The above statement is in relation to a debt management solution and subject to specific criteria
Reduce up to 81% of all debts*
Lower your repayments
No upfront charges to pay
Stop creditors harassing
Pay an affordable amount each month
Freeze interest rates and charges
The above statement is in relation to an IVA solution and subject to specific criteriaCheck if you qualify
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A Debt Management Plan is a flexible and informal agreement between you and your creditors to pay all of your debts.
Debt management plans are usually used when either:
You can arrange a plan with your creditors yourself or through a a licensed debt management company for a fee. If you arrange this with a company:
The Money Advice Service has information on organisations that can give you free advice about whether a Debt Management Plan is right for you.
Set up a plan with a debt management company authorised by the Financial Conduct Authority (FCA). Find an authorised company.
The company works out your monthly payments. You’ll have to give details about your financial situation, eg your assets, debts, income and creditors.
The company contacts your creditors and asks them to agree to the plan (they don’t have to agree to offers of repayment but they do have to accept the payments).
As the plan is flexible you can review your monthly payments if your circumstances change.
Your credit rating will be affected as your creditors may issue default notices.
Unless stated in the agreement, your creditors can still:
Some companies will charge:
Make sure you understand the costs of your plan and how you pay for it.
Debt Management Plans can only be used to pay ‘unsecured’ debts, eg debts that haven’t been guaranteed against your property.
Your plan can be cancelled if you don’t keep up your repayments. You need to maintain payments to your priority bills such as rent and council tax. There are restrictions on the expenditure for someone entering into a DMP.
Our new enquiries team we will be able to help you visualise your debt in a whole new light. The team are empathetic and supportive of all whom need support – and will not just help you to understand and gain confidence on your ability to clear debt, but will help you identify which solution best suits your personal circumstances.
We are experts in insolvency and help thousands of people every year write off the debt they can’t afford. Our talented team are on call for you.