging high.
In such a situation, seeking the help of a reliable debt management company is the only way out there. It helps a person to get out of the financial burden.
Not sure, which debt management companies will better handle your case? Wanna know more about these companies in detail?
Well, we will surely let you know about it. Also, in addition to that, the names of ten such firms that are experts in dealing with all kinds of debt-related cases will be presented to you.
Come! Without any more delay, let’s proceed with the topic.
Debt Management – A Brief Overview
Debt management means finding ways to manage your debt repayment. The process of debt management involves –
- Assessing your financial status.
- Creating a repayment plan.
- Find out strategies or negotiate with the creditor to reduce the debt repayment amount to some extent.
Here’s where the role of debt management companies comes into play. They simplify your debt repayment by –
- Organizing the debts.
- negotiating with the creditors.
- Find solutions so that you can repay the amount you borrowed earlier in a structured manner. Also, while doing it with their help, you will be free from all types of financial burdens.
A debt management company understands how a good debt is different from a bad debt. They will try to analyze the type of your debts.
They will identify if they are good or bad. A good debt is when you borrow the money and invest it in a promising plan.
A promising plan is a plan that is associated with long-term benefits. Whereas, bad debt is when you borrow money and use it extravagantly to buy unnecessary items. It’s when you drain the money instead of investing it for good.
Only experts know about good and bad loans. This is the reason why seeking the help of professional debt management companies is necessary.
Top-notch debt management firms help us helps us overcome our complex financial situations. Their overall support is very crucial for finding tailored solutions to our financial problems.
Debt Management Companies – Why Need Them?
Financial instability and the situation of debt repayment failure occur to a person due to many reasons. They include –
- Unemployment.
- Medical emergencies.
- Overspending.
- Unexpected expenses, etc.
Debt management companies study your case from the core. They try to find out what other positive investment sides you have to overcome your financial crisis.
They are always open to personalized debt management plans. They give you financial education at the time you need it.
Also, they give you temporary financial support, in case you have no other option. They request the creditors to pardon some amount out of the full debt repayment amount.
10 Reliable Debt Management Companies – Our Evaluation Criteria
We understand the situation you are going through at present. Also, we know that only a reliable debt management company can take you out of it.
So, we’re damn serious while picking the top 10 debt management companies for you. We selected the best debt management companies of all in the UK seeing the following features –
- The accreditation and genuine certifications of the companies.
- The transparent fee structures of the companies.
- The promising services of the companies.
- The client testimonials of the companies
- The customer reviews of the companies.
- The companies’ track record.
- The companies’ success stories.
Top 10 Trending Debt Management Companies, UK
1. Payplan
This is one of the most popular debt management companies, established in the UK. The company has successfully attained its age of 25 years (or more) since it was established.
If you want to get personalized debt solutions, this company is ideal for you. They will help you with –
- DMPs.
- Individual Voluntary Arrangements.
- Debt advice, etc.
Fees – 4100 pounds ( transparent fixed fee for IVA).
Google Customer Satisfaction Ratings – 4.3 / 5.
Locations – Grantham in the UK.
2. StepChange Debt Charity
Don’t have enough money to solve your debt-related issues? Can’t seek debt management help from a company as you can’t afford its fees? No worry! Keep your trust in StepChange Debt Charity.
This debt management charity institution gives services to various help-seeking persons, free of cost. Once you visit them, you can expect to get from them –
- Free debt advice.
- Debt Management Plans.
- Miscellaneous debt management solutions, etc.
Fees – No fees charged.
Google Customer Satisfaction Ratings – 4.3 / 5.
Locations – Leeds in the UK.
3. National Debtline
Like the previous one and other charity-related debt management companies, this company also works for free. They give free debt management services to their clients. From them, you can expect to get-
- Debt help.
- The knowledge of various debt-related information and laws in the UK.
- Debt management guidance.
- DMP setup help.
Fees – No fees charged.
Google Customer Satisfaction Ratings – 3.3 / 5.
Locations – Birmingham in the UK.
4. Christians Against Poverty
Eager to attend the debt counselling sessions of reputed debt management companies? Feeling helpless for not having enough money to attend then? Then you are in luck!
The CAP institution offers its debt management advice without charging any money. They always support their clients from a faith-based perspective.
Their way of addressing their clients’ financial crises is purely holistic. You can also expect DMP setup help from them.
Fees – No fees charged.
Customer Satisfaction Ratings – 4.1 / 5 ( as per the rating of Trustpilot.com)
Locations – Bradford in the UK.
5. Debt Advisory Center
This advisory centre is one of the famous debt management companies known for its great work. This centre extends its hands for ppersonalized debt solutions.
This includes DMPs, IVAs, debt relief advice, etc. This company comprises skilful, experienced, and professional advisors.
They are expert in finding out the best debt management solution for their clients.
Fees – 90 pounds (not refundable).
Google Customer Satisfaction Ratings – 4.8 / 5.
Locations – Trafford Park in the UK.
6. Carrington Dean (Scottish Debt Advice)
This is another prominent player in various UK-based debt management companies. Its professionals have expertise in finding out different debt solutions.
