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DEBT MANAGEMENT PLANS

Following our initial Free Debt Review we often find that many of our customers actually have the resources to make a monthly contribution towards their outstanding balances. The biggest difficulty they face is organising the many outstanding creditors who are often demanding different amounts of money spread throughout the month. Trying to make these arrangements can be incredibly stressful and time consuming, not least because most companies will try and squeeze as much as they can from you, ultimately leaving you short in other essential areas.

How Can a Debt Management Plan Help Me?
Debt Management Plans are designed to help those who may not be able to afford the full monthly payments on their accounts but are in a position to make a lower payment on a regular basis. After completing a fact find of your income and outgoings with one of our debt solution experts, we will be able to identify exactly how much you can reasonably afford to put aside for your creditors.

Your debt management company can then begin the process of negotiating a more reasonable monthly payment with creditors, all on your behalf. What’s more is that you will only need to make one monthly payment to the debt management company who will then distribute this amount amongst all of your outstanding debts. By giving you just one simply monthly payment to make, you’ll quickly find the situation far easier and less stressful to manage – even calls and letters from creditors can be dealt with on your behalf.

With a regular monthly amount arranged to pay towards creditors, interest rates can usually be frozen and further charges stopped, however the final decision on this will rest with the company themselves. Your account manager will liaise all of the details to you as and when they are made available, and should your circumstances change then don’t hesitate to contact your debt management company to arrange changes in your payments.

On completion of the Debt Management Plan you will have settled all of your debts, getting you back on the road to financial freedom and rebuilding that credit score.Don’t forget that we are here to represent you, so don’t be afraid to talk to us if you have any questions or would like to explore other options.

Are There Any Drawbacks to a Debt Management Plan?
As with any debt solution, we are trying to find a mutual middle-ground which both parties are happy to accept. This is not a means to write off any debt, but to arrange for the reasonable payment of the outstanding balance in an affordable way. Your credit score will reflect that a debt management plan is in place, although this is something that can be improved on over time with more structured money management in the future – the most important thing at this stage is to get the debt cleared.

Advantages Disadvantages
  • Reduce all of your debts into one monthly payment to suit your circumstances
  • Once on debt management your creditors sometimes agree to freeze your interest and charges for the term of the plan.
  • Retain complete flexibility of the agreement in the event that your financial situation changes
  • Results in full and final settlement of your balances
  • All contact from creditors is dealt with on your behalf
  • Available throughout the UK, irrespective of legal jurisdiction
  • It may take significantly longer to repay your debts by making reduced monthly payments
  • None of your outstanding debt is written off
  • Your creditors will notify credit agencies which will worsen your score for up to six years
  • A Debt Management Plan will not protect you from further legal action
  • The informal nature of the arrangement means either party can withdraw at any time
  • Account management fees may apply for this service

Although it may take longer to repay the debt than you originally intended, this gradual process will significantly help you to avoid any legal action and further detriment to your financial status. Any fees that apply to debt management plans will be fully explained by our debt solution experts.

Remember that all of our services begin with the same simple step of a completely free, no—obligation debt review, so contact Debt Free Advice today and help us to help you get back on track!

 

IN JUST 24 HOURS WE CAN BE DEALING WITH ALL YOUR DEBTS

Personal Loans
Credit Cards
Overdrafts
Payday Loans
Store cards
Catalogues
Doorstop loans
HM Revenue
Custom Debts
Council Tax Arrears
Utility Bills
   


When people are struggling with debt it's more important then ever that they have access to effective advice. We work with partners to make debt advice easier and quicker to access, and to improve standards and quality across the sector.

Visit the Money Advice Service website for further info >>

OUR SERVICES
Free No Obligation Debt Reviews
Debt Management Plans
Individual Voluntary Arrangements
Trust Deeds/Sequestration
Bankruptcy Service
Debt Solutions for Scottish Clients
Repossesion/Eviction Advice
Self-Help Budgeting Advice

 



USEFUL LINKS
www.bis.gov.uk/insolvency/Publications
www.moneyadviceservice.org.uk
www.citizensadvice.org.uk
CONTACT US
Email: feedback@debtfreeadvice.co.uk
Call Us: 0800 781 7615
 

IMPORTANT INFORMATION: Debt solutions subject to conditions and acceptance. Your ability to obtain credit will be affected in the short term and may also be affected in the medium to long term. Paying a lower amount each month may increase the time taken to repay the debt. The total amount our client's repay towards their debts may increase on certain debt solutions. If you enter into an individual voluntary arrangement (IVA), a debt relief order (DRO), a protected trust deed or becoming bankrupt the details will be recorded in the Insolvency Register.

* The free debt review consists of a detailed telephone interview with one of our Personal Finance Advisors who are experts in giving debt and money advice, and are regulated by the Financial Conduct Authority (FCA). This is completely free of charge, with no obligation, and you will be given a detailed breakdown of what your options are. If you chose to take one of the solutions offered to you by one of our chosen partners, there may be fees included. However you will be made aware of those before you contract in to any agreement, and you will be given plenty of time to think about what you want to do before making a decision. At no stage are you under any obligation and you are always protected by your consumer rights.
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