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Debt Management Plans can freeze all interest & charges

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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
  • Will affect your credit rating
  • If you’re unsure about whether this sounds like it’s right for you, you might want to think about other options for dealing with your debts.

How does Debt Management work?

See if You Qualify

Complete our 30 second online form to see if you qualify, or you can call us directly on 01565 325 030

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!

Do I qualify?

NOT SURE WHERE TO BEGIN?

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Be part of the success

(Here are some hypothetical examples of how an IVA could work)

Jenny W
£9000 in Debt
  • Credit cards
  • Loans
  • Council Tax
Old payment pm
NEW PAYMENT

Per Month
John H
£16000 in Debt
  • Finance
  • Loans
  • Overdrafts
Old payment pm
NEW PAYMENT

Per Month
Catherine H
£13000 in Debt
  • HMRC
  • Payday Loans
  • Credit Cards
Old payment pm
NEW PAYMENT

Per Month

May not be suitable in all circumstances. Fees may apply, Entering into an IVA will affect your credit rating, Any potential disadvantages of entering into an IVA will be explained on application. A debt write off amount of between 25% and 75% is realistic, however, the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.

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Just Some Of The Creditors We Could Help You With

Free Debt Advice

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IVA?

A solution for people with debts over £5,000. An IVA could help you write-off up to 90%* of your outstanding debts and pay one affordable monthly payment.

Find out more

Debt management

A Debt Management Plan or DMP, is an informal agreement to pay back non-priority debts, reducing your monthly payments to a single affordable amount each month.

Find out more

Bankruptcy

Bankruptcy is a formal debt solution for people with debts they cannot repay. It’s often viewed as a last resort but can be a great solution for people without the means to repay debts.

Find out more