Debt Management Plans

A Debt Management Plan is an informal agreement with your unsecured creditors and is best suited for those with debts between £3,000 to £10,000.

Benefits of a Debt Management Plan:

If you are struggling with your monthly payments, then a Debt Management Plan could be your best option, some benefits are that:

• You can consolidate all of your outgoings into one low monthly payment.
• We negotiate with your creditors to try and freeze interest and charges (although this cannot be guaranteed).
• It is an informal agreement so you are not bound by any legalities.

As a Debt Management Plan is an informal arrangement, you have the flexibility to change it if you need to, keeping you in control of your finances.

All you need to do is make one low payment to us, which we distribute to the companies that you own money to. We will also deal with any creditors calls or letters for you as part of our service.

Should I Consider an IVA instead?

IVAs are most suitable for those with debts over £15,000 over three or more creditors. An IVA is a legally binding contract where you make set monthly payments to your creditors. 

For more information about what debt solution is best for you, please call us free on 0808 131 9103, or fill in your details in the Quick Enquiry Form.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)