No More Debt
No More Debt
Using a Debt Management Plan
A Debt Management Plan (DMP) is an informal arrangement which allows you to consolidate all of your unsecured credit commitments into one affordable payment. This is not ‘another loan’, simply a plan to repay what you can afford to pay currently. The lenders will in most cases freeze the interest charges and accept a small monthly REGULAR payment from you. The benefits of this are as follows:
- Pay only what you can afford to pay
- Interest charges are frozen
- Only one single payment to make each month
- Stops the debt collectors calls and visits
- No need to deal directly with any lenders
We will negotiate with your creditors and try to freeze your interest and charges to help reduce the monthly payments to a more manageable level. You will still have your debts but they become affordable. No More Debts, not quite but affordable and manageable now.
As part of the DMP we deal directly with the creditors and ask them to cease any further collection activity with you. The clients will pay us an amount which is worked out based on their income and expenditure and we then distribute payments between the creditors.
Whilst you won’t have ‘no more debts’ your debts will be manageable and affordable.
For more information regarding your suitability for a DMP please contact us below