Debt Management Company

Helping you with your debt and money problems

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Debt Help & Financing

debt management company Welcome to Payday Effect, the destination of choice for those seeking urgent help with their finances; we provide both specialist debt management advice and access to short-term, emergency funding. Whether your financial troubles stem from the rising cost of living, a lack of available credit, unexpected events or simply because you require extra breathing space – we are here to help you safely navigate the pitfalls and keep your cashflow positive.

Payday Effect’s debt management services empower you, by placing you firmly back in the driving seat. We offer a unique solution for our customers who come to us with various problems particular to their own circumstances. We have helped many people as a debt management company providing expert, confidential and independent advice on how to deal with debt problems. With our long history in this space you have the backing of a company committed to helping you through tough times.

Debt Management Company Services

debt managers With today’s economic climate getting tougher all the time more people are struggling with their debt problems, as the global recession, financial scares, redundancies and reduced employment add to the pressures already on stretched on household finances. Worrying about debt and burying your head in the sand will not make your problems go away though, if anything, left unattended experience tells us those debt problems will only get worse and balloon out of control.

This is where we come in our tailored Debt Management Program will help you reduce your debts and regain control.

By contacting us today we can help you to immediately reduce your debts in an affordable and stress free way. It won’t always be easy but we strive to ensure we can solve your debt by supporting you all the way we can help you to, become debt free.

Latest News

In debt and dont know why

A great many of us are starting to realise it’s time to try to get out of debt. We work increasingly long hours in stressful jobs and not always rewarding jobs so it is little wonder we often feel the need to treat ourselves after a hard day at the office.

Debt denies the younger generations

A recent report by a leading financial organisation has laid out in stark terms the difficulties the next generation of workers and young families face when it comes to establishing themselves on the housing ladder and therefore providing a comfortable life for their families.

Home repossessions slowing but likely to rise again

The Council of Mortgage Lenders (CML) has stated that due to the increasingly strained finances faced by many UK households that 2012 could see yet more families falling into mortgage arrears throughout the course of the year.

Our Advice

We take a holistic approach to providing tailored debt management help and debt counselling services to you. Our advisors, having successfully dealt with thousands of cases fully understand the difficulty of your situation and are uniquely thorough and detailed in tackling your debts.

We will perform an immediate assessment of your circumstances to provide a swift and effective debt management solution after conducting a review of your credit, debt, income and expenditures. This will be followed by recommendations on how to tackle your debts and if you agree the drawing up of a Debt Management Plan which will look to ease the burden of repayments, reduce your debts and make them more manageable.

The first priority for us is to allow for your essential monthly spending to be met; these are priority debts (mortgage payments, utility bills, council tax etc.) and living expenses (food shopping, essential transport and so on). We will assess what disposable income you have left to make a fair and credible offer of repayment to your unsecured lenders. This detailed assessment is vital as it allows us to build a comprehensive and detailed picture of your finances and will inform us of how best to help you become debt free.

This brief assessment includes:

Income, pending gifts, one-off receipts as well as any benefits or pensions received
Household items such as bills, a mortgage, the rent, your utilities and any late or missed payments
Other weekly or monthly payments that you make ona frequent basis
Unsecured debts, from store cards to credit card debt, ad-hoc loans, overdraft facilities and so forth
Secured debts, these are debts secured against your possesions or property such as a home, car or other assets in the form of mortgages, car loans or other secured loans
An estimated value of any significant assets that you own, for example your car or other property
Any debt charges or court orders (CCJ’s etc.) against your name

We then take on the key phase of our debt management service which is to take over the administration and processing of your debts by handling various correspondence / communications directly with your creditors (phone calls, letters, meetings) and negotiating with them in order to seek freezes in interest, stop penalties and charges, extend the repayment period and potentially secure reduced sums for you to repay.

Given the excellent relationships we have forged with lenders and financial institutions across the country we are often able to achieve the desired results that will allow you to responsibly manage and repay your debts going forward until you become debt free.

Following our fundamental principles of transparency, high quality service and putting our clients first, we have been able to build an enviable record of securing the best possible deal for those we advise. Talk to one of our debt advisors today.

Get Debt Advice Here

Our solutions are not just limited to debt management plans. We do not take a one size fits all approach, instead we ensure we fully understand each individual’s situation and their goals before we recommend the best course of action. Our approach is to make you aware of the options open to you so we can find the most effective way to help you tackle you debt problems.

We cover the full range of debt services available to UK Consumers. We will provide you with clear, unbiased and expert advice so you know which path is the best path for you to take. These solutions include;

Debt Consolidation - a way for you to combine all your debt and consolidate it into one which gives you the chance to re-arrange your repayments so they are easier to manage.

A good debt management strategy, we can help you with debt consolidation for credit card debts, unsecured loan debts, or with a debt consolidation loan whether through remortgaging or by taking out a debt consolidation loan.

Individual Voluntary Arrangement (IVA’s)

An individual voluntary arrangement (IVA), is a more formal alternative to debt management, it is a government approved method of resolving debt. It is a legally binding agreement we can set up and administer between you and your lenders. An IVA offers all parties involved (you and your lenders) protection while you address your debt issues.

Bankruptcy

Bankruptcy is a very serious matter and should only be considered as a last resort of debt management. If you are struggling with an overwhelming amount of debt and find yourself in a position where you simply cannot make repayments to your creditors you can apply to have yourself declared insolvent; unable to pay.

While bankruptcy affords a space to sort out your debt problems and to eventually be free of debt it also means your assets which could include your home, car, business, belongings and so on could be repossessed and assigned to a Trustee who will sell off your assets in order to satisfy the debts owed to your lenders.

Trust Deeds & Sequestration (Scotland only)

A Trust Deed normally referred to as a Protected Trust Deed (PTD) is available to residents of Scotland only and is a formal and legally binding agreement between you and your creditors. It is a government approved method of debt management. A PTD is subject to creditor approval; as long as one-third of your creditors, by value, do not object to it a PTD will allow you to repay the debts you owe at a rate which you can afford.