A debt management plan could help bring your finances back under control
Call us on 0800 970 7673 or fill in our simple form to recieve a no obligation call back from on of our friendly, experienced advisers.
Find out more about the fees involved with each debt solution.
Download the Insolvency Service guide to dealing with creditors.
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.
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.
These days, it's easy to end up in debt. As long as you can afford the repayments, it's not necessarily a serious problem.
But that can change:
Whatever the reason, if you start to experience difficulties, addressing your debt problems should be one of your top priorities. Unless you can bring your payments down to an affordable level, things can get out of hand very fast, with late-payment and non-payment charges adding to your debt faster than you can pay it off. Before you know it, you're in a 'debt spiral', with your debt growing all the time - and damage to your credit rating and threats of legal action only making it worse.
By reducing your unsecured debt monthly payments into one monthly payment, a debt management plan could bring your debt back under control.
It works like this:
You call our expert advisers. They'll go through your financial situation with you (your debts, your income, your expenditure, etc.) to find out if debt management is the best way for you to repay your debts.
Lenders aren't obliged to agree to any changes to your repayment plans. That's one reason it makes sense to work with professionals who've spent years working with creditors.
Our advisers enjoy good working relationships with the major lenders in the UK, so there's a good chance that your creditors will work with them to agree on a realistic repayment plan.
After all, it's in everyone's interests to find a way for you to repay your debt as quickly as you can afford - without taking up the money you need for essential expenses like mortgage/rent, utility bills, food and so on.
As well as asking your lenders to accept lower payments, our advisers will also ask them to freeze or reduce interest and charges wherever possible, so you can focus on repaying the debt itself.
Once they've reached an agreement, you'll just make one (reduced) payment per month, which we distribute amongst your lenders.
We also handle all the ongoing correspondence, asking your lenders to contact us instead of you.
Nothing in life is certain, and your creditors know this. Once you're on a debt management plan, your circumstances could change again - for the better or for the worse.
Again, it's good to have professionals on your side, ready to go back to your lenders as many times as necessary, renegotiating to keep your monthly payments at a level you can afford.
All the way through your debt management plan, you'll have your own dedicated professional, there to answer your questions, handle all correspondence with your lenders, and help you deal with any money problems you come up against.