What is Debt Management?
A debt management plan is an informal agreement designed to allow someone who is struggling to meet their monthly repayments the opportunity to make a single more affordable monthly repayment via a debt management company. In return for a management fee the company passes these payments to the creditors until the debts are cleared. The most important part of the management companies duties should be to negotiate an interest and charges freeze on the borrowers outstanding accounts and then regularly ensure that creditors continue this freeze during the term of the plan. They should also ask creditors not to take any legal action providing the borrower keeps making their regular payments. Amongst other duties the management company should also agree to handle/reply to creditors letters and enquires. Read More...
Some examples of clients who have benefited from our services
Client A owed £143,630 in unsecured borrowing with 19 different creditors. Monthly contractual payments were £2,419.20. We arranged an IVA, which results in the monthly payments being reduced to an affordable £725.70. At the end of the 5 years Client A will have repaid £43,542 and will have seen £100,080 of debt written off. Read More...
Suddenly debt is a four-letter word
'Reproduced from Tunbridge Wells Courier Article'
How the world has changed. For years, credit has been readily available and using it has become part of normal life for most people. Now, very sadly, more and more people find themselves in an increasingly difficult situation fuelled by... Read More...
