Money Management People help you find the ideal debt solution for your financial circumstances.

Debt Guide by Subject

Money Management People offers you free advice and information about your debt problems. For more detailed information about debt management, read below:

Arrears

Arrears are an overdue debt which is yet to be paid. If you are in arrears with your mortgage then you risk losing your home. If you are in arrears with your mortgage and rent it is essential that you act as soon as possible to avoid facing repossession.
Most mortgage lenders are keen to help their customers deal with any financial difficulties and, as always, the key is to get in touch with them before the arrears get further out of hand. Your lender may be able to come to some kind of payment agreement with you, like reducing your payments for a set time, granting a holiday from your mortgage payments or by allowing you to pay the arrears alongside your standard mortgage payment.
Failing to honour agreements that you have made with a lender may lead to repossession proceedings.
Contact Money Management People to see how we could help you avoid repossession on, 0800 043 0106.

Money Management People can help you with your unsecured debt problems.

IVA

Individual Voluntary Arrangement (IVA) could reduce your monthly payments to unsecured creditors and allow you to become debt free in as little as 60 months.

Priority Debts

Priority debts are those debts where a service could be suspended if they fall into arrears. They take priority above all other debts and should be paid first. They include:
• Rent and mortgage payments
• Council tax
• Gas and electricity suppliers
• Secured loans
• Court fines
• Child support
• Essential hire purchase goods

If you have fallen behind on priority debts then you should contact the companies and work out some form of repayment schedule. Most companies will accept a repayment scheme over a certain length of time. Any priority debt management plans should be worked out on the basis of how much you can comfortable pay without struggling.

Trust Deeds

A Trust Deed allows a debtor to pay off as much of your debts as your assets and/or your surplus income allows, usually over a 3-year period.
The particulars of a Trust Deed vary depending on your financial and personal circumstances. With a Trust Deed you can benefit from:

• One tailored monthly payment
• Typical fixed payment period of 36 months
• Peace of mind from creditors
• No more interest or charges on existing debt
• All unaffordable debt will be written off

It is the equivalent of IVA legislation, which services the rest of the UK, Trust Deeds are regulated by The Bankruptcy (Scotland) Act 1985 and were introduced as an alternative to sequestration for those with overwhelming and unaffordable levels of debt.

Bankruptcy

Bankruptcy is a drastic step and should never be taken before considering all of the available options. Money Management People offer a Bankruptcy service where we can help you through what it entails. Contact us for more information on, 0800 043 0106.

Country Court Judgement

County Court Judgements are issued when a debtor has failed to pay back monies to a creditor. CCJs are issued at a local county court and are a formal way for creditors to claim back the money they are entitled to.
A CCJ requires you to make payments to your creditors, and failure to do so means that your creditors can go to Court to enforce judgment. There are a number of ways that the CCJ can be enforced.
After a CCJ form is sent to you, you have the right to respond to the creditor’s claim for monies owed.
It is not always the case that once you have been issued with a CCJ you will no longer be able to get credit. It may be a case that credit is lent at a much higher rate of interest.
CCJ mortgages are available from specialist mortgage lenders who deal with those of a poor credit rating. To be accepted for a mortgage with a CCJ on your file, you should expect to pay a higher rate of interest. It’s still possible to get a CCJ loan, albeit one secured one.
CCJs could remain on your credit file for less than 6 years from the date the judgement was issued.

Debt Management Plan

The type of debt management is best suited to those struggling with less than £12,000 of unsecured debt. A Debt Management Plan allows you to make just one reduced payment which can then be distributed to your creditors.

Money Management People commits to maintain the accuracy of all website advice. But occasionally, rules and regulations regarding the advice given can change and our website may become temporarily out of date. To ensure that you have the latest information available please contact us on 0800 043 0106 and speak to one of our expert advisors.