Free debt advice website launched
Debt management charity The Insolvency Advice Association is launching a new debt advice website to help those in serious arrears deal directly with creditors.
The website, DebtHelpCharity.com, is a free DIY debt management system complete with template letters and calculation tools which allow individuals to make a direct offer of repayment, with no need for a third party.
Normally debtors are obliged to set up a debt management plan with their creditors, which until now has required professional help and can prove very costly.
Debt management companies usually charge an upfront free as well as a monthly charge in the region of 17.5 per cent.
After registering on the site, users simply enter their financial details and a 'statement of affairs' setting out what can be afforded is generated, as well as a repayment plan for each creditor.
These documents are then sent to the creditor along with the payment.
The free-to-use site is the first of the its kind in the UK and also hosts a forum to allow those using the site to discuss issues and exchange advice with each other.
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