Debt management solutions

Posted on Tuesday, October 2nd 2007 2:59 am by menj in Offbeat

One may ask what is debt management? Well, debt management is the process of bringing together ones debts from various sources, amalgamating or consolidating them into one single debt usually at a lower rate of interest. This process of debt consolidation has become very popular in the recent times because of the flexibility and simplicity it offers to the takers as it could freeze your interest payments and extend the period of your repayments. Such debts involves very common debts like credit cards, mortgages, student loans and other types of debts.

So how does one resolve the issue of debt and find a solution to the problem? One option that we can consider in order to resolve debt issues is the Individual Voluntary Arrangement, or IVA in short. This type of debt consolidation will allow you to get you out of debt over a five year period, which is often the case for debts of this type. The benefits of considering IVAs would include the freezing of interest, reduction in the total amount of debt owing, and legal protection from creditors.

No wonder why this method is still growing in popularity, since the number of lenders is on the rise. However, it should be reminded that once you take up an IVA, it is legally binding upon you to continue with the full term as stipulated in the contract. In case of doubt, the advice is that you should do your calculations and read up more on IVA at trapped.co.uk, which provides this debt repayment plan for its clients, before you decide to go ahead with it.

    28 Comments

    Comments

    Here are 28 Responses.

    • mrankinmatt says:

      July 16th, 2012 at 8:58 pm

      Has anyone ever used the debt management service Greenpath Debt solutions? Do you feel they were helpful in fixing your debt & credit issues?

    • PillowMan1234 says:

      July 31st, 2012 at 1:23 am

      If you are asking yourself what debt management uk debt solution is the best on market then you will need expert debt management advice. Visit us on http://www.uk-debt-advice.co.uk/ read about debt management plans, IVA which could get most of your debt wiped here the uk debt advice link again http://www.uk-debt-advice.co.uk/

    • lildevilgurl152004 says:

      July 31st, 2012 at 2:29 am

      I am serious deby (£26K) and have discussed a debt management solution through a company called dissolve debt. Has anyone used them? They basically make arrangements with your creditors for you on your behalf so you stop paying interest and charges

    • Ryan Z says:

      August 4th, 2012 at 1:46 am

      My boyfriend said we can try for a baby after he goes through debt consolidation. He has $30k in credit card debt and a $75k house he is putting in consolidation. His credit card payments are $500 each. When could he expect to have the card companies paid off after finding his lender for the loan?

    • Dark_LovexXx says:

      August 8th, 2012 at 9:29 am

      Myself and my soon to be fiance are in a lot of credit card debt. Between the both of us we always pay our bills on time but now it is starting to become a problem where it is getting overwhelming. I want to get a loan to pay off everything in 4-5 yrs but don’t want to work with a debt solution company if it is going to hurt our credit.

    • Shay H says:

      August 16th, 2012 at 4:59 am

      I am really bad with paying bills and my credit has taken a hit these past couple years. I make enough money where I should be able to pay everything with no problem but for some reason I continue to struggle. Do you think a debt consolidation would be best for me and to help me improve my credit score? Does this really work?

    • Joe T says:

      August 20th, 2012 at 5:53 am

      have over 10,000 dollars worth of credit card debt. should I consider consolidating?

      I can afford the payments no problem, but in the long run, the interest may be more than what I could have paid if I was in a debt consolidation program. Does that make sense to you? Thank you for your time.

    • Christopher J says:

      August 20th, 2012 at 8:59 am

      Has anyone ever used the debt management service Greenpath Debt solutions? Do you feel they were helpful in fixing your debt & credit issues?

    • Phillip123 says:

      August 23rd, 2012 at 6:36 am

      They are consolidating my debt… are they ok??

    • Arminator says:

      August 25th, 2012 at 3:53 pm

      I am going through a debt management program with ByDesign Financial Solutions. I make my first payment in a few weeks. However, I have done research and can’t find any reviews on the company good or bad. Does anyone know anything about them?
      I did find the site through nfcc.org, which makes me more comfortable with the company.

    • Ramblin Spirit says:

      August 25th, 2012 at 5:40 pm

      Has anyone ever used the debt management service Greenpath Debt solutions? Do you feel they were helpful in fixing your debt & credit issues?

