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Debt Management Plan
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Speak with one of our friendly debt advisors on 0800 97 88 495
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Debt Management Plan
A Debt Management Plan is an informal arrangement between yourself and your creditors
It allows you to pay back your debts at a rate you can afford. The rate at which you pay it back is calculated by taking into consideration all of your income and all your outgoings.
Debt management is ideally suited to debts that are classed as non-priority (credit cards, loans, store cards, overdrafts and others). However, debt management services are not ideal for priority debts such as council tax, court fines and mortgage arrears.
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How to apply
for a DMP
The first step towards applying for a debt management plan is to establish if it suits your financial circumstances. Applying for a DMP through Debt Support Service is very straightforward, you can request a call back from one of our trained advisers, or you can contact us either via the phone, via email, or with live chat.
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| Benefits | Considerations |
|---|---|
| .Make one affordable payment each month. | .There is no debt write off. |
| .We will negotiate with your creditors and request they freeze further interest & charges. | .Your creditors do not have to agree to the plan or to freeze interest & charges. |
| .A DMP is informal so it is flexible and can be amended if your circumstances change. | .Your credit rating may be affected. |
| .You can receive further advice at any time during your arrangement. | .Creditors could continue to take or commence further action to recover debts |
| .Plan can be joint or sole. | .There is no fixed term. |
| .We deal with all your creditor correspondence. | .Fees will apply. See our Terms of business |
What
our Customers Say
Frequently Asked Questions
What are unsecured debts?
Unsecured debts are those that are not attached to assets such as a home or a car. These debts are generally credit card bills, personal loans, medical bills etc.
What is debt management?
A Debt management plan is a proposal that’s created with the aim of helping a debtor to repay their creditors, in a way that’s manageable. A Debt management company is required to initiate a DMP
How can debt management help you?
Debt management can be a great help to anyone struggling with debt payments such as credit card, payday loans, overdrafts, store cards and loans. A debt management company will liaise with your creditors to establish a monthly repayment schedule that is built around your circumstances.
How long does it take for my credit score to increase after paying off my debts?
Your credit score will increase a month or two after your creditors report that your debts have been repaid.
Can I use my credit cards whilst having a debt management plan in place?
When you are enrolled on a debt management plan, all credit card accounts associated with the plan are frozen (or closed), until your debts have been paid off.
Can a debt management plan help me with my monthly budgeting?
Yes it can. Our advisers will help and support you at each and every step of the program. Once enrolled on a debt management plan we will help you draw-up a monthly budget.
How will a debt management plan impact my life?
Debt management programs can;
Reduce stress and relieve anxiety whilst your debt is managed by professionals.
Protect you from your creditors and any potentially harassing phone calls and emails they send. Help is also available should any legal action be taken against you.
Get you eventually debt-free by helping clear your debts and guide you as to how best to manage your money.
Can a debt management program affect your mortgage?
As long as you are making your monthly payments on time and you are still paying your mortgage, you are safe. However, if you wish to apply for a mortgage whilst a debt management program is in place, your application may be affected.
What happens if I cancel my debt management plan?
If you cancel your debt management plan, your creditors will begin charging interest again and may expect you to pay off the debt at a higher rate. You may also begin receiving calls from them again, and potentially face legal action if you are unable to pay your debt off.
Can a debt management plan help you raise your credit score?
Whilst a plan is in pace for you, your credit score will be lower, however once you have paid your debts in full by making consistent payments every month as agreed, you can begin to rebuild your credit score.
