Debt Management

Debt Management is an informal process of negotiation with unsecured creditors to obtain a reduction in repayments and / or a reduction in interest charges. This involves providing proof to the creditor you unable to meet all their contractual liabilities

Debt Management can reduce your monthly repayments by up to 70%. All existing credit cards, loans and other problem debts are consolidated into one lower monthly payment.

Debt management helps you repay an amount which is affordable to you.

The main difference between a debt management plan and an IVA is that with debt management, you pay back the full amount over an longer period and a rate comfortable to you. If the initial debts are over �15,000 and it will take over 5 years to repay the debt at this rate, then you may qualify for an IVA instead.

How Debt Management Benefits You

  • We negotiate on your behalf, to reduce your current loan and credit card payments to one low monthly amount.
  • We do this by requesting that your creditors freeze or reduce their interest charges and therefore agree to a new lower monthly payment.
  • Where interest charges are frozen, the money we pay to your credit companies is taken off the debt rather than being used to pay interest charges.
  • You will then make one monthly payment to us and we will forward this to your onto your various creditors.
  • This arrangement ensures you can afford your essential bills.

Our debt management services helps real people get their finances back in order and lives back on track.

Frequently Asked Questions.

How much will I have to pay ?

You decide on our advice, on a single affordable monthly payment.

What do you do ?

We negotiate with your creditors to reduce your monthly payments and request them to freeze or reduce their monthly interest charges. We will then take a single monthly payment form yourself and pay your creditors on your behalf. This will make managing payments towards your far simpler.

How do I know I’m getting the best advice ?

We are Licensed by The Office of Fair Trading under the 1974 Consumer Credit Act and, as such, any debt management advice we give must be ethical and professional. In addition, your questionnaire and financial circumstances will be reviewed by our in-house Chartered Accountant, who has extensive experience in the financial industry services. We also adhere to the Data Protection act to ensure client confidentiality.

How do I know my debts are being paid ?

Once we receive up to date balances from your creditors we will apportion your monthly payment between them based on how much each is owed. We will issue a statement showing how much each creditor will receive. This remains fixed unless your circumstances change. We will also issue a quarterly statement showing all transactions on your account. In addition to this, you will still receive your statements from your creditors.

What do I do next ?

To help us reduce your monthly payments, simply call one of our advisors or complete the call back request form. You will be under no obligation and all correspondence will be in the strictest of confidence.

Will this affect my credit rating ?

Possibly. As you are currently experiencing difficulties paying your debts, it possible one of your creditors has already recorded adverse finding against you. However, by joining a debt management programme we ensure a regular monthly payment is made to each of your creditors.