A Debt Management Plan is an Informal Agreeement between you and your creditors where you pay back your debts at a monthly rate that is affordable for you.
The plan is flexible and your debt repayments are gathered into one flexible monthly payment and paid out to your creditors on a pro rata basis. You can arrange a debt management plan yourself or with an appropriate Debt Management Company who will be responsible for all correspondence and payments between you and your creditors.
Due to the informality of a Debt Management Plan you or your creditors can opt out of it at any time. You can arrange it as a temporary debt solution until you get back on your feet financially or you can aim to have it as a more long term debt solution and continue it until your debts are paid in full.
You can arrange a debt management plan yourself or with an appropriate Debt Management Company who will be responsible for all correspondence and payments between you and your creditors.
As an Insolvency company we do not offer Debt Management Plans. We only offer formal Insolvency solutions. If an insolvency solution is not your recommended course of action, with your permission, we will refer you to an appropriate agency/provider that can assist you further.
IVAThe IVA is available to people with debts in the UK and Northern Ireland. It is a formal debt solution between you and your creditors. |
Debt ManagementA Debt Management Plan is an Informal Agreement between you and your creditors where you pay back your debts at an affordable monthly rate. |
Personal BankruptcyBankruptcy is the legal term given when you are unable to pay any of your debts. It can be a very daunting process and also puts threats on your business. |
Consolidation LoanDebt Consolidation is a method used by many people to consolidate their debts into one lower affordable payment. |