Debt Management Plans
How can a Debt Management Plan help you?
Suitable for debts over £2,000
Debt Management is a strategy employed to handle unsecured debts by consolidating them into a single, affordable monthly payment. This approach entails negotiations with creditors, often resulting in a reduction of monthly payments to a more manageable level.
The primary benefit lies in having a single, cost-effective monthly payment that is directed to your creditors on your behalf. All communication between you and your creditors is managed, alleviating the burden of direct interactions with them. After incorporating your essential living expenses into your financial statement, you contribute only what you can comfortably afford. This ensures that crucial bills are still covered, with the remainder taken care of on your behalf.
How We Can Help
We will explore all available alternatives with you, empowering you to make an informed decision on the option that suits you best. Should you choose Debt Management as your preferred solution and wish to proceed, you will be directed to our dedicated Debt Management team.
Debt Management
Affordable monthly debt repayments. We request all interest and charges to be frozen.
Key Facts About Debt Management
A Debt Management plan is an informal agreement, signifying there are no binding contracts. You retain the flexibility to withdraw at any time, but it's important to note that creditors also have the option to do so. Do I qualify? Facing challenges with repaying debts like credit cards and loans? Your unsecured debt surpasses £2,000. You have the capacity to contribute more than £80 monthly towards your debt obligations.
Key facts: Debt Management
Payment is based on your affordability. A potential impact on your credit rating is expected, especially if you are already experiencing difficulties with your repayments. Creditors are not obligated to consent to a Debt Management Plan or freeze interest and charges. This could lead to an augmented total repayment and an extension of the repayment duration. Prior to enrollment, ensure you have an estimate of the total repayment period and the plan's duration, contingent on your creditors accepting the terms. A Debt Management Plan is informal, allowing both you and/or your creditors to withdraw at any time. Failure to maintain your repayments within the established plan may result in the breakdown of arrangements with your creditors. If you encounter challenges with your agreed-upon payment, contact your debt management provider for a review of your repayment plan and exploration of available options.
Am I Eligible
Do I qualify? Facing challenges with repayments on debts, such as credit cards and loans? You have two or more creditors. You can manage to pay a minimum of £80 per month.
Bailiff Advice Online is a trading style of My Debt Plan Ltd.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions.
You will be contacted by Council Tax Debt Support.
Kevin Mapstone is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free and we will notify you if a solution you choose has a fee associated with it.
