What is a debt management plan?
The debt management plan is a tailored plan that helps a person get out of their debt problem. This plan involves working closely with the client to come to an agreement on how much they can afford to pay each month to pay off their debt.

We also work as a mediator with your creditors so that there is a minimum amount of stress to you. We help negotiate a sensible repayment terms to these creditors until all parties are happy with the decision.

However, we cannot guarantee acceptances from creditors and we should caution you that a debt management plan may increase the length of time and total amount repayable of your debts in some circumstances.

What does it cost?
There is a monthly management fee for the plan, which is 15% of your agreed monthly payment or £25 which ever is the greater. We also charge an initial fee for setting up your programme and this is equal to the first months agreed payment.

What if I keep getting letters and phone calls from my creditors?
This may happen because it takes a few days to negotiate the new terms. In the meantime they will continue with their activities culminating in a crossover period which will cause you to receive these letters.

When we have received your signed Letter of Authority and your first payment, you can tell your creditors to contact us. We will then be happy to deal with all letters and phone calls.

How safe is my money?
We keep a separate bank account for all the money that we receive from our clients. The amounts that you agree are then paid out of this account to your creditors.

How quickly do you pay my creditors?
After receiving the money, we will normally pay your creditors within 5 working days of receipt.

How will I know my creditors are being paid?
Your creditors will continue to send you your statements. As long as you keep up your payments to us, these statements will show payments from us. This will show you who is being paid and by how much.

A statement can be requested from us at any time.

Can I pay more or less if I want to change payments?
The plan we provide is flexible. If your circumstances change, just contact us and we will discuss with you the possibility of raising or lowering your payments.

Do I need to change banks?
Your bank may decide to take their money which is owed them before your creditors get their payments. This may cause inconvenience to them and decide not to take part in the plan.

It is advisable to open a new account with no credit, resulting in a more fair payment plan to each creditor. Giving you more control over your finances and pleasing all parties involved.

Will I be able to get a mortgage or further loans/finance?
This will depend on your credit status, which will be adversely affected by your participation in our debt management plan.

Is this a loan?
Our debt management plan is not a loan. Taking out another loan will increase your monthly payments and may get you back into debt. In our professional opinion we would advise you not to take out another loan. But if your circumstances change, we would happily advise you in which direction to take your newly acquired finances.