Debt Management Plans

What is Debt Management?

A Debt Management Plan (DMP) is an agreement between you and your creditors to pay all of your debts. Debt management programmes allow you to pay back your unsecured debt at a rate you can afford. DMPs are available across the UK, so regardless of where you live in the UK they are widely available. If you’re struggling to keep up with payments to your debts, a DMP could help you to get your financial situation back on track.

Help with Debt Management

Bailiff Debt Help

Get free help and advice with bailiffs and court agents on what to do next.

Behind With Payments

Firstly find out what bills need paying, prioritise them and then start plan.

Creditor Arrears

Individual creditor company have different authority levels to chase debt.

CCJ Advice

If you've received a CCJ and need some advice let us help today with a solution.

Debt Legal Advice

Free expert advice to help with your situation and managed debt solutions .

Debt Collector Plans

In arrears and got debt collectors, choose a plan to help you.

How to take out a Debt Management Programme?

Firstly Accept Help With Debt

First of all accepting help with debt doesn't mean that you can't manage on your own. If it has come to a point where you feel it's getting out of control, accepting help could be the best thing that you do.

Secondly Choose Monthly Budget

Understanding your household budget is a crucial step before starting a Debt Management Plan. This can help you to include priority things that need paying first, before you start paying back any of your debt back.

Finally Get Started With Plan

Once you have allocated a reasonable amount that you can afford to pay back to your debts each start a plan. The sooner you get started with a debt programme the sooner you should become free of debt.

Differences between debt management companies

The main difference between debt management companies is, some charge a fee for their services and some don’t. It’s important to remember that if you don’t want to pay a fee, you don’t have to. Use services like ourselves to provide yourself with a free debt management solution and take back control over your debtors. Debt management is simply creating a plan to repay debt in a meaningful way. The most important step in managing your debt effectively is to get organised. Stay on top of due dates and payments.

Apply For Debt Help & Start Your Debt Free Journey Today.

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Debt Management Plan alternatives

Bankruptcy

Declaring yourself bankrupt is a legal status that usually lasts for a year (see ‘How long does bankruptcy last’ below) and can be a way of clearing debts you can’t pay.When you’re bankrupt, your non-essential assets (property and possessions) and excess income are used to pay off your creditors (those you owe money to). At the end of the bankruptcy period, most debts are ‘discharged’ (cancelled)

 

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Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) is a formal and legally-binding agreement between you and your creditors to pay back your debts. This is agreed over a period of time and any remaining debt after this is written off. An insolvency practitioner deals with the creditors throughout the duration of the IVA so you don’t have to.

 

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DRO

A debt relief order (DRO) is a way to have your debts written off if you have a relatively low level of debt and have few assets. If you qualify, our specialist DRO team can apply to the Insolvency Service for you. Debt relief orders are not available if you live in Scotland.

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Debt Management FAQs

How Do I Apply For A Debt Management Plan?

It’s simple to apply for debt management with us, and for most of it can be done over the phone. Just call us, or request a call back from one of our advisers to begin your application.

What Are The Advantages Of A Debt Management Plan?

Debt management programmes are simple to implement, and they allow you to back your debt at a rate what’s affordable for you. You can also stop paying into the agreement if you decide an alternative solution is better to you.

Do I Qualify For Debt Management?

If you’re struggling to repay one or more of your unsecured debts, like credit cards, personal loans, store credit, overdrafts, catalogue debts or utility arrears, you could qualify for some sort of debt management.

What Debts Are Covered By A Debt Management Plan?

A DMP will only help make reduced payments to your unsecured creditors, ie; unsecured loans, credit cards, store cards, council tax bill etc. It works best if you have more than one creditor and a disposable income each month to pay back the debt.

Can I Set Up A Debt Management Plan Myself?

Being in that situation where you simply cannot keep up with your debt repayments and you don’t know what to do anymore. You might be surprised to hear how much your lenders are prepared to negotiate with you if you talk to them.

Are There Costs Involved With A Debt Management Plan?

Some debt management companies charge a fee to manage your debts for you. Our debt management service is free and after working out what you can afford to pay towards your debts, we can work out the best plan for you.

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