Debt 
Management Plans can freeze all interest & charges
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What is an Debt Management?
An Debt Management is a formal debt solution for people with unsecured debts they are struggling to maintain.
During the Debt Management you make one affordable monthly payment typically for 60 months.At the end of the term any devt you still owe is wrritten off.
An Debt Management is a legally binding agreement so once entered, your creditiors can't back out or change the terms after they agree to them.
Your creditors cannot back out once terms are agreed.
Pros & Cons of Debt Management
Pros
- Payments reduced – makes debts affordable, as based on your affordability & helps to reduce stress and helps to ensure mortgage, rent, council tax etc can be paid alongside unsecured lenders as these are accounted for in the income and expenditure.
- Flexibility of expenditure – helps to ensure affordability
- Payments are negotiated with Lenders on your behalf –legal obligation to accept payments. Payments are fair to lenders as they are calculated on a pro-rata basis (who owes the most get the largest %)
- Perceivable that the client may be able to retain assets that would be at ‘risk’ in formal insolvency procedures.
Cons
- No fixed period of repayment – the duration of the plan is dependent on how much debt you have and if the lenders will agree to freeze any interest or charges. It may be that the minimum payment is less than the interest created by the debt.
- No guarantee that lenders will freeze interest and charges. Unless creditors freeze interest and charges the time taken and amount to repaid may be higher
- No protection from lenders/legal action.
- Unable to deal with HMRC debts – you would have to make arrangements directly with HMRC as HMRC debt cannot be included into a debt management plan
How it works
A simple process to help you find a solution that works for you.
See if You Qualify
complete our online form and speak to one of our friendly advisors to discuss your options
Quick Chat
If this is the right solution for you, we can start the ball rolling whenever you’re ready. We will help along the way until you become debt free!
Your Choice
If an DMP is the best solution for you, we can start the ball rolling whenever you’re ready. We will help along the way until you become debt free!
Become debt free
We will help along the way until you become debt free!
Be part of the success
Our team is based in Manchester and is made up of real people.
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