Debt Management
If you have money available each month, but are struggling to meet your contractual payments on your unsecured debts, then a Debt Management Plan will help you by reducing your monthly payments to creditors to an agreed amount that you can realistically afford.
A Debt Management Plan is a payment plan that we set up on your behalf with all of your unsecured creditors. All you need to do is make a single monthly payment to us, based on what you can afford, and we do the rest:
- We talk to your creditors and ask them to accept lower payments
- We also work with your creditors to stop or reduce interest and charges
- We handle all letters and phone calls from creditors, debt collectors or bailiffs
- From your monthly payment to us, we distribute payments to your creditors on an "equal share" basis, so that it is fair to all
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Debt Management Plans are subject to status, and conditions apply. Whilst it may be the best solution in the long term, you should note that repaying debt over a longer period may increase the total amount to be repaid. Your ability to obtain credit in the future will also be affected. Fees are payable on this service.
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