For some people in need of debt management, credit counselling may be enough to get them out of financial distress. Any debt is reason for concern because even the smallest amount will grow if it is not addressed.
Some people make a habit of spending more money than they can afford to repay. Others are usually able to cover their expenses but may occasionally find themselves in debt.
You may relate to one of these situations or your financial status may fall somewhere in between.
Debt management credit counselling
Regardless of your situation, we recommend that you explore debt management credit counselling because it addresses all levels and types of debt. UK residents can get debt advice from several sources in person, over the telephone, and online.
Debt management professionals counsel consumers one-on-one, customizing recommendations to the financial situation. Informal debt management programs can be operated with and without fees. There are always costs associated with formal programs like bankruptcies and Individual Voluntary Arrangements.
Consumers who feel comfortable using the Internet will find a wealth of information. An ideal place to begin learning more about debt management is the Money Advice Service website. It features a section focused on money management, offering advice to consumers of all ages and also to business owners.
After reading this information, consumers will have a general understanding of debt management terms and programs. The Jubilee Debt Management website contains further information, exploring the options available to resolve debt problems. National Debtline, and StepChange offer free debt management credit counselling over the telephone.
Residents of England and Wales qualifying for legal aid may take advantage of the telephone counselling provided by Community Legal Advice. They will learn how to use welfare benefits or tax credits to increase their income and receive assistance with resolving debt issues. Jubilee Debt Management also offers credit counselling services over the telephone. Our experienced debt advisors work extended hours to accommodate your busy schedule.
Citizens Advice Bureau locations in Wales, England, Northern Ireland, and Scotland offer face-to-face counselling. Residents of Wales and England may also request debt advice from Shelter and residents of Northern Ireland can visit an Advice NI centre. People living in Wales, England, and Scotland can contact the independent service centres of AdviceUK for credit counselling. Consumers can also look online to identify local authorities that offer free credit counselling.
Finding The Best Debt Management Credit Counselling Resource
A comprehensive review of the resources offering debt management advice is recommended. If the information seems confusing or overwhelming, call us so we can help you sort through it. We will assess your debt and circumstances to provide recommendations regarding debt negotiation, IVAs, debt consolidation, bankruptcies, and debt relief orders.
Jubilee Debt Management caters to UK consumers with any level of debt, offering informal debt management advice as well as assistance with formal debt management programs.
People who are experiencing financial problems should consider debt management as one of the available solutions. Credit counselling offered by a reputable organization can help consumers get on the right financial path.
Information Offered During A Debt Management Credit Counselling Session
If credit counselling is a new concept, you may be experiencing hesitation. The idea may seem very scary and stressful. Credit counsellors understand that being in debt is stressful enough. They offer confidential counselling sessions that are more like conversations.
There is no pressure to choose any debt management solution recommended. Some people take the proactive approach of consulting with a credit counsellor before they have arrears. They use the advice to remain out of problem debt for the rest of their lives.
Consumers who require debt management counselling may use the sessions to learn about budget creation and revision and debt prioritization. Debt experts use income and expense information provided by these individuals to help identify potential reductions in expenses.
During debt prioritization, consumers are taught to place heavy emphasis on debts that carry several consequences if they are not paid. They learn that the consequences of falling behind with mortgage payments or loans guaranteed by a home can lead to repossession of the property, resulting in homelessness.
After the credit counsellor helps the consumer prioritize debt, a picture of the financial situation emerges. Based on this, the counsellor recommends methods for dealing with the arrears. For consumers with a limited amount of debt, repayment terms can possibly be renegotiated with creditors. Individuals with more debt may require third party assistance with debt consolidation or a debt management plan. Jubilee debt counsellors can provide this help.
Consumers with costly priority debts or high debt levels may require a formal solution like an IVA. Residents of Scotland may qualify for a Trust Deed, which is a similar bankruptcy alternative. Bankruptcy is usually deemed the last resort, designed for consumers who cannot repay debts. The bankruptcy process is made less complicated when Jubilee counsellors walk consumers through it.
Information Required During The Debt Management Credit Counselling Process
The credit counsellor will ask a series of financial questions during the counselling session. If consumers gather the required information before contacting the debt expert, the process will move along quickly. Statements for the mortgage, credit cards, and loans, payslips, and documents pertaining to additional outstanding debts should be gathered. A copy of an existing budget will also be helpful. A consumer on benefits should have relevant documents available.
There is no reason to be nervous when pursuing debt management credit counselling. Experienced debt counsellors know how frustrating and embarrassing debt can be. They want to help improve the situation, not make it more uncomfortable.
Debt counselling is often the first step in the debt management process and when an expert is used, counselling can be very effective.