Easierdebt - Making Life more affordable

Debt Management Plans

Easierdebt are a company dedicated to making your debts more manageable each month.

"Combine your debts into one affordable monthly payment with our Debt Management Programme."

At Easierdebt, we understand debt. We know how easy it is to slide into unmanageable debt, but most importantly, we know how to get you out of debt.

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Debt Advice - Call now on 0845 373 4062

Is a Debt Management Plan (DMP) right for me?

A typical Debt Management Plan (DMP) will consolidate all your unsecured debts into a single and more affordable monthly repayment. This should not be confused with the more formal and more conclusive process of an Individual Voluntary Arrangement (IVA).

In a Debt Management Plan (DMP), your debts are repaid to creditors on a pro-rata basis over an agreed period of time. This payment is determined by the amount you can reasonably afford after your normal cost of living has been deducted from your income, and will be presented to your creditors by a debt management company. Creditors are not obliged to agree to the Debt Management Plan, but they are more likely to accept it once they have been made properly aware of your true position.

Once your creditors have agreed to a DMP, it is your responsibility to continue paying the agreed payments to their administrator. The administrator (normally the debt management company who drafted the plan) will then ensure that these payments are distributed promptly, on a pro rata basis, to all creditors until the plan has been successful completed.

Each DMP should be regularly reviewed, especially to consider whether creditors would accept early settlement. Once a DMP is completed, you will be considered debt and able to make a fresh financial start.

Before you take out a DMP, make sure that you use a fully licensed debt management company that adheres to OFT debt management guidelines, Easierdebt is such a company. Establish any charges that you will have to pay for their services, and ask to see evidence that they are trying to.

You will pay to us your first two monthly payments on the dates specified. This will be our programme set up fee and not paid to creditors.
We have a separate account into which we will pay the monthly payment amount. This is for the sole purpose of making payments to creditors in accordance with the programme. This account is called the Client Account. Payments are made to creditors 5 days after funds are cleared. We shall be entitled to pay the monthly management fee from your monthly payments prior to payment being made to your creditors. We shall then make payment to creditors in accordance with your programme provided that we have sufficient funds from you.

Each month we will charge you 15% of the agreed payment amount or a minimum of £30.00. All fees charged are VAT exempt.

Please note that a Debt Management Plan may:

Lead to increase in the sum to be repaid
Lengthen the repayment period
Additional fees or interest maybe charged by your creditors
Your credit rating will be affected for up to 6 years, if not already so.

Debt Management Plans Explaination of costs/fees and affect on your credit rating:

You will pay to us the first two monthly payments on the dates specified, this will be our programme set up fee and not paid to creditors.This charge is for our programme set up costs which include compiling financial statements, proposals to creditors in writing and phone calls. This may affect your credit rating and will put you further in arrears. Each month thereafter we will charge you 15% of the agreed payment amount or a minimum of £30.00. All fees charged are VAT exempt.

Insolvency Service: In Debt? Dealing with your creditors

Cooling off:

If you deem that the programme is not providing you benefit you are entitled to cancel at any time giving us notice. If the initial fee has been received, we will only refund this if the programme has been cancelled in writing within 14 days since receipt of this money and this period cooling off time to reconsider. If you wish to cancel your programme but the monthly
payment to your creditors has already been made we will be unable to refund any monies to you. You may cancel the programme at any time and be entitled to a refund of any monies held by us that have not yet been sent to your creditors in the form of a payment, minus the monthly management fee, which will be retained by us for work undertaken on your behalf.
You may cancel the programme at any time by giving notice in writing to us. Our authority to deal with your creditors will be rescinded. Your creditors may revert back to the original terms of your contract with them.