National Debt Helpline - For Help With UK Debt
The National Debt Helpline is a free service for people living in the UK who are struggling with debt problems
. The National Debt Helpline covers England, Scotland and Wales, and their website has separate sections for each area, as there are some legal differences in how debts are dealt with in the various areas. Advice is not offered for residents of Northern Ireland as some of the laws are too different to the rest of the UK.
The National Debt Helpline is primarily for dealing with consumer money problems, but they do have a business helpline too, for UK businesses struggling with their finances. Their service is essentially a telephone service, offering free advice on dealing with money problems. The service was set up in 1987 and is part of the Money Advice Trust, a registered charity aimed at helping people to get out of debt.
As well as help via telephone, the service also provides a range of written fact sheets that provide information about a host of topics, including dealing with bailiffs, bankruptcy procedures, relief orders, debt management plans (DMP), dealing with creditor harassment, tackling student financial problems and many other relevant subjects.
The National Debt Helpline can also provide practical help through setting up DMPs (through third party companies that they recommend). A debt management plan is a way of paying back everything you owe by renegotiating the repayment terms with your creditors. A representative of the management company will approach all of your creditors to negotiate new payments, based on reducing interest charges and other fees. For a DMP to work, you will normally need at least 5,000 worth of debt and have at least 100 per month available to put towards the repayments.
The National Debt Helpline also offer advice on IVAs or Individual Voluntary Arrangements, which are generally for more serious debts of 15,000 or more, and they produce a comprehensive guide on how you can tackle your financial problems yourself. This approach takes you through the stages you need to go through to try to reach negotiated agreements with your creditors.
The process involves producing a personal financial statement to show creditors the details of your true financial situation. This helps to demonstrate your inability to repay the full amount of your debts. The National Debt Helpline guidance also provides sample letters that you need to write to your creditors at the different stages of this process.
National Debt Helpline - For Help With UK Debt
By: K D Garrow
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