Debt Management
Debt Management Plans
Discover What Our Financial Management Solutions Can Do For You...
If you are having debt difficulties and finding it hard to cope, borrowing more money is usually not the answer and can end up increasing your overall debt. Our aim is to provide you with the best debt management service in the country UK and help solve your debt problems.
On this site you can find out all about our debt management options. With our debt management programme, we can reduce your monthly outgoings and prepare a plan that repays your debt, albeit over a longer period of time. We will attempt to get creditors to freeze interest and charges although this cannot be guaranteed.
Our advisors will negotiate directly with your creditors on your behalf to lower your repayments, leaving you hassle free and able to enjoy your life again.
There are numerous organisations currently offering free debt management and consolidation programs across the UK. The question that naturally springs to mind is "Why choose Debt1?"
- Debt1 adopt an ethical approach to debt advice and debt management.
- You will only be recommended debt management if this is absolutely the right solution for you.
- Your ongoing circumstances will be reviewed regularly to assess whether you should be on a debt management plan or not and then help you manage your debts accordingly.
- You tell us who you owe money to, how much you owe and how much you can afford to pay each month, then we take over. We negotiate with your creditors to agree affordable monthly repayments and make the payments on your behalf.
-
If you are currently on a debt management plan in the UK and are unsure whether you should be or not, please contact us for confidential, expert advice. If there are other options available to you apart from the debt management plan, we can advise you accordingly and help you put them in place.
- It allows you to make one affordable monthly payment
- All creditor negotiations are managed for you
- Negotiated freezing/reduction of interest and charges (though not guaranteed)
- All creditor letters/paperwork and phone calls dealt with on your behalf
- A flexible solution allowing you to increase or reduce payments as your situation changes
- Your home will not be at risk, although you need to keep up mortgage/rent payments
- You will receive regular statements detailing the payments made to creditors on your behalf
- You will have your own personal finance adviser able to give expert help and guidance through out the duration of your debt management plan
- By paying less than originally contracted you may pay over a longer period which may increase the total amount to be repaid
- Because you will be breaking your original agreements with your creditors you may receive a default notice which will be listed with credit reference agencies. As a result it will be difficult for you to get credit for up to six years after completion of the plan including mortgages, mobile phone contracts etc.
- As a Debt Management Plan adversely affects your credit rating this may have an impact on you in other ways i.e. a potential employer may wish to see your credit file
- It cannot be guaranteed that creditors will not pursue any legal action
- Your creditors are not obliged to freeze/reduce interest and charges and may apply additional fees
- Fees are usually taken upfront meaning that you may go into or increase any arrears
If a debt management plan isn't suitable for you have you considered a debt consolidation loan
