A debt management plan works by tailoring a payment solution specific to your circumstances. We understand everyone’s circumstances and problems with debt are different, so a properly structured plan will provide help unique to you.
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A debt management plan structures a clear payment plan to help repay your debts. It shows what will be paid and who it will be paid to. With a plan you have a clear idea of when your debts are likely to be paid off. You will receive help and a simple solution to repaying your debts, it does not require you to take out another loan, nor do we buy your debts from your creditors.
With plan, a dedicated Financial Solutions Advisor will be employed on your behalf. Your plan works by your Financial Solutions Advisor clearly assessing all aspects of your monthly household income and essential expenditure and then working out what money you can realistically afford to use to pay towards your debts.
Your Financial Solutions Advisor will assess your financial circumstances, looking closely at your monthly household income and essential expenditure such as food, clothing, council tax, gas, electricity and water bills, and also costs involved with travelling to and from a place of work. Once your Financial Solutions Advisor has assessed your financial circumstances, they will negotiate with each of the creditors you owe money, to come to an agreement about reduced monthly payments of your debts. They will also negotiate with your creditors requesting that they either freeze or reduce any interest and charges that have been added to your debts. While creditors aren’t obliged to do this, presenting a clear debt management plan shows you are serious about repaying your debts, so will help your case.
When your financial circumstances have been assessed, a payment plan for your debts will be put together by your Financial Solutions Advisor. A debt management payment plan clearly shows the reduced monthly payments that will be made to the companies you owe. It will also show when and how your debts will be reduced.
With a debt management plan set up, you will only need to make one monthly payment for all of your debts. You simply send this payment to your provider and they will then distribute it between your creditors. A debt management plan works to help you, a part of this will take the stresses debt often causes, away from you. All correspondence from your creditors will be dealt with by your provider, who are there to provide debt help. Forward any letters, statements or other communication you receive from your creditors and they will deal with them on your behalf.
Your chosen provider will provide debt help for the duration of your debt management plan, so you know how your plan is progressing, they will send out monthly statements to you. Your monthly statement will list your creditors and the monthly repayment being made to them.
Your Financial Solutions Advisor will be there to provide you with debt help every step of the way, you can call them at any time with any queries you have or just to see how your plan is progressing.
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