Deciding Which Debt Management Plan Provider Is Best For You

September 10, 2011 by  
Filed under Debt & Credit Tips

Individuals with unmanageable levels of debt may opt for a DMP to assist them with this issue. The individual can communicate with all their creditors directly or can use a professional intermediary from a debt management plan provider to negotiate with creditors in their place. Debt management plan operators vary and one might be more appropriate for you than another. It’s important that you take into account all your choices before deciding on one provider.

A lot of advertising and promotion of DMP services can be found online, on TV or the radio or in the printed media. When it comes to offline marketing much of this promotion is actually paid for by some very sizeable DMP companies. Large commercial DMP operators may be seen to offer some advantages to clients. They often have creditor liaison teams that grasp creditor requirements. Furthermore they tend to be quite heavily automated which, where operated correctly, have the potential to quicken the transferral of information and payment between the individuals involved.

A possible disadvantage of a bigger DMP company is that there could be different departments that handle each section of your DMP. Consequently you might not have a personal rappourt with your provider and they might be less supportive of your individual requirements. Smaller operators may give you consistency if you are continually communicating with the same person, enabling you to build relationships.

Two very big “free-to-client” debt management plan companies also exist in the market. These businesses are paid by creditors rather than the client themselves. As a DMP requires full repayment of the debt in the end, preserving the practitioner cost every month could minimise the length of the debt management plan. Many people will believe this to be advantageous and in their interests. Both of the well-known “free-to-client” debt management plan providers are also very large in size. This possibly exposes them to similar continuity of contact issues explored when discussing sizeable commercial DMP companies previously.

As well as a few very large DMP operators there are also lots of medium-sized providers. These operators have the potential offer greater personalisation of service as there are less employees handling less cases. There is also likely to be reduced staff rotation meaning you are always in communication with the same people. It is suggested that you select a provider that spends money on their employees, making sure they gain professional training and qualifications. A company that is a member of a DMP trade association will also be a sensible option.

“One-man-bands” are also out there trading in DMPs. Many of these are in fact mortgage brokers trying to cover a gap in their earnings created by the credit crunch. You should try to keep in mind that the education and qualifications required to be a mortgage broker doesn’t provide any definitive skills or knowledge relevant to delivering expert debt advice or a professional DMP.

Be very wary also of DMP “franchises”. These are normally national brands that have traded territories to local operators. Due to the increased number of layers in their DMP service structure they might charge excessive fees for the set-up of a debt management plan. In most cases these excessive DMP fees have no subsequent benefit to the client whatsoever.

The debt management plan forum we operate offers a brilliant insight into the different types of DMP provider. Experts are available from a panel of DMP companies to respond to any questions that you may have when researching what type of debt management plan provider will be the most suitable for you. Many other resources are also accessible at our debt management plan forum which will be of value to anybody weighing up their debt solution options.

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Which Protected Trust Deed Company Is Right For You?

September 10, 2011 by  
Filed under Debt & Credit Tips

Accessible to Scottish residents, a trust deed could be a suitable option for people with unmanageable levels of debt. The customer service levels provided with a Scottish trust deed, like plenty of other services, varies depending on the company. Not every operator will meet your requirements, examining internet reviews and visiting a trust deed forum should help you understand which companies to consider.

Promotion in newspapers, on the television and on the radio alert lots of individuals to the possibility of a Scottish trust deed to deal with their debts. Much of this advertising originates from the most sizeable protected trust deed companies who have the biggest budgets. Due to the scale of their call centre operations and processing departments, these operators are sometimes referred to amongst industry experts as “trust deed factories”. Some individuals may like the notion of a factory-type operation as it implies speed and efficiency.

Many individuals however require a high level of quality personal interaction both before and throughout one of the most significant financial decisions they will ever make. The principal factor of quality personal interaction is having a dedicated high-level contact during the whole trust deed process that won’t fluctuate very often. This is not always the case with the largest trust deed companies. Quite justifiably lots of debtors also expect contact with the Insolvency Practitioner (IP) who will be their “Trustee”. This is sometimes not available at the larger operations where the IP in question may just be too overloaded to talk to individual debtors.

Trust deed “introducers” also pay for plenty of the media advertisements. These introducers work at the beginning of the protected trust deed process to connect debtors with protected trust deed providers; they don’t handle cases themselves. The most effective introducers will give their clients professional advice on alternative debt resolution choices, e.g. debt management plans, bankruptcy or the DAS scheme. Regrettably there are those introducers that do not employ qualified advisors. You should be wary of these, especially since a Scottish trust deed is such a significant financial decision. Financial incentives may be place for introducers; therefore they will probably suggest the financial advisor that’s offering the most money instead of the one offering the highest quality customer service. Prior to making this commitment to any one operator, research them and look at reviews to give you a better idea of the customer service you can expect.

