According to research done by the Financial Services Authority in March, 2006, three million people in the UK say that it is a constant struggle to keep up with their financial commitments. To add to this, every four minutes Britain's personal debt is increasing by £1 million. There is a great need to assist people with properly handling their finances and consolidating their debt.

Chiltern is a professional debt management service that has helped over 70,000 people in the past ten years it has been in existence. Chiltern is also the first company of its kind to be recognized by Trading Standards for having no complaint received against them. As a result, Chiltern was invited to join Trading Standards Better Business Scheme.

Chiltern offers a range of debt management solutions. Insolvency specialists will discuss the amount debt, financial assets and income with a potential client and determine the best possible course of action to take. This could be an Individual Voluntary Arrangement (IVA), bankruptcy or even trust deeds. If a solution cannot be rendered by Chiltern, they will give you a free debt management guide and downloadable income and expenditure forms to assist you in developing a budget.

An IVA is often the best solution. Chiltern contacts all of your creditors and negotiates a reasonable repayment offer. All the arrangements are consolidated into one single monthly payment that is paid through Chiltern, the administrator. Chiltern incorporates its fee into the single monthly payment amount of the IVA. The extent of the fee is determined by your debt and income, but it is usually sixteen percent of your outstanding debt, with the first month's payment being used as a set up fee. An IVA can stop your creditors from accruing additional charges and interest, as well as halt court actions and potential bankruptcy. It is also possible to keep your home and motor vehicle, depending upon the individual circumstances. The term of repayment for an IVA is five years (60 months). When the final payment is made, all creditors are legally deemed to be paid in full and the debts satisfied. This will appear on your credit record, although it may take some time thereafter to improve your credit rating and establish healthy credit.

Chiltern has trained debt counsellors that can also advise you about bankruptcy and trust deeds and if those legal actions would be a better choice under your unique circumstances. Bankruptcy can provide immediate relief and the term of a trust deed is three years.

Jackie Newton is the General Manager of Chiltern and states to BBC News that, "people find it extremely difficult to cope with creditors on a day-to-day basis - we take this job on for them. The fees guarantee ongoing service and we can have some success in getting lenders to reduce interest rates for their customers." The potential of lowering interest is a good reason to consult with a debt management company such as Chiltern, who can advise a customer on several different levels and guide them accordingly. Ms. Newton further states to Working Lunch, "Doing an effective debt management programme means presenting a financial statement to creditors on behalf of clients." This type of presentation makes it easier to work out realistic arrangements with creditors.

Another honor bestowed on Chiltern was when the Debt Counsellor of the Year award was present to Joanne Brookes, Customer Service Manager, in May, 2004. If you are unsure of the direction to take with regard to consolidating your debt, a discussion with a Chiltern representative may provide just the assistance you need. After all, their ethos is, "The Value of Our Service Should be Greater Than Our Fee."