The Business Debt Advisor

Debt Management Explained

Our debt management service offers confidential advice to help you find a solution to your financial difficulties. We specialise in clearing our customers’ unsecured debts through affordable monthly payments.

We will allocate you a fully trained personal advisor. Their job is to talk through your current situation and devise a Debt Management Plan to help get you back on your feet.
We can help customers -

• Who have overstretched themselves with credit cards, loans or overdrafts.
• Whose monthly expenditure now exceeds their monthly income
• Who are using credit cards to pay off other debts or to pay for items they previously bought with cash
• Who have had a consolidation loan refused
• Whose circumstances have changed due to a divorce, separation, bereavement, loss of job or overtime
• Who feel like no one is listening 

To view our terms and conditions please click here.

Are there any disadvantages to Debt Management?

• Creditors are not obliged to accept the terms of the payment programme and if they do not, it may take longer for you to repay your creditors in full due to the possibility of additional fees and charges. 

• Entering into a payment programme may affect your credit rating and you may experience difficulty obtaining credit in the short and medium term.

• Delayed or missed payments will cause you to go further into arrears with your creditors and may lead to your debts increasing and creditors taking further action to recover the sums owed to them.

• A debt management plan does not prevent creditors from commencing or pursuing legal proceedings.

What does the service cost?

Your first and second monthly payments with a minimum fee of £200.00 and a maximum of £1,000 (Where the monthly payment is greater than £500.00 an amount of £1,000 will be taken over a period of two months and any remaining fees will be distributed from your payments.) The first two months payments are retained by us for setting up your Debt Management Plan and is therefore not paid to your creditors, which means that your account will go 2 months into arrears. There is also a monthly management fee of 17.5% of your monthly payments subject to a minimum of £25 and a maximum of £100.

Is there anything else I should know?

Under the Consumer Protection (Distance Selling) Regulations 2000, you have the right to cancel your arrangement with us at any time, which should be made in writing to the address given under section 'The Agreement' in your information pack. If you cancel your arrangement within 7 days of agreeing to our Terms of Business, we will refund any payments we have received from you during this time. If you cancel at any time after the first 7 days, no further charges will apply. We will also refund any monies that have not been distributed to creditors at the time your notice cancellation is received and we will inform creditors of your decision. Should you choose to cancel before your debts are paid, creditors are likely to end any payment arrangements previously agreed. This may lead to charges being re-applied to your debts. You will then also be responsible for dealing with all of your creditors direct. 

For further information, please see our FAQ page

The Next Step

All debt solutions should be very carefully considered; we will always provide you with the best advice to ensure you get a soft landing away from the burden of debt. Simply forward your details on our Contact Form and we will contact you. Alternatively ring us on our FREEPHONE ADVICE LINE 0800 085 1825 to have a full consultation with our specially trained advisors.

The Insolvency Service has produced a guide: In Debt - Dealing with your creditors, to support those who find themselves in financial difficulty during the recession.

Financial Information

All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to set up and maintain your plan - all fees will be outlined during your consultation. For further information on fees, please see the FAQ section of the different solutions available. Retained payment may place you further into arrears. The Debt Advisor complies with the Consumer Credit Act and you have a right to a cooling off period of 7 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term.