With debt management you could:
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Pay off your unsecured debts at an affordable rate |
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Freeze or reduce your interest and charges |
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Repay your debts without taking out a loan |
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About debt management plans
A debt management plan is designed to reduce your unsecured debt repayments to a level you can afford. You'll make an informal agreement with each of your unsecured lenders to repay as much as you can.
Your debt management plan will last as long as it needs to - either until your circumstances improve and you can start making your original repayments again, or until you have paid off your unsecured debts - whichever comes first.
Get help managing your finances
Arranging your debt management plan through the Debt Advisory Centre means you won't have to speak to your creditors directly - we'll take care of that for you. We'll also sort out all your paperwork, so you can relax.
Once your debt management plan is up and running, we'll also be here to answer any questions or queries you may have. And our regular reviews of your circumstances will ensure that you're still getting all the help you need.
A few points to remember
Debt management plans have helped many thousands of people over the years, but don't forget the downsides. It will have an impact on your credit rating, and you'll be left with little money for anything except your debts and other essential costs until your debt management plan comes to an end.
Keep in mind that although we work with creditors to freeze your interest and charges, there's no guarantee. If they don't agree, you could end up paying more interest overall due to the longer repayment period - which may increase the total amount you repay.
Key facts and information:
What fees are involved?
Depending on your situation, you may be advised to enter a specific debt solution. If you do, fees will be charged. As one of the longest-established debt solution providers in the UK we always strive to offer our customers an excellent service together with ensuring our fees remain competitive. Click here for more on our fees.
Will it affect my credit rating?
It will be affected in the short term but you should talk to an adviser for more information on the long term effects of any solution.
What if I change my mind?
You are under no obligation whatsoever to enter a debt solution. If you do choose to enter a solution, and then change your mind about it, you have the right to cancel the agreement at any time within the first 14 days. You will also receive a refund of any initial fee you’ve paid us.
To find out more, call us on: 0800 074 4111
Subject to eligibility and conditions. Alternative solutions may be offered. Calls may be recorded.
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