The UK is no stranger to debt. According to the Money Advice Service, in 2018 around 8.8 million people in the UK were in problem debt – that’s one in six adults. If you are struggling to keep up with repayments and need help dealing with your debt, the best thing you can do is take action as soon as possible.
There are a range of debt management services available to you, but which ones should you choose? This article will look at five of the best debt management services in the UK, helping you make an informed decision about how best to tackle your financial problems.
1) Irwin Insolvency
Established over 30 years ago, Irwin Insolvency has decades of experience in helping customers manage their debt. They offer a range of debt solutions, from IVAs (Individual Voluntary Arrangements) to Debt Management Plans and Bankruptcy Advice. With fixed fees, no upfront costs and a commitment to treating customers fairly, Irwin Insolvency is a great option if you’re looking for professional help with your finances.
StepChange is one of the best-known debt charities in the UK. They provide free advice and support services as well as debt management services. Their online tools make it easy to manage your debts and get back on track financially.
3) National Debtline
National Debtline is run by the charity Money Advice Trust. They are a free service offering advice and support on debt management. They also provide an online debt management tool that can help you prioritise your debts and create a plan for repayment.
PayPlan is an independent company that provides debt advice and management services. Their services include Debt Management Plans, Individual Voluntary Arrangements, Bankruptcy Advice and Debt Relief Orders.
5) Citizens Advice
Citizens Advice is one of the best-known charities in the UK working to help people with their money problems. As well as providing advice & support, they also offer debt management services such as budgeting help, debt consolidation loans and Debt Relief Orders.
These five best debt management services should help you make an informed decision about tackling your debt. It’s important to remember, however, that the best service for you will depend on your individual circumstances so it’s best to get professional advice and explore all of your options before committing to a particular route.
Remember – the sooner you take action and seek help with managing your debt, the better chance you have of getting out of problem debt and back into financial stability. Good luck!