In addition to that, they are also proficient in setting up DMPs, Protected Trust deeds (Scotland’s debt solution), etc.
All of their practitioners have licenses for operating in this field and are experienced enough to handle even the most complicated cases regarding debts.
They also provide insolvency services to their clients. The way of dealing with different debt cases by their team of specialists is worth praising.
Fees – 4500 pounds + other miscellaneous pay.
Google Customer Satisfaction Ratings – 3.8 / 5.
Locations – Glasgow in the UK.
7. ClearDebt
Known as one of the renowned debt management companies in the UK, ClearDebt offers varied debt management services to its clients. The services provided by the experts of this company are –
- DMPs.
- Insolvency services.
- IVAs, etc.
They support individuals who are struggling to be free from the burden of debts. They counsel a person or solve their issues by dealing with their problems individually.
The debt specialists keep in mind each individual’s personal needs while dealing with the crises of their clients.
Fees – 1000 to 2220 pounds.
Customer Satisfaction Ratings – 3 / 5 (as per the rating in Trustpilot.com)
Locations – Altrincham in the UK.
8. Acme Credit Consultants Ltd
Looking for debt management companies that cover a comprehensive range of solutions related to debts? Then, Acme Credit Consultants Ltd is the ideal one for you. They offer the services of –
- DMPs.
- IVAs.
- Debt consolidation services.
- Negotiation with the creditors.
- Debt Settlement Services, etc.
The debt specialists of this company deliver personalized solutions to their clients. Their expert advice and support help financial deficit clients overcome their difficulties forever.
Fees –
- 40 pounds / 20 percent of one’s disposable income (for 1 to 8 creditors).
- 45 pounds / 22 percent of one’s disposable income (for 9 to 15 creditors)
Note – Maximum fee capping will be 100 pounds.
Google Customer Satisfaction Ratings – 5 / 5.
Locations – West Drayton in the UK.
9. MoneyNerd
Feeling shy to get involved in debt-related conversations by sitting face to face with the debt settlement expert? Also, can’t afford to pay the fees for the same?
No issue! MoneyNerd, unlike most of the other debt management companies, provides you the facility to get support regarding debt management online.
Yes, this company at practically zero charge, offers you online resources, valuable information, and suggestions on debt management processes. The website of this company helps its clients with –
- Online educational articles.
- Different tools.
- Debt management tips, etc.
All these things help the clients to tackle their debt better. The main goal of this institution is to educate individuals on the processes of debt management and empower them in every aspect.
It will not only help clear the debts of the clients but also make them make informed financial decisions in the future.
Fees – No fees charged.
Google Customer Satisfaction Rates – 5 / 5.
Locations – Malvern in the UK.
10. Debt Support Service
Lastly, here’s one of the debt management companies in the UK, that every financially inconvenienced person would like to visit.
The company experts are well-trained and are good at educating the clients and providing them with –
- Practical debt management solutions.
- budgeting advice.
- Negotiation strategies.
- Knowledge of debt relief options
Fees –
- Fees for the initial 6 months are something less than half of your disposable income.
- Ongoing management plans are charged between 45 pounds to 50 pounds. The actual payment amount depends on the number of creditors from whom the borrower has borrowed money.
Google Customer Satisfaction Ratings – 4.9 / 5.
Locations – Manchester in the UK.
Note – Remember, the interest rates charged by each of these companies are different. This difference is based on the factors like –
- The amount of debt.
- The individual’s financial situation.
- The negotiation is done with the creditors, etc.
However, there’s a similarity in all of these companies. And, it’s that, all of them offer the facilities of the customization of debt management plans.
Debt Management Firms – How They Work?
Debt management companies manage the repayment of their Clients through the following process –
- They at first know about the financial situation of their clients.
- They negotiate with the creditors.
- They sort out a well-planned repayment technique.
- They then involve their clients in the debt management process. They know about their debt details and plan accordingly.
- They ask the client to keep in touch with the debt management company.
- They keep an eye on the fulfilment of their plans.
- They try different ways to eliminate the client’s debt.
- They try to bring back the financial stability of the client.
Benefits Of Hiring A Reputable Debt Management Company
- You will have to pay lower interest rates as well as lower fees than usual.
- Consolidation of multiple debts into a single one.
- The company’s representative will negotiate with the creditors on your behalf.
- Debt management companies give you tailored financial advice for your company’s progress.
FAQ
1. What are the negatives of a debt management plan?
Debt management plans also have some negative sides. They are –
- You will have to make a payment to the agency of credit counselling.
- Your access to credit will be restricted.
- DMPs are bereft of some secured and unsecured loans, that you will be unable to claim. You have to keep yourself away from claiming mortgage loans, student loans, etc.
Conclusion
Hey! Has the debt on your head become unbearable? Then, get in touch with any of the above debt management companies and you will start feeling relieved with their support.
Their advice and guidance will help you overcome your financial crises very soon. In no time, you will again be financially stable and lead your life happily in a normal way.
