Most people experience credit problems at some point in their life. It's certainly nothing to be embarassed about. A debt management plan can significantly reduce your monthly payments and ease your debt burden.

Debt Management Plan - One lower monthly payment

A Debt Management Plan can be used to resolve any problem you may have with your unsecured debts. It is an informal arrangement suitable for people who do not have very significant debts, who may not have very high disposable incomes or who expect that their circumstances may change in the near future. If you are struggling to meet your current monthly commitments, we can negotiate reductions in your repayments to your creditors.

You will make one affordable payment each month, which will be distributed to your creditors on your behalf.

We will negotiate to reduce or freeze any interest or other charges on your debts, although we cannot guarantee this.

Your plan is fully flexible and can be changed at any time to suit your changing circumstances and needs. You can even cancel your plan at any time with no penalty to yourself. We keep your plan under regular review and, if we believe that an alternative solution has become available, we will tell you about it, so that you can make an informed choice as to what you want to do.

The Debt Management Process

A full assessment of your financial situation is carried out. To do this, we need to know your regular income and expenditure, who you owe money to (your creditors) and any other relevant information about your personal circumstances.

By collating this information into a Financial Statement, we are then able to determine how much you can realistically afford to offer each of your creditors.

Your creditors will then be approached and asked to accept the reduced payments. In most cases creditors are happy to agree the plans we initiate because they know, from experience, that such plans are realistic and sustainable.

You then make a single monthly payment, which is distributed pro rata to your creditors.

Throughout the duration of your plan, you will have an assigned debt consolidaton advisor whom you can contact should you experience any difficulties whilst the arrangement is in place.

Your plan will be reviewed at regular intervals to ensure that it still meets your circumstances.

The plan will continue until your debts are cleared or until you wish to voluntarily end the arrangement. Most common reason for this being an improvement in income enabling a client to leave the plan and revert to their original monthly payments.

Advantages of Debt Management

• You no longer have to deal with your creditors.  
• You make one payment that you can afford.  
• Your payments are re-evaluated frequently so that any changes to your situation can be taken into account.  
• You only make one payment a month.

Disadvantages of Debt Management

• Debt management plans are not legally binding so creditors do not have to agree to repayment schedules. However, if the arrangement works well the creditors will be happy to co-operate.
• Your surplus income is low and would therefore mean that you would be making the repayments for many years. If this is the case there are other options available such as an Individual Voluntary Arrangement.

Our commitment to you...

Remember, if you are looking for a fast and efficient service, The Mortgage Man.co.uk endeavour to respond to all enquiries within 3 hours - in most cases, we respond within the hour.  Don't forget we offer free home appointments.  If you are being repossessed we will respond within the hour as a speedy service is critical..

 A debt management plan will reduce your monthly outgoings and improve your cash flow on a month by month basis. It may take longer to repay your debts in full due to the reduced payment.

We offer debt advice, debt management, debt management plans, debt problem advice and debt help with free home appointments without obligation.

Please note: Debt Management Plans are not regulated by The Financial Services Authority

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it. Think carefully before securing other debt against your home as it may cost you more in the long term. Our typical apr is 7.4% your rate will depend on your individual circumstances. Please ask for a personnel illustration. Information correct at time of print. Please note - that adding unsecured debts to your mortgage could mean you pay more interest in the long term. Your monthly outgoings may reduce significantly, but as you are repaying your debts over a longer term you will pay interest over all of the new term

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