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What is a Debt Management Plan

A debt management plan is an agreement between you and your creditors (the businesses you owe money to) to make a set monthly payment. The plans are managed by companies known as debt management plan ‘operators’ or ‘providers’, who negotiate with your creditors and manage the payments on your behalf. 

Your monthly payment is based on how much you can afford to pay. This payment is then distributed fairly between all your creditors.

Starting a debt management plan means that you are making a new promise to repay your debts in full.

When your debt management plan is being set up, your creditors will sometimes agree to freeze any interest charges. However, they don’t have to agree to this.

And they don’t have to agree to your plan at all. If they don’t, they can also continue to contact you, ask for payment – or even take you to court if they choose.

Debt management plans can only be used to pay ‘unsecured’ debts – money that you owe that hasn’t been guaranteed against your property, for example.


Our team of specialists are here to help answer any of your questions about Debt Management Plans. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for Debt Management

Advantages of debt management plans

Advantages to a debt management plan include:

  • making one regular monthly payment allows you better control over your finances
  • your creditors may agree to freeze interest and charges on your debt and may stop other action like taking you to court (although they don’t have to)
  • peace of mind – in many cases, you will no longer be contacted by your creditors or debt collectors
  • if you complete the plan, your unsecured debts will be cleared

Disadvantages of debt management plans

Disadvantages of a debt management plan include:

  • your debts must be repaid in full – they will not be written off
  • creditors don’t have to enter into a debt management plan and may still contact you asking for immediate repayment
  • mortgages and other ‘secured’ debts are not covered by a debt management plan

Expert help and advice when you need it most

Our team of specialists are here to help answer any of your questions about Debt Management Plans. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA

Debt Solutions

Become stress free from as little as £100 pcm
With a Debt Management Plan you could simply pay one affordable monthly payment and no longer have to deal with your creditors..
See if you qualify  
 
Write off up to 70% of your debt
If you qualify for an IVA you could:
Write off up to 70% of your debt
Freeze all interest & charges
Keep your house

See if you qualify  
 
Scottish Resident?- be debt free in 36 months
Be DEBT FREE in 36 months using Scotland's answer to the IVA.
See if you qualify  
 

© 2014 DebtAdvice-Online.co.uk. 210-222, Hagley Road West, Quinton, Birmingham, West Midlands, B68 0NP

    
 
 


DebtAdvice-Online.co.uk does not charge you any fees for our service, however the partners we work with help fund the DebtAdvice-Online.co.uk service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

 
 
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