Average wages only lasting 20 days per month

Recent research has shown that the majority of people’s wages are running out the 20th day after they have been paid. At this stage they have to rely upon overdrafts, credit cards or other borrowings in order to survive until their next pay day.

This short term, high interest borrowing only makes the problem worse, adding interest and charges to their outgoings the following month.

If you are struggling to make your monthly household income last a full month is any of it being spent on debt repayments? If so could consolidating this debt reduce your repayments and help you manage better?

A debt consolidation loan pays off all of your current borrowings and if correctly structured (ie. lower interest rate/longer term) it means that you will have reduced monthly repayments.

It also means that your credit rating is preserved, providing you make all of your repayments on time. Best of all you will ultimately become debt free and have this money to spend once your final payment is made.

Debt consolidation is just one of the debt solutions we offer. If debt is becoming a worry for you seek professional help as soon as possible. We offer free debt advice for all of our website visitors.

Tags: wages

The difference between debt management companies

Debt is a big business and more and more companies are recognising this and getting involved. Many traditional finance companies, finding it more difficult to provide loans and mortgages, are turning to debt as a means of making some money.

Every debt management company is different but, generally speaking, their advice is likely to be similar. There may be a differential in fees though for debt management.

Ultimately what you need to know when deciding between different debt management companies is:

• How much will I pay each month?
• How long will it take?

You need to be comfortable with how much you are going to pay as well as how long you are going to have to pay it in order to become debt free.

You may find if you contact a few different debt companies that you feel more comfortable with some than with others. Some advisors may more naturally “gel” with you and make you feel more confident that they will be doing their utmost to help you and sort out your debt problems.

A debt management plan is a serious commitment and you need to be happy with the debt management company that you choose.

At Debts 2 Go we are always looking at ways in which we can make all of our clients get out of debt as quickly and painlessly as possible. We offer free debt advice in the utmost confidence.

Although debt problems are usually similar in general terms, each person’s own circumstances are unique and we treat them as such. You are a person with Debts 2 Go not a number.

For your free debt solution get in touch with us.

Tags: companies, company, debt, management

Debt settlement – settling your debts quickly and easily

It’s been a busy time at Debts 2 Go which means we have had less time to work on the website. However we are finally getting round to tidying up some loose ends on the content front.

The first is the addition of fresh content on our debt settlement page.

Debt settlement is the ultimate aim of anyone who has debt problems. This can be achieved in a number of ways.

The first is a debt consolidation loan. This means that all of your debts are settled in full and replaced with a new loan. If this new loan is at a lower rate of interest and over a longer term the monthly repayments should be substantially lower than meeting your debt repayments.

The lower monthly repayments means that it is easier to repay and, if you make all of the repayments on time over the course of the loan your debts will be settled in full. With this option there is no black mark on your credit record – your debts have been repaid in full.

The second and third options, debt management and IVAs, both work in a similar way. They will usually involve a reduced settlement figure for your outstanding debts agreed by negotiation with your creditors.

This means that monthly repayments can be a lot lower than with a debt consolidation loan but, because debts have not been repaid in full, there is a negative credit record for the future. However this can be overcome once you have become debt free following your debt management program or IVA.

Which debt settlement option suits you best will depend upon your individual circumstances and we always recommend getting free debt advice by filling out our simple online enquiry form.

Advice is free and in confidence and our aim is always to settle your debts in the quickest and easiest way for you.

Tags: debt, settlement

The best debt management plan

Debt management is a subject that many people don’t think they understand and yet most people in debt do this regularly without realising it. Having debts, making the repayments, reducing debt, swapping debt from one provider to another with a lower rate, these are all forms of debt management.

Providing you are meeting the repayments and your total debt is not growing then you have been successful in your debt management plan. It is only when you are unable to service your debt payments or your debt is steadily growing that you have a debt problem and this is where a professional debt management solution may be the answer for you.

A professional debt management plan is a more formal arrangement and starts with negotiations on your behalf with your creditors. The idea behind these negotiations is to get as much of your debt as possible written off and interest frozen on any remaining debts. The total outstanding is then paid off over an agreed period.

By writing off debt and freezing interest your monthly repayments are greatly reduced. This helps them fit into your current monthly budget and makes them affordable based on your current income. By making all of the scheduled repayments you will become debt free when the final payment is made.

What are the advantages and disadvantages of a debt management plan?

The advantages are that a large proportion of your debt is often written off before repayments are re-calculated, making them much lower than currently. If you complete your debt management plan on schedule you will become debt free.

The disadvantage is that a debt management plan will have a negative effect on your credit rating. However, if you stick with it and become debt free you will be able to repair this in the future.

