A Debts Management Plan is an informal agreement between you and your unsecured creditors, where you commit to making a reduced monthly payment to your debt.

If you are struggling with your outgoings and have under £15,000 worth of debt then a debts management plan is a good way to help you manage your finances more efficiently. This plan will help make your unsecured debts more affordable which should reduce any stress of meeting your secured repayments, such as mortgage or rent.

Debts Management Advantages

The following lists some of the main advantages of a debt management plan:

• One single payment to your creditors allowing greater control over your finances.
• Reduce your monthly outgoings as you only pay what you can afford, after essential living expenses have been deducted.
• Informal agreement which can be changed if your financial circumstances do.
• Avoid legal insolvency procedures.
• Creditors are sometimes willing to freeze any additional interest and charges, although this cannot be guaranteed.
• Less stress and worry for you, as we will deal with any creditor phone calls or letters on your behalf.

If you like the idea of a debts management plan but you have more than £15,000 worth of debt, then you might want to consider an IVA. Like a debts management plan, an IVA will reduce your monthly payment to creditors but offers you the additional advantage that any unaffordable debt will be written off.

Still not sure if a Debts Management Plan is the right solution for you?Call now to see your other options.

Terms and Conditions apply. Debt Management Plans are for unsecured debts only, and the main benefit of this plan is the capability to only repay an affordable monthly amount, meaning it will take longer to repay your debts. You will receive allowances to pay Secured/Priority debts. Whilst you pay our initial fee, monies are not distributed to your creditors. Where contractual payments are missed your debt and repayment term could increase.