Factors of Success: Debt management companies in the UK

The explosive rise in the number of debt management companies in the UK can be considered an immediate response to the worrying increase in bankruptcies: In 2010, almost 150,000 people were declared insolvent in England and Wales. On the one hand, it is certainly good news that the need for debt relief has been recognised. If your finances are taking a turn for the worse, you, too, will be relieved to hear that help is available. Today, there are about 400 specialised service providers on the UK market for debt relief alone. But only a tiny percentage of companies are actually licensed and professional enough to cater to your needs. And without specific guidelines to assist you along the way, you may make poor decisions which will, in the long run, only compound your financial problems.

What this, essentially, means is that although there is a considerable number of debt management companies at your disposal in the UK, only a few of them are actually offering solutions which will make your life debt free again. So before accepting help in terms of debt relief, accurate selection is a priority. Factors that will help you determine which companies are suitable are cost, availability, efficiency, track record and association with other financial houses. Essential with regards to finding an ideal partner for debt relief, specifically, is verifying whether a firm is part of DEMSA, the Debt Managers Standard Association. Debt management companies falling into this category adhere to the code of conduct as set out by the association, which is approved under the Office of Fair Trading’s Consumer Codes Approval Scheme. Which means, put simply, that you can trust their services to be directed at your debt relief, not their profit.

Debt Advisory Line are one of the largest debt management companies in the UK and member of DEMSA. With multiple awards to our credit, we’ve already helped thousands of people in need of debt relief by offering professional debt management advice with our Debt Management Plans. Debt Advisory Line were voted number one among the UK’s debt management companies in 2008 and again in 2009 and were shortlisted in 2010. We are also part of the Mitchell Farrar Group providing a range of services from mortgage advice to helping consumers reclaim unfair bank charges, which provides us with a solid basis for tending to debt relief and a variety of other financial services alike. You don’t have to take our word for it – more than 95% of our customers would gladly recommend us to their friends and family.

This is a company feature for Debt Advisory Line