DMP Form (client details)
DEBT MANAGEMENT
Debt Management Help And Expert Advice
We provide free, confidential debt management advice and could help you to:
- Clear your debts without the need for a loan
- Have one affordable monthly payment
- Reduce or freeze interest and charges
- Stop demands from your creditors
Your questions answered:
What is debt management?
A debt management plan is an arrangement between you and your creditors which allows you to repay unmanageable debts with a lower and more affordable monthly payment.
How does the process work?
It starts when you go through your income and expenditure with us, so we can calculate how much you can actually afford to put towards your debts each month, after you have allowed for your essential expenses (mortgage/rent, food, utility bills, etc.). Once agreed we will negotiate with your lenders to try to agree on a repayment plan, you simply make a single monthly payment to us and we will distribute fund as agreed.
Whilst we can not guarantee they will agree to it, our experience and reputation means we have strong relationships with the creditor industry and we have an excellent success rate. We will work on your behalf to show that your offer is fair and reasonable and the best way to ensure you will be able to make regular payments towards clearing your debts in the shortest possible time. We will keep you fully informed at all times and deal with all the paperwork and phone calls for you.
We will also go back to your lenders regularly to renegotiate your repayment plan as and when any change in your circumstances makes this necessary.
How long will it take to pay off my debts?
This can vary, based on how much you owe and how much you can afford to pay each month once your essential costs (e.g. mortgage/rent, food and utility bills) have been covered.
It will take longer to repay your debts if you reduce the amount you pay each month, but your debts will be much easier to manage on a month-to-month basis.
We will aim to keep your payments affordable whilst helping you repay your debts in the shortest possible time.
What will I get with my debt management plan?
As well as your own dedicated expert taking care of your debt repayments, we can offer the following benefits:
- A scheduled repayment plan
- All communications with your creditors taken care of by us
- Ongoing updates and communication regarding your repayment programme
- Regular reviews of your situation
How can you help to deal with my creditors?
When you enter into a debt management plan with us, we will negotiate for reduced monthly payments on your behalf. We may also be able to negotiate a freeze or reduction in interest and other charges, meaning more of your lower payment goes towards reducing your balance.
Once your debt management plan begins, we will also handle any correspondence between you and your creditors.
Will I have someone to help me all the way?
On our debt management plan, you will have your own Personal Finance Manager (PFM), who will
act as a point of contact between you and your creditors, as well as answering any questions you may have throughout the duration of your debt management plan.
Debt example
Here is an example of how a Debt Management Plan could make your debts affordable:
Let’s say your debts looked like this:
Creditor A: £ 8,000
Creditor B: £ 6,000
Creditor C: £ 3,000
Total debt: £ 17,000
Current monthly repayment: £ 600
After a Debt Management plan:
New monthly repayment: £ 250
New monthly repayment is based on affordability and varies from plan to plan.
Debt Solutions
Personal debt is a common issue in the UK. If you are struggling with mounting debts, you are not alone. Credit Healer offers a range of debt solutions designed to deal with your financial problems.
How many different debt solutions are available?
Credit Healer offer a range of debt solutions, depending upon your own personal circumstances. These include informal debt management plans, an IVA, trust deeds and full and final settlement.
Which debt solutions will work for me?
That depends entirely on your personal circumstances. At Credit Healer, we will only recommend debt solutions that really are right for you. This will depend on a number of things such as your income, whether or not you own your own home, your total outstanding debts and the number of different creditors you owe money to.
Are debt solutions only available to homeowners?
Not at all. We have debt solutions available for both homeowners and non-homeowners alike. You don’t have to own your own home in order to be able to resolve your debt problems.
BANKRUPTCY
Are you considering bankruptcy?
Are you absolutely certain that bankruptcy is the best solution to your debt problems?
If you are experiencing debt problems, Credit Healer can assess your personal circumstances and advise you on what the best way to proceed is. We offer a range of debt solutions, many which are realistic alternatives to bankruptcy for some individuals.
How to Avoid Bankruptcy
If you are eligible for one of our other debt solutions, we would realistically help you to avoid bankruptcy.