What is a Debt Management Plan?

A Debt Management Plan is an informal repayment agreement between you and your creditors. It allows you to reduce your debt repayments so that you can pay back your creditors at a pace that you can afford.

If you are struggling with your current creditor repayments, but can still afford to make a smaller contribution than originally agreed then a Debt Management Plan could be a good solution for you.

We will carry out a financial review to work out what you can realistically afford to repay towards your debts. Once we have this information, we will take care of all the arrangements with your lenders and negotiate lower repayments on your behalf.

We charge fees for our services, explained on "Our Fees" page.

Call today for a no-obligation review, or complete the enquiry form and a member of our friendly team will call you back.

Is a Debt Management Plan right for you?

It is important that you consider the features and benefits of a Debt Management Plan. To understand if it's the right option for you, here is some key information to help.

How you could benefit:

  • Lower, affordable monthly repayments to your creditors, based on your income and expenditure.
  • Frozen interest and charges to help you clear your debt.
  • We will assist in dealing with your creditors so your contact with them can reduce.
  • On-going support and advice for the life of your plan from your dedicated account manager.

Things to consider

  • Unlike some other debt solutions, a Debt Management Plan is not a method of writing off debt. You must be prepared to repay all of your debt to your creditors.
  • Creditors do not have to accept a lower repayment amount, however if they do then the overall duration of the agreement will be longer and may increase the total amount to be repaid.
  • Creditors are not obliged to freeze interest and charges.
  • Altering your payments will affect your credit rating because they will differ from the original terms agreed with your creditors. Your credit rating will be impaired and it may be harder to obtain credit in the medium to long term as records are retained by credit reference agencies for six years.
  • Because a Debt Management Plan is not legally binding, your creditors are still able to take legal action against you if they wish.

What if I change my mind?

If you enter in to a Debt Management Plan with us and then change your mind, we provide a cooling off period of 14 days from the day after you receive a copy of our terms and conditions. If you cancel the agreement within that cancellation period, you will receive a full refund of all the fees you have paid to us. If you change your mind after the cooling off period has expired, you will still be able to withdraw from the plan, but you will not be entitled to receive a refund of the fees paid for the work we have undertaken.