What is Debt Management?
Debt management is a way to help people struggling with debt reduce their contractual repayments to creditors. Usually if a person is in debt they will probably owe money to many creditors. Debt management is designed to help people reduce their repayments back to their creditors. Debt Management can be achieved by spreading the payments over a longer period of time, thus making them more manageable.
During a debt management programme we will designate a professional debt counsellor who will calculate the amount you can afford to pay after giving consideration to your priority debts, for example, mortgage, utility bills, council tax and other living expenses. Any money left over after your priority debts have been accounted for is classed as your ‘disposable income’. This money will then be distributed to your non-priority creditors.
How to apply for a Debt Management Plan
- Find out if a Debt Management Plan is suitable for you, to do this either fill in the form opposite and one of our trained advisors will call you back or contact us on our freephone number 0800 0122 111.
- Once we have conducted a full assessment of your circumstances we will then advise you on whether a Debt Management Plan is best advice for you and send you information in the post.
- Once we have received your first payment we will make contact with your creditors to offer them a reduced payment offer and request that they freeze interest and charges.
For more information about debt management click the link below where you will be taken to our quote page, which enables our advisors to assess your debt management application to provide free, no obligation advice on the most suitable option to take tailored to your personal situation.
For information about the fees we charge please see Section 5 of our terms and conditions.