What is Debt Management?

Debt Management is a system which decides how much an individual or family can afford to pay their creditors each month Debts are consolidated into one affordable payment. This payment is then sent to the creditors once an agreement has been made. The Plan can vary in length depending upon the amount of debts and the re-payment amount.

How does a Debt Management Plan Work?

Our partners take into account the most important aspects of your budget - this means items such as mortgage, rent, food and other household bills. These payments are taken from your income leaving you with what we call DISPOSABLE INCOME. This will be an affordable and realistic amount that you have left to pay your creditors with. A payment of your DISPOSABLE INCOME to us. This payment is then paid to all creditors on a percentage and per annum basis each month. Payments are made until the balances owed are paid or until you are able to cope yourself.

Will The Payment Remain The Same Throughout?

The monthly payment is based on your financial circumstances. If your circumstances change, the Debt Solution will change to suit the amount of disposable income you have at the end of the month.

The Creditors Are Threatening Me With Court Action, What Can I Do?

There are many situations when creditors threaten you with further action. It is important that you contact us as soon as possible to discuss the options available. We can help you even when a CCJ has been registered against you.

What Happens if A Creditor Contacts Me?

Simply advise them your agent is dealing with your finances on your behalf. Forward any relevant correspondence to them. Letters and phone calls normally cease once your payment plan has been accepted.

How Will I Know My Creditors Are Being Paid?

You will receive a statement of your account which will be sent on a monthly basis. This statement will show all monies received from you and how much each creditor is receiving on your behalf. Furthermore, you will normally continue to receive statements from your creditors.

What About my Student Loan?

Depending on your financial position, we can look at ways to help you pay off the Student loan where applicable. This loan can not be entered into an IVA and must be dealt with in a different way.

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