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Regain control of your finances
A debt management plan could reduce your unaffordable unsecured debt repayments and put a stop to letters and calls from your lenders.
Call us today on 0800 970 7724.
Our simple debt solution finder (on the right) will tell you which debt solutions could help you, based on your circumstances.
Makes your debt repayments affordable
The idea of debt management is that all your debts and other living costs are made affordable. Your unsecured debt repayments will be reduced, leaving you with enough money to take care of all your bills and other expenses.
Could freeze or reduce interest & charges
We'll ask your lenders to freeze all interest and charges on your debts. If they do, your debts can't grow, meaning you can repay them more quickly.
Could stop demands from your lenders
Once your lenders know you've got a plan in place for repaying your debts, they're much less likely to send out letters and make phone calls demanding payments.
If you do receive any demands while we're negotiating with your lenders, you can send them to us and we'll take care of them for you.
A debt management plan is a new repayment arrangement for people with unaffordable debt repayments. It works by bringing your unsecured debt repayments down to a manageable level.
Your new monthly payments will be based on what you can afford once you've covered your other essential living costs, such as bills, food and Council Tax.
If you arrange your debt management plan with the Debt Advisory Centre, you'll make a single monthly payment to us, and we'll distribute the agreed amounts to each of your lenders. That means less for you to worry about each month.
We'll also carry out regular reviews of your circumstances to make sure everything's running smoothly. If your situation has changed, we may be able to change your payments accordingly.
You'll keep making payments to us until you can afford to make your full repayments again, or until you've fully repaid the debts - whichever comes first.
Debt management may be right for you if you can't afford your existing unsecured debt repayments, but can still afford to make lower monthly payments. You should also be able to repay your debts in full within a reasonable period of time.
If you don't meet the above criteria, there may be a more appropriate solution for your circumstances. Talk to one of our expert advisers on 0800 970 7724 and we'll help you decide which solution is best for you.
Debt management could really help if you're struggling to afford your debt repayments, but there are some things you should be aware of. Making reduced payments towards your unsecured debts will affect your credit rating, and if your lenders don't agree to freeze interest and/or charges, the longer repayment period could cost you more overall (as you'd be paying interest for longer).
However, it's important to remember that not getting help could have an even worse impact on your finances in the long run.
Find out more about the fees involved with each debt solution.
Download the Insolvency Service guide to dealing with creditors.
We'll help find you the best solution to your debts