If you want to insure your financial future and are struggling with debt, debt management is crucial. Debt management can help you find your financial feet, even if your debt is extreme – an IVA for example offers the opportunity to become debt free. Debt is cripplingly expensive and if you don't have a debt management strategy in place, the likelihood is debt will cost you a small fortune.

Waste not want not

Recent reports suggest that you're better off concentrating on debt management to insure your finances than buying the multitude of insurance deals to safeguard your assets. Consumer watchdog Which? reported that thousands are wasted on unneeded insurance as consumers were conned to buy protection that was often completely unnecessary.

Debt management plan – account for every penny

When it comes to spending, a debt management plan will help you prioritise how to spend your money – advising on what should be a priority and what shouldn't. Not having the right insurance can be very costly, but buying the wrong insurance packages is a massive waste. The consumer watchdog group said insurance that could constitute a waste of money includes mobile phone insurance, ID theft insurance, extended warranties on goods such as computers, washing machines and electrical goods, and payment protection insurance.

Focus with debt management

Debt management can help you focus on what is essential when it comes to the cost of living. Life insurance, car insurance and buildings and contents insurance are all ‘vital'. The rule of thumb is to take out insurance on anything you couldn't afford to save for – so if your house fell down, you wouldn't be able to find several hundred thousand pounds to replace it. But when it comes to electric goods for example, it's possible to buy replacements for items such as fridges or washing machines. If you saved the money you spent on insuring those goods, you could easily save enough to buy a replacement. 

Are you paying twice?

Many insurance policies are sold as they give peace of mind, but judgement should be used as to whether that money might in fact go further for you in a pension or savings account. Debt management forces people to account for every penny – and many may be frustrated to realise they are paying for insurance twice – the research shows that many people are paying for cover for things they are already insured for in other policies. Many bank accounts for example now offer travel insurance, break down cover and other insurance cover. Sometimes it's just a matter of reading the small print.

Debt Management Solutions with Varden Nuttall

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.