    • zigg3ns says:

      August 31st, 2012 at 12:27 am

      The following is a excerpt from Lucent Technologies Management? Executive Summary We design and deliver the systems, software and services that drive next-generation communications networks. Backed by Bell Labs research and development, we use our strengths in mobility, optical, access, data and voice networking technologies, as well as services, to create new revenue-generating opportunities for our customers, while enabling them to quickly deploy and better manage their networks. Our customer base includes communications service providers, governments and enterprises worldwide. We have three segments organized around the products and services we sell. The reportable segments are Integrated Network Solutions (“INS”), Mobility Solutions (“Mobility”) and Lucent Worldwide Services (“Services”). INS provides a broad range of software and wireline equipment related to voice networking (primarily consisting of switching products, which we sometimes refer to as convergence solutions, and voice messaging products), data and network management (primarily consisting of access and related data networking equipment and operating support software) and optical networking. Mobility provides software and wireless equipment to support radio access and core networks. Services provides deployment, maintenance, professional and managed services in support of both our product offerings as well as multi-vendor networks. Beginning in fiscal 2001, the global telecommunications market deteriorated, resulting from a decrease in the competitive local exchange carrier market and a significant reduction in capital spending by established service providers.This trend intensified during fiscal 2002 and continued into fiscal 2003. Reasons for the market deterioration included general economic slowdown, network overcapacity, customer bankruptcies, network build-out delays and limited availability of capital. We believe that the market for telecommunications equipment has stabilized and is starting to grow in certain areas. The growing demands of enterprises and consumers for additional services tailored to their needs is creating the need for a new convergence of networks, technologies and applications. Required 1. Using the Consolidated Balance Sheets for Lucent Technologies for September 30, 2004 and 2003, prepare a common-size balance sheet. 2. Evaluate the asset, debt, and equity structure of Lucent Technologies, as well as trends and changes found on the common-size balance sheet. 3. What concerns would investors and creditors have based on only this information? 4. What additional financial and nonfinancial information would investors and creditors need to make investing and lending decisions for Lucent Technologies?

    • Roflcopter says:

      August 31st, 2012 at 12:27 am

      I am in dire need of a debt consolidation loan and I have bad credit. I can make things work with $5000, but I do not know where to start. I have seen people with yahoo addresses claiming they can loan money but they sound fishy as it is not a company email, their emails always seem to be yahoo. Any info will help. I fell on hard times and am now able to pay my monthly bills but I cant seem to catch up what I fell behind on. PLEASE help asap. I have a 5yr old and I do not want him to suffer us loosing our home or car.

    • cardskid22 says:

      September 9th, 2012 at 7:39 pm

      I’ve heard that In charge solutions is a good company. I’ve heard that they are a non-profit organization.

      We have a little over five thousand dollars in credit card debt and other misc. things.

      We are only making two thousand dollars a month.

      Any answers will be much appreciated!

    • jdfan says:

      September 21st, 2012 at 4:34 am

      Not credit counseling, but debt consolidation loan. Can’t find any good info on the web, so your educated opinion would be helpful. What are credit requirements, home equity requirement, debt service ratio and other factors?

      If you know a good resource that would be very helpful as well!!

      Thanks.

    • crzyinluv says:

      September 21st, 2012 at 8:29 am

      What are the reason or factors of someone to get denied for debt consolidation. With all the bills, by doing the math it is clearly that money coming in, is not enough for the money coming out. I’m thinking of applying for debt consolidation, but what if they don’t accept it. I’m running out of options. Bankruptcy would be last on my list. Please I need help/ advice. Thank you.

    • The Dark Knight says:

      September 21st, 2012 at 8:29 am

      I was wondering how much does it cost to pay a debt consolidation company to help you, because I want to know if it’s worth it. I’m in so much debt making barely and I don’t know what else to do. On payday I usually just have 100-200 dollars to myself because the rest goes to my bills.

    • lildevilgurl152004 says:

      September 22nd, 2012 at 3:46 am

      I want to explore all my options before filing bankruptcy. I can afford my mortgage payment, my car payment, and my house bills (utilities, cable bill, etc) but cannot afford to pay my credit card bills and loan bills.

      How can I go about finding a good non-profit debt consolidation firm that can help me? Just using google isn’t cutting it, as there’s thousands.

      Help appreciated.

    • Ryan Dunn says:

      September 25th, 2012 at 11:30 am

      I need a company around Charlotte NC who does the whole debt consolidation loan deal. Looking to pile some credit cards and 2 cars together.

    • mmminja says:

      September 28th, 2012 at 5:12 pm

      The following is a excerpt from Lucent Technologies Management?

