How could a Debt Management Plan help consolidate your debts?
A Debt Management Plan will allow you to have just one affordable payment each month to meet all your unsecured credit agreements. Negotiation with all your existing creditors is made to reduce or even freeze interest and charges on your accounts. This will help you to be Debt Free as quickly and affordably as possible.
A debt management plan is tailor made for you with your new, single, consolidated payment being based on the amount you can afford each month and not what you owe.
How does a Debt Management Plan work?
- An assessment of your financial situation is carried out. This involves you providing information such as your regular income and expenditure, who you owe money to (your creditors) and any other relevant information about your personal circumstances.
- By collating this information into a Financial Statement, how much you can realistically afford to offer each of your creditors can be determined.
- Your creditors will then be approached and asked to accept the reduced payments. In most cases creditors are happy to agree the plans we initiate because they know, from experience, that such plans are realistic and sustainable.
- You then make a single monthly payment, which is distributed pro rata to your creditors.
- Throughout the duration of your plan, you will have an assigned case officer whom you can contact should you experience any difficulties whilst the arrangement is in place.
- Your plan will be reviewed at regular intervals to ensure that it still meets your circumstances.
- The plan will continue until your debts are cleared or until you wish to voluntarily end the arrangement.
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Conditions apply. Repaying debt over a longer period may increase the total amount to be repaid.
Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.
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