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Debt Management
  What is a debt management plan?
  Who can use this service?
  How does a Debt Management Plan work?
  Will I be charged for a Debt Management Plan?
  Benefits of a Debt Management Plan
  Drawbacks of a Debt Management Plan
  What do I do next?

Debt Management

Debt Management Plans may seem daunting and complicated, however National Debt Advice can arrange the whole procedure and allow you to rest assured that you have minimal stress throughout.

In today’s financial climate, more people are struggling with their debt problems, as the recession and redundancies place unnecessary stress on household finances, however all of this worry does not make the problem go away.National Debt Advice can help alleviate many of your financial problems. There are many people that struggle to pay credit cards, loans, store cards or catalogues - you are not alone. Advisors are available to help you sort out your payments and deal with all your creditors for you. This is done by reducing and condensing the total amount you pay back so all you have to do is pay one affordable amount each month.

DMP’s can change when your circumstances do giving you better control, whilst still making positive steps to reduce your debt. Debt Management Plans are for people with unsecured debts.

If this sounds like you, then a Debt Management Plan (DMP) through National Debt Advicemay be just the thing to help. Every person is different and is therefore treated in a unique way.

What is a Debt Management Plan?

  • A DMP is an affordable repayment programme that can be set up and managed for you.
  • A flexible solution to sort out your finances and calculate what you can afford to pay each month.
  • All interest and charges are requested to be frozen.
  • You pay this amount through the DMP
  • The debt management company pays your money to all your creditors (the companies you owe money to) for you.
  • A DMP is not any form of consolidation loan and will not get you any further into debt – it is simply there to consolidate your debt without lending you additional funds.


Who can use this service?

  • If you have £5,000 worth of debts or more.
  • If you have at least two or more debts with either the same or different creditors.
  • If you have £100 or more available income per month (after you have paid all your normal household bills).


How does a Debt Management Plan work?

  • The first thing you need to do is put together a personal budget which identifies the total household income.
  • Then list all the mandatory expenses like rent, mortgage, household bills, food, travel, child care etc.
  • Take the second figure from the first.
  • What you have left over is your disposable income to pay your credit debts.


Is a Debt Management Plan the best option for me?

A DMP through National Debt Advice is the best solution for people who can afford to make regular payments to creditors in an easy and hassle-free way. We will assist with all options to help you make the best decisions for your lifestyle.


Benefits of a Debt Management Plan:

  • Combine all your unsecured debts into a single monthly payment based on your circumstances.
  • Depending upon the outcome of negotiation with your creditors, reduce or freeze interest and charges on what you owe.
  • Give you someone who understands and has a good relationship with the creditors who can deal with them on your behalf.
  • Put a stop to all stressful demand letters and telephone calls from creditors.
  • Put you back in control of your finances so you know where your money is going each month.


Drawbacks of a Debt Management Plan:

  • Extend your payments over a longer term in some cases.
  • Not always result in the reduction of interest or charges for every creditor.
  • Not necessarily stop all correspondence or phone calls from creditors.
  • Not cover any debt secured on assets or tax arrears.

What do I do next?

National Debt Advice uses trained advisors to give Debt Management advice and recommend the most appropriate debt management programme for your needs – whether that is a Debt Management Plan or another solution. If you are interested in a Debt Management Plan or any other debt related issues,please take a few seconds to fill out the simple enquiry form at the top of this page.

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Debt Management Plan

What is a debt management plan?
Who can use this service?
How does it work?
Will I be charged for a DMP?
Benefits of a DMP
Drawbacks of a DMP?
What happens next?

Bankruptcy

What is Bankruptcy?
Benefits of Bankruptcy
Drawbacks of Bankruptcy
How to go bankrupt
Assets – Your home
Hire Purchase Agreements
Income Payment Orders and Income Payment Agreements
Bankruptcy Restriction Orders
Useful links
IVA’s

What is an IVA?
What is the purpose of an IVA?
How are the monthly payments calculated?
How does it work?
Who can use an IVA?
Who is eligible for an IVA?
Which debts can be included?
Will I have to pay for this service?
  Benefits of an IVA?
  Drawbacks of an IVA?
  The IVA Procedure?
  How the monthly payment works?
Trust Deeds

What are trust deeds?
How do trust deeds work?
Benefits of trust deeds
Drawbacks of trust deeds
Alternative debt solutions

Company Voluntary Arrangements
Debt Relief Order
Fast Track Voluntary Arrangements
Debt Consolidation
Scottish Trust Deeds
Government backed schemes

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