If you are in need of help, or foresee financial difficulty due to being made redundant in the near future, a debt management plan can be set up to give you much needed breathing space. A Debt Management Plan can be arranged at any time. In the majority of cases, income and expenditure does not need to be proven. There does not need to be a specific reason for needing a DMP – in most cases, the hike in interest rates have left many consumers unable to maintain their monthly payments and in need of a DMP.
The major benefit of putting a DMP in place before payments start to be missed is that you will avoid most if not all of the hassle from creditors chasing the debt. We take care of all the negotiation and remain the contact point for the lender which shields you from the stressful barrage of calls and letters. All you need to do is maintain one monthly payment and we take care of the rest.
What are the benefits?
The benefits of a DMP are:
- Voluntary & informal arrangement with the lender
- Can last 3 months to bridge a period of unemployment, or 5 years until the debt is paid
- Flexible: payments can be adjusted in line with the client’s circumstances i.e. reduced for a few months, or increased to clear the debt sooner
- In most cases, interest is frozen – for credit card debt, this makes a massive difference to the amount of capital reduced each month as the majority of the monthly amount is interest
- Clients shielded from lender/debt collector calls and letters
- Your client is under no obligation and can cancel the arrangement at any time subject to one months notice.
- Reduced payments to creditors immediately.
- Client can avoid repossession as priority debts such as mortgages & secured loans are paid first.
To find out if you qualify for help please complete the short enquiry form.
By clicking SEND DETAILS you are agreeing that a credit search may be undertaken for the purposes of verifying identity and the details submitted, in line with regulatory requirements.
If you need any further information or have any questions or queries please contact us.