What is a Debt Management plan?
A debt management plan is an informal agreement between you and your unsecured creditors that offers you the ability to make a single affordable monthly repayment which is then distributed to each of your creditors on a pro-rata basis.
A debt management plan with Debt Simply Matters is available to anyone in the U.K who has debts in excess of £5000.00
with 2 or more
How does Debt Management work?
Our debt management plans are designed to get you debt free with as little hassle and disruption to your lifestyle as possible.
Firstly we will help you understand you’re Debt Problems
better by completing an income and expenditure statement with you. This helps us understand your situation better and allows us to identify your disposable income which will be used to make an affordable monthly repayment offer towards any Debt Solutions
Once we understand you’re situation better we will be able to put together a full debt management proposal for your approval. We send this to you so you can check the facts and figures making sure they are realistic and then sign our Letter of Authority which gives us permission to deal directly with your unsecured creditors so we can give you the Debt Help
Once we receive the signed letter of authority along with your first monthly repayment we can begin the process of negotiating with your creditors. Our main objective is to present your creditors with the debt management plan and get them to agree to the reduced monthly repayment, but we will also negotiate with them to freeze any interest and charges on your accounts.
We continue to administer your debt management plan throughout and you will be assigned a personal debt planner to deal with any questions you may have. They will act as your single point of contact and will send you a regular statement detailing all of the payments made to your unsecured creditors under the plan. Your debt planner will also be responsible for conducting a regular review of your circumstances from time to time to ensure you are getting the most out of your debt management plan.
Because your creditors will realise that you have taken expert Debt Advice
and that your debts are now being professionally managed they will often halt any legal proceedings
they may be ensuing, although this cannot be guaranteed.
Is Debt Management right for me?
Whilst most of the above will usually be agreed with your creditors fairly easily it is important to remember that a debt management plan is not a legally binding agreement and should not be considered as such when selecting Debt Solutions
To get even more helpful Debt Advice
about Debt Management Plans or any of the other debt solution
s we are able to offer please don’t hesitate to call one of our trained debt planners for more information. Call us directly on 0161 8500138
or Apply Online
Please remember repaying debts over a longer period can increase the total amount repaid and may affect your ability to obtain further credit in the future. Fees will be payable for all services provided in relation to all the debt solution detailed on this site.
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