Debt Management Plan
Your plan is flexible so payments can be changed to meet your circumstances.
If you have unsecured debts of £1000 or more and can afford to pay £70 per month a Debt Management Plan (DMP) may be able to help with your debts.
A flexible plan
A Debt Management Plan is an informal arrangement so payments can be changed to meet your circumstances. If your situation changes and you can afford more or less you can change you payment amount quickly and easily. Alternatively if at any point you decide you no longer need to be on a debt plan you can cancel at any time, although you will still have any outstanding debt with your creditors.
An affordable plan
A Debt Management Plan is an informal agreement with your creditors to pay a single, affordable repayment. Your debt management company should calculate your repayment based on an assessment of your monthly income and expenditure.
Freeze interest and charges
A debt management company should negotiate with your creditors to get interest and charges frozen. Consumer Debt Counselling have been successful at freezing interest and charges. We can’t guarantee it but we’ll do everything we can to stop you paying interest on your debts or receiving penalty charges from your creditors.
Why use a debt management company?
A debt management company acts as an agent between you and your creditors. They will contact your creditors and arrange a repayment plan that you can afford. The debt management company will become the point of contact between you and the people you owe money too. Over time you should see a reduction in the number telephone calls and letters you receive and any you do get can be forwarded straight to your debt management company. A debt management company will also be able to assess you for other solutions such as an IVA or Trust Deed.
Debt Management from Consumer Debt Counselling
Specialists at Consumer Debt Counselling manage your debt on your behalf. Once we’ve assessed your income and taken your living expenses into account, we’ll work out what you can realistically afford to repay.
We’ll contact all your unsecured creditors (the companies you owe money to) and negotiate payments to a more affordable level. Then you simply make one monthly payment to us and we’ll divide the amount amongst your creditors.
The benefits of a Debt Management Plan from
- We will negotiate on your behalf, so you pay one lower, affordable monthly payment to us – we forward monthly repayments to your creditors
- We will negotiate with your creditors with a view to reducing or freezing your interest and charges. This cannot be guaranteed, however we are successful in 94% of all cases as we hold trusted relationships with creditors
- Your plan is flexible so payments can be changed to meet your circumstances
Debts we can deal with
- Loans (having made at least two payments)
- Overdrafts (as long as you are no longer banking with them)
- Credit Cards (i.e. Barclaycard, Mint, Vanquis)
- Store Cards (i.e. Topshop, Marks and Spencers)
- Catalogues (i.e. Freemans, Kays, Additions)
- Solicitor Fees (if no longer acting)
- Vets/Doctors/Dentist fees (if no longer using service)
- HP Shortfall (If you do not have the goods anymore)
- Previous landlord rent
- Disconnected utility bills (from previous property)
- None trading Business debts
- Disconnected mobile phone bills
- If subject to county court judgement (CCJ) we can deal
- Payday Loans and Provident (and other doorstep lenders)