Debt management plans are designed for customers who owe more than £3000 on unsecured loans, credit cards, store cards or catalogue bills. To eligible to take out a debt management plan you should be currently paying more than £120 in repayments each month for two or more unsecured debts.
As a debt management plan is designed for customers to repay their debts in a reasonable amount of time, you will need to have a minimum income of £500 per month to be eligible for one.
Advantages of a debt management plan include:
• unique, it is specifically tailored to suit your needs, taking into account your financial situation, your income and essential expenditure each month
• a plan does not require you to obtain additional credit, nor does your provider buy your debts from your creditors
• with a plan, a Financial Solutions Advisor will be employed on your behalf
• your Financial Solutions Advisor will conduct a comprehensive assessment of your financial circumstances to determine exactly how much you can pay towards each month
• your Financial Solutions Advisor will negotiate with your creditors to achieve reduced monthly repayments of your debts
• your Financial Solutions Advisor will also negotiate to request interest and charges on your accounts are either frozen or reduced
• rather than paying each of your creditors separately, you make one simply payment each month
• your Financial Solutions Advisor will be available to provide debt advice and assistance whenever you need it
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