Last year financial services company Money Debt & Credit helped thousands of UK clients with their personal finances. This Infographic illustrates the average level of debt of people in the UK based on 2011 data from Money Debt & Credit's bespoke Financial Management Plans service. The most typical amount of debt for an MDC client is between £6001-9000. The information is categorised by national region and London postcode.
Is a Financial Management Plan right for you?
If you are struggling with your debts, have had a change of financial circumstances or are simply unable to keep track of your financial commitments then a Financial Management Plan may be your way forward.
By calculating the total amount you can afford to pay towards your debts every month after your other commitments are taken into account, a payment plan is than devised that is fair to all your creditors. This is then negotiated with them on your behalf to restructure your monthly repayments.
We also try to get interest and charges frozen on all your debts so that more of what you pay goes towards reducing the debt (in many cases we are successful, but there's no guarantee this will be accepted every time).
Then it's simply a case of maintaining one monthly payment to us, which we distribute to all your creditors, either until your circumstances improve or your debts are cleared. A Financial Management Plan is an informal arrangement between you and your creditors and has the flexibility to be adapted to suit your needs if your circumstances change.
Although a Financial Management Plan could be the perfect solution to get your finances back on track you should also consider the following points before deciding to go ahead:
•They are not legally binding so creditors are still free to take legal proceedings against you at any time.
•Reducing the amount you pay means you will be repaying your debts over a longer period of time and may increase the total amount to be repaid
•Your ability to obtain credit will be affected in the short term, and possibly in the medium to long term.
•You are still liable for paying your debts in full.
For more information or debt advice contact:
Money Debt & Credit
45 Clarendon Road,
Tel. 0800 16 999 46 / 01923 636 900
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Notes to editors:
•Money Debt and Credit is one of the UK’s fastest growing financial solution companies.
•The company was founded in 2006 on the belief that every client has the right to appropriate financial advice. Since then we’ve gone from strength to strength and have helped thousands of people with a variety of financial solutions.
•We offer a range of services including Financial Management Plans, IVAs, Loans, Mortgages, Full & Final Settlements, Bankruptcy, Investments and Pensions.
•Specialties: IVAs, Financial Management Plans, Loans, Mortgages, Trust Deeds, Full and Final Settlements, Bankruptcy
This press release was distributed by ResponseSource Press Release Wire on behalf of Money Debt & Credit in the following categories: Personal Finance, Business & Finance, for more information visit https://pressreleasewire.responsesource.com/about.