Key Debt Management information

What is a Debt Management Plan (DMP)?

A Debt Management Plan is a simple and effective way to pay your non-priority creditors. Your counsellor will calculate the amount you can afford to pay after giving consideration to your priority debts - mortgage, utilities, council tax etcetera and day-to-day living expenses. Any money left is then deposited with us as a single monthly payment and then distributed to your non-priority creditors on your behalf.

What is the Benefits of a Debt Management Plan (DMP)?

The main benefit of the DMP is that the agreement is completely informal, so you’re not legally bound by the arrangement. We will negotiate reduced all payment details with your creditors on your behalf. In many cases the creditors will also agree to totally freeze or reduce the amount of interest being charged on your accounts. Other benefits include,

• We deal with your creditors payments, calls and mail so you don't have to!
• We arrange payments you can afford and can usually negotiate to reduce the amount of debt you owe
• Having regular reviews of your circumstances and your monthly deposit amount changing to reflect your situation
• Once we receive your monthly deposit, you have peace of mind in knowing that all of your creditors on the DMP will be paid.

What effect will a DMP have on my credit rating?

If you are not making your contractual monthly payments to your creditors it is likely that your credit rating has already been affected. If you are making reduced payments through a Debt Management Plan many creditors will record this on your credit file. Speak to one of our dedicated debt counsellors today on 048 41752062 for confidential advice about your financial situation and we will give you the options that are available to you.

How will I know my creditors have been paid each month?

After paying your creditors we issue a statement to show you how much has been paid to each account you have on your plan. Most creditors will also continue to send you a monthly statement and the payment we have made will also appear on the statement.

Will my creditors accept the arrangements you propose to them?

Creditors are always willing to consider a reasonable offer of payment if it is calculated correctly when their client is in financial difficulty. We work with these creditor departments on a daily basis and these good working relationships enable us to get the best possible outcome for our clients. If a creditor is not willing to accept a proposal they will inform of us of an acceptable amount and we will then go back to you to see whether the usually small increase would be affordable.

Will I be charged a fee?

Initial consultation is free. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid.Pricing information