Consolidate Your Debts
Into one affordable monthly payment without the need to loan
A Debt Management Plan is a debt solution which enables you to make an affordable monthly payment to your creditors via a debt management company. A Debt Management Plan means you only have to make one monthly payment to one company, who will distribute the money on your behalf. Your debt management plan will last until all of your debt is repaid.
By using a Debt Management Plan (DMP) you are asking your creditors to accept reduced payments based on what you can afford rather than what they ask for. If they feel the amount you offer to repay is reasonable they will generally agree.
The agreement is informal and therefore not legally binding. This means that it is quick to implement allowing you to get back in control of your financial situation fast. It is also flexibility allowing you to change your payments and start or stop at any time.
Call us now to find out what your best debt solution is.
What are the benefits?
- One affordable monthly payment to cover all debts
- Someone deals with your creditors for you
- Interest and charges on the debt are usually stopped – meaning you can start repaying the capital owed rather than just servicing the interest
- Creditors will usually stop any further legal action or hassling for payments
- Usually a DMP is flexible so it can be ended anytime or the repayment level can be changed.
The Debt Management Plan may:
- Stop collection calls
- Lower interest rates
- Lower monthly payments
- Waive late fees and over limit fees