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Blu Debt Management

Blu Debt management is a debt services company that focuses on providing its clients with solutions that allow them to make one affordable monthly payment and be debt free in the shortest possible time.

A debt manager is assigned to each client to ensure that all advice and solutions are coming from someone who knows your situation personally. Established in 1998, Blu provides its solutions across the UK. A free consultation can be obtained from Blu by calling their toll free number, filling out the application on their website or requesting a call back through the website.

During the consultation, a range of possible options will be discussed based on your situation. All advice given is impartial and does not come with any obligations. If a client wishes to opt for one of the solutions suggested, the fees are negotiated and finalized.

For customers wanting to minimize their risks Blu recommends its debt management service. This is an informal agreement which means that customers are free to leave any time they wish. In which case their debts will still remain and have to be addressed. Blu will help you calculate a monthly amount you can pay towards your debt after accounting for all necessary expenses. Based on this, a payment plan will be made and Blu will negotiate with your creditors. The main focus is to reduce or freeze interest rate, remove penalties and fees and reduce the overall size of your debt. Once an agreement is reached you make the monthly payment to Blu which distributes it to your creditors as per the agreement.

Similar to a debt management plan a Individual Voluntary Arrangement is a formal contract between you and your creditors spelling out the terms for your debt repayment. IVAs have to be filed in a legal court and will only be accepted if creditors who represent at least 75 percent of your debt vote in favor of it. Blu recommends an IVA only after debt management is not an option as it carries more risk and is only a step away from bankruptcy. Blu offers similar services in Scotland under the name of trust deeds.

For clients who face extreme financial distress, are not property owners and have no significant assets Blu recommends a debt relief offer. A debt relief offer can cost as little as 90 pounds. They are only available to people with less than 15,000 pounds in unsecured loans, less than 300 pounds worth of assets, who do not own property and have a disposable income of less than 50 pounds per month. Debt relief offers freeze your debts and interest for 12 months. If you are still unable to pay at the end of the 12 months your debts are discarded.

Blu's website is very professional and is neatly laid out. Information is clearly displayed on how Blu can help clients with their various services. While visually pleasing and easy to navigate the website is lacking in content.

Descriptions of services are not in-depth and no additional resources like calculators or articles are provided.

As mentioned each individual's financial situation is unique, and requires decisions based on personal judgment and experiences. Before choosing a company to help with your debt, a careful and in-depth evaluation of the company needs to be performed personally.

Blu Debt Management's multiple solution offering and dedication to your individual problem are stars in their hat. However, they could improve by providing additional information regarding their unique differentiators and additional resources for customers.

For more information on Debt Consolidation companys, go to Debt Consolidation.

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