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Debt management plans are used when unsecured debts are below
£10,000 or an IVA was applied for but was rejected.
Arranging a Debt Management Plan:
1. A full assessment of your financial situation is carried out.
To do this, we need to know your regular income and expenditure,
who you owe money to (your creditors) and any other relevant
information about your personal circumstances.
2. By collating this information into a Financial Statement, we
are then able to determine how much you can realistically afford
to offer each of your creditors.
3. Your creditors will then be approached and asked to accept
the reduced payments. In most cases creditors are happy to agree
the plans we initiate because they know, from experience, that
such plans are realistic and sustainable.
4. You then make a single monthly payment, all of which is
distributed pro rata to your creditors.
5. Throughout the duration of your plan, you will have an
assigned case officer whom you can contact should you experience
any difficulties whilst the arrangement is in place.
6. Your plan will be reviewed at regular intervals to ensure
that it still meets your circumstances.
7. The plan will continue until your debts are cleared or until
you wish to voluntarily end the arrangement. Most common reason
for this being an improvement in income enabling a client to
leave the plan and revert to their original monthly payments.
Find out the Criteria for setting up a debt management plan or
Apply Now (questionnaire).
Or call our free phone number on
0800 9548022
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