Debt Management Plan

One of the worst things about having a debt problem is the feeling of being out of control. A Debt Management plan can be a way of putting you back in control of your finances reducing your monthly outgoings. If you have debts of over £14500 then maybe an IVA would be a better debt solution for you. If you are like to speak to one of the team at debt solution about a debt management plan you can call our debt solutions helpline on: 0845 519 6093.

Get me out of debt with a debt management plan

If your debt level is below £14500 then a Debt Management could be an option for you. We will negotiate with your creditors to accept a reduced monthly payment, freeze interest and charges and stop any harassing contact with you. Once an agreement is reached, you pay a single regular amount and we will distribute this to your creditors, monthly.

Debt management plan usually means lower payments over a longer period of time and it can include concessions such as freezing interest.

Our expert debt advisors will advise you on whether or not a Debt Management Plan is the best debt solution for you, we'll need to know how large your debts are and if you have a regular income. If you have serious debts, it's possible that an IVA or bankruptcy may be a more appropriate debt solution for you, but we will always find out all of the important facts before helping you to decide. If you are like to speak to one of the team at debt solution about a debt management plan you can call our debt solutions helpline on: 0845 519 6093.

Call the debt solutions helpline on: 0845 519 6093

Debt management FAQs

How long does a Debt Management Plan last?

The length of your Debt Management Plan depends on your individual situation - your level of debt and monthly surplus. If creditors freeze interest and charges, the length of the DMP can be dramatically reduced.

For example: If you owe £3,000 and you can afford to pay £100 per calendar month the DMP will last for 2 years and 6 months. This applies only if the payments are maintained every month and your creditors freeze interest for the duration of the plan.

If your circumstances improve and your payments can be increased your DMP can be completed sooner

Will my creditors agree to debt management?

Creditors know that an affordable payment proposal is in everyone's best interests. Creditors are not legally obliged to accept different repayment terms, but our industry leading experience means that we’ve built up excellent working relationships with organisations throughout the credit industry – in many cases, we are able to negotiate reduced payments and frozen / reduced interest on our client's debts.

Can I stop my Debt Management Plan when I like?

You are free to stop your DMP at any time, but we ask that you provide notice so we can inform all of your creditors. If you are experiencing further financial problems and cannot afford the payments, please let us know as we may be able to restructure your plan for you.

Please note that once the plan is cancelled creditors may resume interest and charges if they have been frozen.

What are the advantages of Debt Management?

A Debt Management Plan will:

Combine all your unsecured debts into a single monthly payment based on your circumstances

Depending upon the outcome of negotiation with your creditors, reduce or freeze interest and charges on what you owe

Give you someone who understands and has a good relationship with the creditors who can deal with them on your behalf

Significantly reduce the correspondence with your creditors

Put you back in control of your finances so you know where your money is going each month

What are the disadvantages of Debt Management?

Debt Management Plans are not for everyone, you are best to seek advice form a professional if you are unsure.

You should be aware that a Debt Management Plan may:

Extend your payments over a longer term in some cases

Not always result in the reduction of interest or charges for every creditor

Not necessarily stop all correspondence or phone calls from creditors

Not cover any debt secured on assets or tax arrears

Your credit rating will be affected

Can debt solutions help me get out of debt?

YES we can. Everyone’s personal situation is different and each debt solution is different so we need to work out which will best suit your financial needs.

We will complete a FREE 20 minute fact find with you to work out what your earning and spending and this will let us know how much you can afford to pay to your creditors and also which debt solution is best for you to help you get out of debt. You are under no obligation but I am sure you will be 100% happy with what out debt advisors can do for you and we have the lowest debt managenent fees in the industy

We pride ourselves in our friendly, professional approach to finding the right debt solution for every one of our clients, which is honest, confidential and always the ‘best advice’ based on your individual circumstances.

If you would like to speak to one of our friendly, professional debt experts about any of our debt solutions you can either call our debt solutions helpline on: 0845 159 6093 or complete our online contact form and one of our debt advisors will call you back within the hour.

Start you debt free life today! with one of our debt solutions.

Debt Management | Individual Voluntary Arrangement | Protected Trust Deed | Bankruptcy

Also have a look at out "DEBT FEEs" chart and see what the more popular debt management companies are charging.