The Business Debt Advisor

Debt Management - How the Process Works

We will take your call, explain Debt Management, and if relevant complete an income & expenditure review.

If we can assist you by reducing your monthly outgoings, we will send out an information pack, which will contain documentation for you to sign and return, including the authority forms allowing us to speak to your creditors.

Once you have received the pack, a dedicated Advisor will contact you to talk through the documentation, and answer any further questions you may have. From this point, you can then start referring any creditor calls or correspondence directly to us.

As soon as we receive your documentation we can start contacting your creditors to advise them that we are acting on you behalf.

As soon as we have obtained up to date balances for each item of credit, we shall be able to complete an accurate Income & Expenditure review, which will be issued to your creditors, along with a proposal for a ‘pro-rata’ payment, in line with what you can reasonably afford.

We shall liaise with your creditors to negotiate your reduced payment, and request that further interest and charges are frozen where possible.

Your creditors will receive the agreed monthly amount within 5 days of The Debt Advisor receiving it from you. You may occasionally still receive creditor statements, but these will be for your information purposes only.

At anytime, you can contact us if you find that your circumstances have changed, and we will conduct an up to date review, and agree a different payment if necessary. Alternatively, a review will be completed automatically every six months, to ensure that we are still providing you with the very best advice.

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.