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Debt Management Plan

A debt management plan provides you with the chance to work alongside a specialist company who would handle the negotiation with your creditors (those who you owe money to) to reduce your monthly payments. This would involve reducing your payments by spreading them out over longer terms. Usually you would pay the company a regular amount of money each month and they would divide this between your creditors on your behalf.

Benefits And Features Of A Debt Management Plan

A debt management plan could benefit you if you have substantial debts that have built up through such as borrowing on credit cards, loans or store cards. We, as a specialist company, will offer impartial advice as to whether a debt management plan is a suitable option for you to take, as opposed to considering one of the other alternatives to breaking free of your debt.

How It Works

Your personal debt manager would sit down with you in the first instance and go through what you have to payout each month. At this stage they would then usually prepare a financial statement and determine a budget. This would lead to determining an affordable and manageable monthly repayment. They would then take the steps needed to contact your creditors on your behalf and negotiate with them. If all goes well and you decide to go ahead with this solution the sum of money agreed would then be distributed by the company to your creditors on your behalf.

Your personalised debt management plan would allow you to pay off your debts within a fixed time, although of course this could take many years, and it would be in your best interest to abstain from further borrowing by way of credit cards or loan.

Although your creditors do not have to agree to lowering the repayments, if you are working with an ethical debt management company and they are negotiating on your behalf they are much more likely to agree than not if it is the only way they would get the money back that you owe them.

Alternatives

However this is only one solution which you could consider when looking to break from debt. There are others to consider before rushing into taking a solution which might be better for your circumstances.

Which solution might be the most suitable? Debt Management IVA
One lower affordable monthly payment Tick Tick
No need to sell your property in order to raise equity Tick Tick
Have less payments to deal with each month Tick Tick
Your creditors are under obligation to write off debt Tick
Your creditors are obligated to offer help Tick
You enter an arrangement for a fixed period of time Tick
You will not have your creditors chasing you Tick
A solution alternative to bankruptcy Tick Tick
Designed to suit your personal circumstances with flexibility Tick Tick

Why Choose Us When Looking For A Debt Management Plan

  • We can offer a free tailored debt management plan to suit your circumstances and will work with you every step of the way towards offering a manageable solution to break free of debt.
  • We will make a free and full assessment of your current financial situation which would include your income and outgoings which would us an idea of how we may be able to help you.
  • We will approach your creditors and propose the reduced repayments. As the plan we are offering is manageable, the majority of creditors are happy to take our proposal.
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This is the total of unsecured debt you have including credit cards and all types of unsecured loans, but excluding mortgages and secured loans.

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Your monthly net income should reflect your total household income including:

  1. child benefits
  2. tax credits
  3. pension
  4. regular bonus
  5. child maintenance payments

Note: Does not need to be exact.

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Your monthly expenses should include:

  1. utility bills
  2. food
  3. clothing

but exclude payments to credit cards or any other debts you have.

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