Your Debt Management Plan

Debt management may be the right solution for you if your debts are less than £15,000. It is an informal arrangement between you and your creditors, where you make an affordable monthly payment to repay your unsecured debts.

The first thing your Debt Management Plan will do is take the pressure off you. That’s because we will:

  • Distribute your single, affordable monthly repayment to your creditors on your behalf
  • Speak to your creditors for you - once you are on a Debt Management Plan, any calls or letters demanding payments should reduce
  • Help with any queries about your plan and provide ongoing support through your dedicated personal Advisor
    Negotiate with your creditors to, where possible, freeze interest levels and stop any further charges being applied
  • Carry out regular reviews to ensure that your plan is the best solution for you, right until your debts are completely paid off. This may include consolidating your debts or remortgaging your home

 

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?

We will provide you with a 7 day “cooling off” period from the date you accept our Terms and Conditions or, if earlier, from the date your first payment is received. If you decide not to continue with the plan within the first 7 days, we will refund your initial fee.

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. 

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 oneof our debt advisors 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. 


All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to set up your plan and maintain it - 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 the 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