Finances form one of the key pillars of having a secure and prosperous life. It is rather important for people to take charge of that to avoid any sort of trouble down the line.
Now, if there is something that can tip the balance in a negative way, then that is debt.
If you are burdened with debt and want to get help to figure your way out of the situation. Then you can rely on StepChange for that.
We can give you all the debt help you need and guide you through this situation. And with diligent efforts from your side, you will gain your way back to financial independence once again.
What is StepChange?
Dealing with finances is going to be a lot easier when you have someone to help you along the step. But the world of finance being as complex and intricate as it is. You will need advice from competent and trustworthy sources.
Thus, there is a serious demand for these kinds of consultancy services. Naturally, there are experts who have stepped up to fulfill that need.
They are making huge sums of money from debt consulting services, and that is exactly where the sticking point is.
Consider this situation. You have taken a loan from a bank for some important expense of yours. And for some kind of mishap or the other, you are struggling to pay that back.
How would you feel, if you had to pay good sums of money in a situation like that one?
Many people in the UK face this problem, and it just makes things worse. And that is exactly where it comes into the rescue.
Our vision from the very beginning has been to empower citizens of the United Kingdom to tackle debt. With proven strategies that have worked before you will have set frameworks to rid you of your struggle.
More than that, you will not have to pay a single penny for all the consultation.
To put it simply, we wish to help you pay off your debt. Not make things harder for you by piling consultation bills.
What Step Change can Provide You?
Now to the specifics of what we can do for you, there is an entire list of things.
Each is as important as the other one, and you will need to pick the services depending on your predicament.
Applying for Administration Order
This can be a really helpful thing to do if you are facing a dire case of a debt crisis. As sometimes it can be out of your control to get the money to pay of the debt.
That can bring along with it all sorts of trouble with creditors and bank authorities.
Luckily, if you are from any of Wales, Northern Ireland, and England. You can apply for administration orders.
This is a legal scheme that you can apply for with 2 specific stipulations to your favor.
- Debt amount below £5,000.
- At least one court judgment to your name.
And with these two things, you will be able to apply for the Administration order. That is going to give you the much-needed protection from the creditors.
Thus, you will be able to focus solely on gathering the money to repay your debts.
StepChange can help you deal with all the legal aspects of application and implementation of Administration order. And with that, you are going to be in a better position to come out of the situation triumphant.
Individual Voluntary Arrangement
What is an IVA in the first place?
A very feasible approach to resolving debt issues by having a formal agreement with the creditors. That is going to cover the repayment process and all the other minute details that relate to that.
This is what is known as an Individual Voluntary Agreement, and is only available in Scotland.
Carrying this out in the best way possible will require help from someone who knows what they are doing. And we can help you with that, making the process as comprehensive as possible.
Now, there are 2 different payment programs that you can opt for. One is the lump sum IVA, where you will have to make the payment all at once. And then there is the repayment scheme over 60 to 72 months.
With our consultation services, you will be able to make a much more informed choice. And as you extend control over to the insolvency practitioner, you are going to be in a better position preemptively.
So, you can trust us for the proper execution of IVA to help with your debt repayment.
And there are a lot of other things that we can do for you as you get in touch with us. That begs the question as to how our consultation sessions are going to work.
Whatever problem that might come up, we can help you efficiently solve all of that.
Free Advice to Help you Deal with Your Debts
As you get in touch with us with the problems that you are facing in dealing with your debt. The first thing we will need to have is an in-depth discussion of what got you into the current position.
That is going to help us decide what is our initial position to start charting out our goals.
With our clients, we usually go for a more general to specific type approach, which is more common as top-down. And with a top-down debt management plan in place, we will be free to tackle the specifics better.
Now, as far as the specifics go many different things can happen, some within control and others not.
Our expert consultants specialize in dealing with uncertainties of that sort. And with that kind of flexibility with a set strategy to fall back on, if need be.
You are going to experience the process of debt repayment to be a lot less stressful.
About Debt Management Plan (DMP)
So you know about the approach that we are going to take to help you tackle your debt. It will be incomplete without laying out the specifics of this situation.
That brings us to the DMP, acronym for Debt Management Plan which is going to be tailored to your situation.
But before that, here are a few pointers to take note of.
- First, we are going to help you set a budget for all of your expenses moving forward. That will cover all your expenses in the most pragmatic way possible, with minimum compromises on your part.
- We can mediate the payment process on a monthly basis. Thus you will be able to bypass any management issue.
- Periodic restructuring of the DMP to make sure you have the most financial breathing room.
Now with these protocols in place, you can start tackling your debts one after the other. But still there are a few less than favorable things that you should be wary of.
- Do expect your creditors contacting you in this matter every once in a while.
- On the basis of the payment scheme and the time period for that. You might get interests charged on the principal which will hike the amount. Fortunately, that is not going to be much of a problem with a proper DMP.
- Creditors might engage you legally along the payment process.
So here is the gist of our Debt Management Plan. You can contact is for any other details that you might need.
Everything you Need to Know About Debt
To deal with something effectively, you will need to know what it is and how it works. That will help you be a lot more efficient in your approach.
In this case, that is paying off your debts and getting rid of all the troubles that come with it.
But first, let us have a look at the legal side of things.
If a creditor does not take any legal action against you within a period of 6 years. Then by law, they will not be allowed to opt for any kind of enforcement action towards you.
The actual term for that is Statute Barred.
Specific to Scotland, the debt is going to be in the extinguished category. And you will no longer have to pay or worry about it. But these kinds of things do not happen, as the creditors are really careful in these matters.
If you are wondering if there is any kind of exceptions to this, then there are.
For mortgage deals, the time period is going to be twice, that is 12 years in place of 6.
And as far as income tax goes, there are no time periods and things from years past can come up.
Finally, in case of any kind of legal action from the creditor within the set period. The statute barred option will absolutely be out of the question.
The limitation period starts from the time you notify the creditor about the legitimacy of your debt from them.
For Premier Consultation Services for Debt Help – Contact StepChange
If your debt repayment issues have come to a point to cause you some serious stress. And you want experts to review your financial predicament and formulate solutions.
You will be hard-pressed to find any organization better than StepChange.
We have been helping people like you in dire situations of debt for the past 25 years. And as you might already know that we extend our services to people, free of cost.
That is how we have been able to create great relationships with the people that we have helped. And they refer us to people facing similar situations, who they happen to know.
Experts on our teams have developed a high degree of competence in problem-solving. And you can rest assured that your case will be in good hands.
You can also communicate on our website by means of StepChange login. You can have a chat with our support team from there only.
Have a look at some of the most frequent questions that we get regarding our services.
- How do DMPs work? – It gives you a step by step approach to paying off your debts and managing other expenses.
- What is debt consolidation? – This is the process of taking new credit to pay off previous credits.
- What can a debt collection agency do? – These are agencies that are responsible for collecting debt from recalcitrant borrowers.
There are many like these that you can find as you go through our website.