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Va Benefits Eligibility

Debt Management Eligibility

Debt management plans are just one method of debt solution and are not suitable for everyone's circumstances. As with all debt solutions there are criteria upon which your eligibility for debt management will be decided.

The list below will provide you with a general idea of whether a debt management plan could be the best way for you to deal with your debts;
1. Firstly, your debts should be unsecured. This includes things such as bank overdrafts, credit cards, store cards, unpaid utility bills and personal bank loans. Things such as mortgage arrears, student loans and vehicle H.P. agreements can't be included in debt management plans.
2. Your total level of unsecured debt should be at least 8, 000 in order to qualify for debt management. However, if your debts are above 15, 000, then another debt solution such as an IVA may be more appropriate.
3. You'll need to have at least 100 of disposable income once you've made the repayments on your secured debts in order for a debt management plan to work.
4. Having at least 3 separate creditors is another pre-requisite for debt management. This has to be unsecured debt with 3 different organisations. So for example you had a personal loan, overdraft and credit card all with the one bank and no other debts, you would not be eligible for a debt management plan. However, if you had each of these things with separate lenders then that would be acceptable.
5. You're experiencing difficulty in meeting your monthly unsecured credit repayments. This could be due to high interest rates on catalogues or store cards, having too many credit cards with a large combined repayment amount or a number of other reasons.
If your financial circumstances fit in with the criteria listed above then debt management could be the best debt solution for you.
This information is only intended as a guide and is therefore not a substitute for professional debt advice which you can get from one of our trained, friendly and professional advisors.
Contact Debt1 now to learn how debt management could ease your money worries

Source: Free Articles from ArticlesFactory.com

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