What is a Debt Management
Plan (DMP)?
Debt management is a simple process to reduce and clear all outstanding debts without obtaining further credit. We deal directly with your creditors and negotiate on your behalf, freezing interest and charges whenever possible.
What are the advantages of a DMP?
We can deal with all your unsecured debts such as: loans, credit cards, store cards and bank overdrafts. If you are struggling to pay secured debts such as your mortgage or HP agreements we will ensure these outgoings are prioritised in your income and expenditure calculation, so you do not fall behind on payments. We will always suggest ways to deal with your secured and priority debt.
Do I have to be employed?
No, but you do need a source of income that is more than you require for living expenses.
Plan (DMP)?
Debt management is a simple process to reduce and clear all outstanding debts without obtaining further credit. We deal directly with your creditors and negotiate on your behalf, freezing interest and charges whenever possible.
What are the advantages of a DMP?
- It is an Informal and flexible arrangement to suit you
- Payments are tailor made to suit your individual needs
- You do not have to release equity
from property - You will repay all of your debts
- The agreement is preferred by creditors
- Your details will not be put on an Insolvency Register
We can deal with all your unsecured debts such as: loans, credit cards, store cards and bank overdrafts. If you are struggling to pay secured debts such as your mortgage or HP agreements we will ensure these outgoings are prioritised in your income and expenditure calculation, so you do not fall behind on payments. We will always suggest ways to deal with your secured and priority debt.
Do I have to be employed?
No, but you do need a source of income that is more than you require for living expenses.
How much will I have to pay if I enter into a Debt Management Plan?
This will depend upon your income, expenditure and personal circumstances. We treat each case individually and will make sure it is tailor made to suit your needs. You will only pay what you can realistically afford. This amount is then paid each month by standing order.
Will the Creditors accept my offer?
We are extremely successful at negotiating with creditors and have a proven track record of getting offers accepted. We would like to make you aware that a creditor does not have to accept a reduced payment or to freeze interest and charges and this may result in your repayment term being extended. There is also no guarantee that any existing or threatened proceedings will be suspended or withdrawn. Any further collection actions may incur costs that will normally be added to the debt.
We have a dedicated Creditor Liaison department who will negotiate with your creditors on your behalf. Your dedicated Finance Manager will keep you informed.
How long will this
Debt Management last?
The length of the programme depends on your own personal circumstances. Once we have gathered all your personal information we will be able to estimate the length of the arrangement.
This will depend upon your income, expenditure and personal circumstances. We treat each case individually and will make sure it is tailor made to suit your needs. You will only pay what you can realistically afford. This amount is then paid each month by standing order.
Will the Creditors accept my offer?
We are extremely successful at negotiating with creditors and have a proven track record of getting offers accepted. We would like to make you aware that a creditor does not have to accept a reduced payment or to freeze interest and charges and this may result in your repayment term being extended. There is also no guarantee that any existing or threatened proceedings will be suspended or withdrawn. Any further collection actions may incur costs that will normally be added to the debt.
We have a dedicated Creditor Liaison department who will negotiate with your creditors on your behalf. Your dedicated Finance Manager will keep you informed.
How long will this
Debt Management last?
The length of the programme depends on your own personal circumstances. Once we have gathered all your personal information we will be able to estimate the length of the arrangement.
Will my employer know?
No, In Debt offers a complete guarantee of confidentiality and privacy in relation to your financial affairs. We will never disclose any information about you to any outside organisations and will never say who we are when we call you. This means that you can feel safe in providing your contact information, without the worry that others will find out that you are seeking our help.
Could a Debt Management Plan affect my credit rating?
Yes. As we negotiate a reduction in your monthly payments, and you are no longer repaying the agreed amount to your creditors, a note of this may be made on your credit report. If you currently have arrears or a history of missed payments or late payments your credit rating will already be affected. Records are retained by the credit reference agency for 6 years.
What if I have a change
in circumstances?
A Debt Management Programme is flexible and informal. We do not want you to ignore your correspondence or contact from your creditors or those acting on their behalf. Once you have joined the arrangement you will have an assigned designated Personal Finance Manager who will deal with your case and any changes in circumstances that may occur.
No, In Debt offers a complete guarantee of confidentiality and privacy in relation to your financial affairs. We will never disclose any information about you to any outside organisations and will never say who we are when we call you. This means that you can feel safe in providing your contact information, without the worry that others will find out that you are seeking our help.
Could a Debt Management Plan affect my credit rating?
Yes. As we negotiate a reduction in your monthly payments, and you are no longer repaying the agreed amount to your creditors, a note of this may be made on your credit report. If you currently have arrears or a history of missed payments or late payments your credit rating will already be affected. Records are retained by the credit reference agency for 6 years.
What if I have a change
in circumstances?
A Debt Management Programme is flexible and informal. We do not want you to ignore your correspondence or contact from your creditors or those acting on their behalf. Once you have joined the arrangement you will have an assigned designated Personal Finance Manager who will deal with your case and any changes in circumstances that may occur.
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All the information on this website is for information purposes only, and does not represent advice in any shape or form.in debt
- Providing you with information about debt or any other related issue. All the information on this website is for information purposes only, and does not represent advice in any shape or form.
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