Becoming debt free will be worth the effort and something that helps you regain a better future for yourself and your family. The best debt management plan is the one that gets you out of debt quickly and with the minimum of effort. Seeking a professional solution is always recommended, even if it is only in the form of free debt advice which you use to draw up your own debt management plan to solve your debt problems.

Debt FAQs online

The content has been added for our debt FAQs page. This will gradually expand as we answer more questions online. If you need the answer to a question not raised there please do not hesitate to contact us by filling out our enquiry form (NB. debt questions only!).

Some of the questions answered include the best option to get out of debt, the cost of our services, how quickly you can become debt free, and whether you can sort out your debt problems yourself.

The answer to many of the questions seems broadly similar – it depends upon your circumstances. Someone with £1,000 debt is going to find it a lot easier and quicker to get out of debt than someone else with £20,000 total debts.

Whilst you can trawl the internet for debt advice and help it could take you a long time and ultimately might not yield the result you are looking for. Save yourself some time and get in touch with us.

We can point you in the right direction and explain the best option to help you get out of debt. Our advice is free and you are not obligated to take it.

At the same time we can answer any of your debt questions and explain all about our products and services in detail and how each one applies to your particular position.

Getting free debt advice is simple, just complete our online enquiry form. It’s short, designed to be completed in a minute or less, so there is no excuse that you don’t have time to do it!

Taking the first step is the hardest, after that it get’s easier and you might be surprised how quickly you could become debt free.

Tags: faqs, questions

Debt help and advice improved at Debts2Go

In our quest to become the number one debt resource online we have re-written our home page completely with new, and improved,  information.

There is a little more focus on our three main debt solutions:

1. Debt Consolidation Loans
2. Debt Management
3. IVAs

We do not favour any of these options, some will suit your circumstances, others will not. Our aim is to do our best to help you get out of your debt problems.

By doing this in a friendly, helpful and professional manner we enhance our reputation and gain referrals from our many satisfied customers.

We also have other finance related sites, including sites related to debt and debt problems. One of these is IVA Debt Problem. This gives further information relating to debt management, consolidation loans and IVAs.

You can visit it for further information and apply via either site, the enquiries all come to the same place.

Our other finance sites include Car Loans, dedicated to all types of car and vehicle finance, as well as sites for secured and unsecured loans. Each site is unique and provides extra information.

If you have a specific question relating to debt ask us via our online enquiry form. We can then post the response in our son-to-be-built debt FAQs section.

Tags: advice, help

Budgeting to keep out of debt

A small amount of debt, or even larger debts, do not necessarily mean you have debt problems, as long as you can afford the monthly repayments. By afford we mean that you are paying enough off to keep on top of the debt so that it is slowly being repaid or at least not getting any larger. If you are only making minimum repayments and the debt is slowly but surely increasing then you do have a problem.

Keeping out of debt, or staying out of debt after becoming debt free, is sometimes tough but always rewarding in the long run.

Budgeting makes sense for everyone to do. Even if you are comfortable and don’t worry about monthly bills, every penny saved is available to be invested for your future. After all, no-one knows what the future holds for anyone and, if the worst should happen, it’s best to have something to fall back on.

That doesn’t mean that everyone should be scrimping and saving for a far off day that may never come. It’s just a matter of balance. Balancing enjoying the present with making sure you have a decent future too as you get older.

Budgeting means keeping track of your income and expenditure and ensuring that the former exceeds the latter. One way to do this is to use your computer. There are many free programs that allow you to keep track of your accounts. They work in a similar way to Microsoft Money but without the price tag (NB. Debts 2 Go always recommend getting things free wherever possible – that is a sure fire way to help your budget!).

By entering in each and every transaction into your program you will be reminded where your money is being spent. You can also specify a category for each item so that at the end of every month you can calculate your expenditure at the click of a button. Do you know how much you curently spend on groceries every month, for instance? Many people have a rough idea but are shocked when they see the actual figure – all of those £5 and £10 impulse shops add up.

This is a good place to start – stopping all impulse purchases. Plan your spending in advance, go out with a maximum limit and stick to it. It might be difficult to start with but it will soon become a habit. It’s amazing how many people you see in the supermarket without a shopping list, ignoring all of the special offers and just cramming their shopping trolleys full without a thought. But then it’s amazing how many people are struggling with debt too – perhaps there is a correlation.

At the end of the month, when you receive your statements, you can double check all of the entries against your online records. This reconciliation also helps with ensuring that you catch any fraudulent or mistaken payments quickly.