In the market there are also medium-sized Scottish trust deed providers. Being dedicated personal debt and Scottish trust deeds means that they’re capable of providing a professional service to debtors and their creditors. As they are smaller than the “factories” they may be more likely to supply a debtor with a professional, experienced contact for the duration of the process. Having strong and consistent contacts that do not frequently alter provides both parties with protection against misinterpretations and problems later into the process. They will probably employ a Trustee that you’re able to speak to about the Scottish trust deed if you need reassurance or your questions answered.

Traditional accountancy companies help people with tax, auditing and additonal services as well as trust deed insolvency services. Unless they have specialist trust deed departments they may lack some of the trust deed specialism found elsewhere. Where they do have dedicated protected trust deed departments they are likely to provide the same benefits to a client that may be present at a medium-sized trust deed specialist. Continuity of communication with qualified people employed outside of a call centre surrounding will generally be in the interests of the debtor.

Individual Insolvency Practitioners (or those functioning with little assistance) also occasionally supply trust deed services and assistance. In some situations sole practitioners in this environment may not be completely versed with current creditor acceptance criteria and other issues of vast importance. It may be worth considering an alternative more focused source of Scottish trust deed advice.

Our trust deed forum provides a unique insight into the variable service experienced by individuals who have started a Scottish trust deed. The thousands of comments by visitors with personal experience of Scottish trust deeds are reinforced by professional comment from a panel of Scottish trust deed operators. The website also provides many additional information resources that will be valuable to anyone in Scotland who’s concerned about their personal debt.

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Living Debt Free

August 30, 2009 by  
Filed under Debt & Credit Tips

There is an increasingly widely held impression in society today that in order to get by, you have to get into debt at some time or another. This is actually untrue, but because for many people the alternative seems to be a fairly boring life, they feel that it may as well be the case. However, it is possible to live life debt free if you follow some rules and bear in mind that, eventually, you will find a way to make the best of it and actually enjoy your life. Knowing that you can live a life without debt collectors writing, calling and even knocking on your door really makes a difference.

It will require you to make and stick to a budget. This may sound dull, but when you think about the alternatives – debt collectors generally do not tend to be particularly courteous people – it is something worth doing. When you have money paid to you at the end of the month, write down what you will need to spend. Food, rent or mortgage payments, transport and general housekeeping, as well as bills for electricity, telephone and other necessities – these are essential outgoings. What you have left over is disposable income.

By doing this monthly you will before long arrive at a point where you know automatically how much money you have. Treating yourself or others need not be a thing of the past. Indeed, without monthly credit repayments to meet, you will have more scope to do this. It is a more serene way to live.

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Sometimes Counseling Can Help

August 30, 2009 by  
Filed under Debt & Credit Tips, Featured

The word “counseling” is one that can trigger some pretty extreme reactions in people. Given its long association with people under the effects of depression or other mental stresses, it is viewed by many people as being something with a stigma attached to it. However, the simple fact is that counseling can be extremely helpful, and applying yourself to a course of it need not be an admission of weakness – more that you had the strength to admit you needed help. Counseling exists today for far more things than mental stress – although it tends to be used in situations which can be enormously mentally stressful.

Debt counseling is a process that people are using more and more these days, in recognition of the fact that finding yourself unable to make your monthly payments can be an extremely stressful situation. There are many different approaches to debt counseling, a lot of which center around your reasons for ending up in the situation where you have major debt to deal with. If you can address these problems, with the help of a qualified specialist, then you can put yourself on the right track to get rid of your debt once and for all.

Look around for the counselor who you think will help you best, who will understand your reasons for falling into debt and who you think can provide common sense answers to your problems. The situation of having to pay off serious debt is something that can have unreasonable effects on your mental and physical well being. Don’t let it drag you down.

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A Debt Management Plan Could Be Your Salvation

August 30, 2009 by  
Filed under Debt & Credit Tips

Although we as a society have become used to the potential pitfalls of irresponsible lending and borrowing, there are still countless people who have to face a situation where they are placed under extreme pressure to make repayments because unforeseen circumstances interfered with their ability to keep up with the account. If it appears that you are going to be among them, debt management can be the answer – however it is important to be able to differentiate between the debt management plans that work in your favor and those which are out to make a quick buck.

Debt management should, if done correctly, be a way of reducing the debt that you are required to pay by getting in contact with the credit lender and negotiating a stop to interest being placed on your account – along with an agreement not to place late payment fees. Additionally, this process can be paired with a concerted policy of credit repair where an expert will go through your credit file to find the unfair penalties applied and look to overturn them. This means that with time you may be able to borrow again in a situation where it becomes necessary.

Debt management is not ever going to be the most simple process. Banks are tricky to deal with when they feel that they are going to be able to get money out of you one way or another. Think before choosing your debt management partner. The right one can be your pathway to financial security – the wrong one could leave you even worse off.

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