A debt management plan could help bring your finances back under control
Call us on 0800 970 7673
Find out more about the fees involved with each debt solution.
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Here is an example of how a Debt Management Plan could make your debts more manageable.
| Credit card | £7,000 |
| Personal loan | £6,000 |
| Store card A | £3,000 |
| Store card B | £2,000 |
| Total owed | £18,000 |
| Current monthly repayment | £700 |
| With a Debt Management plan: | |
|---|---|
| New repayments | £250 |
Repayments are based on affordability and vary from case to case.
Call us on 0800 970 7673or fill in our simple form to receive a free no obligation call back from one of our friendly, experienced advisers.
You talk to us in confidence about your debts
We talk to lenders about reducing your payments
You make a single affordable monthly payment
If your monthly debt payments are higher than you can afford, a debt management plan could bring your finances back under control.
How? Basically, your lenders might agree to change your repayment plan if they can see that this will help you repay your debts - even if it's more slowly than they'd expected.
One of the main things they could do is accept lower monthly payments.
We could negotiate with them on your behalf, asking them to accept reduced payments that reflect what you can realistically afford. As long as your lenders can see you're doing your best to pay what you can, there's a good chance they'll agree to this - after all, you can't pay what you don't have, and a County Court usually won't order you to pay more than you can genuinely afford.
Bear in mind that they're unlikely to agree to lower payments unless they can see you're repaying as much as you can - and distributing it fairly among your unsecured lenders.
We can go through your finances with you, working out exactly what's coming in to your household and what's going out. We'll propose a way of sharing out the difference (your 'disposable income') in a way that's transparently fair to everyone involved. Then, we'll get in touch with your lenders and negotiate on your behalf.
And lower monthly payments aren't the only thing we'll be discussing. While we can't guarantee it, your lenders may agree to reduce or freeze interest and waive other charges, giving you a much better chance of clearing your debts at an affordable pace.
Lenders aren't obliged to accept any changes to your repayment plan. That's one reason many people choose to work with a professional debt management organisation, rather than negotiating with lenders on their own.
We have 15 years' experience working with borrowers and lenders. We know how to negotiate. We know how debt works. We enjoy long-standing relationships with all the major lenders. In short, we could help you secure affordable repayment terms - by showing your lenders that it's the best way forward for them as well.
Of course, 'defaulting' on your original agreements will show up on your credit report, whether you're working with debt management experts or tackling your debts on your own. And of course, repaying any debt more slowly will delay the day you're debt free and can increase the overall amount you end up repaying, unless your interest is frozen. Debt management isn't always the answer. Depending on your situation, other debt solutions might be a better way for you to regain control of your finances and start clearing your debts.