How Do We Approach Debt Management Plan In UK
How you will benefit:
- A single consolidated payment
- A lower monthly payment to your creditors based on what you can afford
- Possibility of freezing or reducing interest and charges
- We will assist in dealing with your creditors so your contact with them can reduce
- On-going support and advice for the life of your plan from your dedicated account manager
- Your plan is flexible so payment can change to meet your circumstances.
Things to consider:
- A Debt Management Plan is not a method of writing off debt.
- You must be prepared to repay all of your debt to your creditors. Creditors do not have to accept a lower repayment amount, however if they do then the overall duration of the agreement will be longer and may increase the total amount to be repaid.
- Creditors are not obliged to freeze interest and charges.
- Creditors do not have to accept a lower repayment amount, however if they do then the overall duration of the agreement will be longer and may increase the total amount to be repaid.
- Altering your payments will affect your credit rating because they will differ from the original terms agreed with your creditors.
- Your credit rating will be impaired and it may be harder to obtain credit in the medium to long term as records are retained by credit reference agencies for six years. A Debt Management Plan is not legally binding, therefore your creditors are still able to take legal action against you if they wish.
We will review your circumstances and offer you the best financial debt management solutions in the UK.
If you’ve decided a DMP is right for you, you’ll need to follow these steps to set one up:
- we will help you work out your budget to see if you have enough available income to make your monthly payment
- we will make sure you’ve sorted out your priority debts first
- we will introduce you to our chosen debt management plan provider who will provide help with your debts.
- they are authorised in provide you with a UK debt management plan
- our chosen provider has excellent debt management plan reviews and charge fees for their services
- you may also choose a free provider
It’s important to us that all customers make a fully informed decisions regarding their finances. If you have any questions please do not hesitate in calling us on 0800 088 2315 or 01525 201102.