      Executive Summary We design and deliver the systems, software and services that drive next-generation communications networks. Backed by Bell Labs research and development, we use our strengths in mobility, optical, access, data and voice networking technologies, as well as services, to create new revenue-generating opportunities for our customers, while enabling them to quickly deploy and better manage their networks. Our customer base includes communications service providers, governments and enterprises worldwide. We have three segments organized around the products and services we sell. The reportable segments are Integrated Network Solutions (“INS”), Mobility Solutions (“Mobility”) and Lucent Worldwide Services (“Services”). INS provides a broad range of software and wireline equipment related to voice networking (primarily consisting of switching products, which we sometimes refer to as convergence solutions, and voice messaging products), data and network management (primarily consisting of access and related data networking equipment and operating support software) and optical networking. Mobility provides software and wireless equipment to support radio access and core networks. Services provides deployment, maintenance, professional and managed services in support of both our product offerings as well as multi-vendor networks. Beginning in fiscal 2001, the global telecommunications market deteriorated, resulting from a decrease in the competitive local exchange carrier market and a significant reduction in capital spending by established service providers.This trend intensified during fiscal 2002 and continued into fiscal 2003. Reasons for the market deterioration included general economic slowdown, network overcapacity, customer bankruptcies, network build-out delays and limited availability of capital. We believe that the market for telecommunications equipment has stabilized and is starting to grow in certain areas. The growing demands of enterprises and consumers for additional services tailored to their needs is creating the need for a new convergence of networks, technologies and applications. Required 1. Using the Consolidated Balance Sheets for Lucent Technologies for September 30, 2004 and 2003, prepare a common-size balance sheet. 2. Evaluate the asset, debt, and equity structure of Lucent Technologies, as well as trends and changes found on the common-size balance sheet. 3. What concerns would investors and creditors have based on only this information? 4. What additional financial and nonfinancial information would investors and creditors need to make investing and lending decisions for Lucent Technologies?

    • Kristian says:

      October 4th, 2012 at 7:42 am

      i am interested in having my monthly credit card payments put into one payment per month. i was very close to trying this but backed out at the last minute out of fear of being screwed over by a debt consolidation company. can someone explain how these companies work? has anyone ever used one? is it helpful?
      do u pay the debt consolidation company a seperate fee? or do they include that within ur consolidated payment?

    • Beavis says:

      November 15th, 2012 at 3:42 am

      Myself and my soon to be fiance are in a lot of credit card debt. Between the both of us we always pay our bills on time but now it is starting to become a problem where it is getting overwhelming. I want to get a loan to pay off everything in 4-5 yrs but don’t want to work with a debt solution company if it is going to hurt our credit.

    • thinkthought says:

      November 15th, 2012 at 8:22 am

      I’ve acquired a sizable amount of debt (30 to 100K) without my husband’s knowledge. I didn’t do it maliciously. I had (and probably still have) cancer, but I thought I would die. Now I’m still alive and I’ve made sure all the debt was mine, and none of it is anything he signed for. Can I plead guilty to credit fraud and have him file for divorce, and will that make him not liable for any of the debt? If I do that, how much prison time am I likely to serve?

    • MentallyCryppled says:

      November 19th, 2012 at 2:49 am

      I am looking online to see if I can find a place that can consolidate my debt. All I am finding are places for credit card debt. Are there any places that just do general debt consolidation? I have only have two credit cards and the majority of my debt is medical bills, but it doesn’t seem like they take care of the medical bills according to all these websites. Any help is appreciated!!

    • Only Business says:

      November 19th, 2012 at 2:17 pm

      I like gift cards, although they have a limit.
      Credit cards are all priceless and heaven at first, then it ends up like the novel Confessions of a Shopaholic and you’ll have to move back in with your parents until you find a solution to save yourself from your debts or else you’ll have bad credit and will have a hard time getting an apartment.
      Gift cards, on the other side, teaches about money management and is like a credit card, but because it has a limit, you won’t spend everything you have in your savings.
      It also looks cool and stylish.

    • Willie says:

      November 20th, 2012 at 11:42 am

      i am in alot of debt & it’s getting really hard to handle I was wondering what happens after you let credit cards bills go to collections? I know they will bug you for money, call & letters, and it maes you credit score go really low, but what else can they legally do?

    • jdubdoubleu7704 says:

      November 27th, 2012 at 5:11 am

      I called them today. The Rep supervisor said that the only option he has is to have me pay a down payment of $1000, and then a monthly payment of $550.
      I am currently unemployed, and my husband is on and off of work- so that option is basically out of question.
      I have personally met people that negotiated. Does it just take several calls to get a settlement done, or could I call a certain department directly?
      As of today, I am 63 days late.

    • Alina Elliott says:

      November 27th, 2012 at 5:12 am

      I would like to clear the decks without taking on an additional loan due to past money mis-management and lack of financial control. Have an enormous pension fund as ‘future’ collateral so looking for creative and legal solutions. Suspect I need a hybrid of a debt lawyer and a pension/mortgage specialist. Additionally my partner in the US (Houston) is looking for an investment fund to secure her home – would it be possible for my pension fund to both provide that guarantee and be used as a growth investment at the same time? Suggestions and ideas please? Does such a talent exist?

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