Cutting out unnecessary spending will reduce your outgoings and bring your budget under control. This is the first step for people with smaller debts – see if you can balance your budget yourself. If you cannot, perhaps because of reduced earnings for instance, then seek free professional debt advice as soon as possible.

Even if you have larger debts, it is still possible to sort out your budget so that you increase your monthly repayments to the highest interest debts, such as credit cards, getting them paid off as quickly as possible as they are the biggest drain on your finances. If you have debts over and above £5,000 it is possible to get a debt solution that not only helps you repay your debts but also allows you to write a large proportion of them off. Writing off some of your debts means that you immediately reduce your debt problem before embarking on a solution.

Tags: budget, budgeting

More debt information available for you

The Debts 2 Go website is designed to be a one-stop resource for anyone who is in debt, suffering from debt problems, looking for a debt solution, or looking to avoid getting into debt in the first place.

As such it is continually expanding with new debt-related content, news, blog posts etc. There are five new pages currently being worked upon as follows.

1. Debt Calculator - this is designed to give you an accurate picture of the extent of your debt along with how much you are actually paying each month servicing this debt. From this you can see how much you could save each and every month with a debt solution such as a debt management plan.
2. Debt Solution Calculator – taking the figures generated in the above debt calculator this will process the information and generate a range of options to help you get out of debt as quickly and painlessly as possible.
3. Debt FAQs – a range of questions relating to debt which we are often asked. We aim to demistify the subject of debt and properly explain all of the solutions in detail.
4. Write off debt – how much debt could you write off with a debt management plan or IVA? Writing off some of your debt will make it easier for you to restructure the debt that remains and reduce your monthly repayments considerably.
5. Debt Settlement – ultimately you want to settle your debts and become debt free. Which option offers you the best chance of doing this? We explain the best ways to settle your debts.

All of this extra debt information will be uploaded shortly and may even be on the site by the time you read this. Follow the links above and below to find out more.

Want an easy way to get all of your debt questions answered? Just make an enquiry to us by phone or via our online enquiry form and we will give you all the help you need to get out of debt.

Tags: faqs, settlement, write-off

Debt calculator now online

A debt calculator is now on the website. This forms the first part of our “Three steps to get out of debt”. These being:

1. Calculate your total debt
2. Find the best debt solution
3. Apply online

Our first debt calculator acts as an easy reminder system for the main types of debt. Loans, credit and store cards, HP agreements etc. For each of these you enter the amount owing and how much you are paying each month.

Click on calculate and you are presented with an accurate figure of how much debt you have and how much you are paying each month in servicing that debt.

From this you can take the next step and find out the best debt solution based on the actual amount you owe, rather than an estimate.

Many people underestimate the amount of debt they are in through forgetting some debts or guessing on the amount owed. By using our debt calculator you should be reminded of all of your debts and find out exact figures for the outstanding balances.

Taking the total debt figure and number of creditors you owe through to step 2 will enable you to find the best debt solution from the following options:

• Debt Management
• Debt Consolidation Loan
• IVA (Individual Voluntary Arrangement)

Our second calculator, a debt solution calculator, will also show you how much you could save with each of these options. It will be online shortly.

Once you know the best way forward it’s time to grasp the nettle and take your first step towards getting out of debt by filling in our simple enquiry form online. It will only take around 1 minute and could easily lead to you becoming debt free in the future.

Tags: calculator

Reasons to choose a debt consolidation loan

If you have a number of small debts which attract high interest rates one of the solutions on offer is a debt consolidation loan.

Settling all of the smaller debts with a loan on a lower rate of interest and over a longer period leads to lower monthly repayments, making it easier to manage your outgoings.

As long as you make the repayments each month at the end of the loan period you will become debt free.

Because all of the outstanding debts have been paid off in full there is no mark left on your credit file. You will still be able to obtain credit even whilst you are paying your debt consolidation loan.

However, if you really want to get out of debt, you should try to refrain from further borrowing if at all possible. Don’t get caught in the trap of consolidating and then running up a range of small debts again, leading to the need for more drastic action.

The most common types of debts which lend themselves to a debt consolidation solution include credit and store cards, HP and any other short term, high interest borrowing.

As well as getting you out of debt a debt consolidation loan will streamline your finances, meaning that you only have one payment to make each month. Less chance of missing a payment and, if it has been arranged properly so that your overall payment is reduced, a more comfortable payment amount.

The negatives to a debt consolidation solution are that, at present, loans are not that easy to get. Lenders have tightened their criteria making it difficult for many people to get the loan they need at the right interest rate. However, there are still debt consolidation loans out there, and we can find one for you.