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A Debt Management Plan can be used to resolve any problems that you may have with your unsecured debts. It is an informal arrangement suitable for people who do not have significant debts, who may not have very high disposable incomes or who expect that there circumstances may change in the future.
If you are struggling to meet your current monthly commitments, we can negotiate reductions in your repayments to your creditors.
You will make one affordable monthly payment to us which we distribute to your creditors on your behalf.
We will negotiate with your creditors to reduce or freeze any interest or charges on your debts, although we cannot guarantee this. If any of your creditors refuse to stop or reduce interest and charges your debt will continue to grow and the repayment period will increase significantly.
Your plan is fully flexible and can be changed at any time to suit your changing circumstances.
Every six months, we will carry out a review of your circumstances and if appropriate, re-negotiate with your creditors.
You should be aware that if you enter into a debt management plan with your creditors, this will lead to an increase in the overall amount to be repaid and the length of your repayment period will be longer.
The effect of re-scheduling contractual repayments to your creditors will have an adverse effect on your credit rating and you may find it difficult to obtain further credit.
The cost of a debt management programme is as follows:
Advice and Recommendation
FREE | Initial Set-Up Fee
£100 | Monthly Management Charge
15% |
You can stop the arrangement any time you wish and there are no penalties if you do. |
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