The issue of debt management is obviously very pressing in the UK given the current credit crisis and debt management experts are reinforcing the importance of informing your creditors when you change your address.
Experiencing financial problems is an issue affecting more and more people across the UK. Many will opt to utilise debt management plans in order to return to a firmer financial footing but debt experts are warning that those moving house must inform creditors of the change to avoid looking like they are trying to dodge debt repayments.
Debt Management – Staying on top of your finances
A debt management plan is an excellent way to take stock of your financial situation and get your monetary situation back on track. However, in order for a debt management scheme to be successful, the individual will need to stay on top of their finances and this includes informing creditors of any changes in situation such as a change of address. A report by Moneyfacts states that many who move house may appear to be trying to avoid the creditors but in actuality they have merely forgotten to inform them of the change, "a lot of people might be getting lost in the system rather than purposely avoiding paying" states financial expert Samantha Owens. Neglecting to inform creditors in these circumstances can have a negative impact upon an individual's debt management plan.
Debt Management – The house hopping student
One of the most likely groups to move house frequently is that of students and they are often unlikely to inform creditors of their new address. Those with student loans and who have entered into a debt management plan will need to keep their creditors abreast of any changes to their situation so they can keep track of their finances. If a student loan credit notice goes to the wrong address, it can incur penalty charges which will often result in a black mark against the individual's name and make it difficult to reach financial freedom. A debt management plan is an increasingly popular means for regaining financial independence as it allows the individual to formulate a plan for repaying their debts and get their finances back on track.
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 0870 977 8100 or fill in our online enquiry form.