Debt Management Plans
Debt Management Plans are suitable if you are struggling to meet monthly repayments, have been refused a loan and you are have mounting debt problems between £3,000 to £10,000.
A Debt Management Plan means that it is possible to consolidate all your debts into one affordable monthly payment, without any further borrowing. You will be able to make one low monthly repayment to your creditors which you can realistically afford.
What is a Debt Management Plan?
A Debt Management Plan means that we would act as an intermediary between you and your creditors. Refused A Loan would negotiate with your creditors so that you can make lower payments to your debt, and try to freeze any future interest and charges.
The Plan is an informal agreement between the debtor and their creditors. As they are not legally binding, it offers you much more flexibility so your plan can change if your financial circumstances change.
Debt Management Plan Benefits:
- It is an informal agreement, meaning that you are free to change the repayment plan if your financial circumstances change.
- We negotiate with your creditors to reduce or freeze any interest and charges, although this cannot be guaranteed.
- Only one affordable monthly payment, allowing you to regain financial control.
- We deal with any creditor phone calls or letters for you.
If you are have over £12,000 of unsecured debt and are unable to keep up on your minimum payments, then an IVA could help you to avoid bankruptcy.
For more information, please call our Refused A Loan debt advisors on our free phone number 0800 048 1769, or fill in your details in the Quick Enquiry Form so we can call you back.
Debt Management Plans are for unsecured debts only. The key benefit is the ability to only repay what you can afford each month. Clearly, the consequence of this is that it will take longer to repay your debts. You will receive allowances to pay Secured and Priority debts. Whilst you pay our initial fee, monies are not distributed to your creditors. Where contractual payments are missed your debt and repayment term could increase. Terms and Conditions apply.
Refused A Loan is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd. Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.