Debt Management

Debt management plan (DMP) combines your debt into manageable monthly payment without the need of borrowing more money. Its a simple and informal solution to pay back your debts based on a realistic payment structure. Your debt is negotiated by a debt management company who will make all the arrangements on your behalf to reduced your monthly payments and negotiate to freeze the interest and further charges.

Our debt management company will take down details of all your debts along with your income and living expenses. By doing this, your creditors will see an accurate picture of your finances and come to realise you can no longer afford your repayments.

All your existing agreements are cancelled so that a new agreement based on your affordability can take place. Once the new debt managment agreement is in place, you will no longer have to worry about paying your debts as a single manageable monthly payment will cover all your debts each month.

How can a DMP help you

Reduced payments

Your monthly payment is calculated after all your essential living costs such as food, rent and bills. The amount left over after essential living costs (disposable income) will be your monthly repayment

Single monthly payment A sinlge monthly payment will cover all your debts each month

Eliminate creditor contact

You no longer have to deal with your creditors , if they contact you, give them details of your debt management company who will handle all enquires concerning your payments. All your letters and phone calls are handled by the debt management company

Adjust your payments according to your circumstances The great thing about a debt management plan is if your circumstances change for the worse or better you can adjust your payments accordingly by completing a review.

Avoid putting your home at risk Unlike a secured debt consolidation loan a DMP doesnt involve any security such as your home. It is an iformal arrangement.

Why chooseDebt free help.co.uk?

Being experts in Debt Mangement advice we will assess your financial situation independantly. By doing so we can advise you on all the debt management options so that you can make the final decision

Debt management is a service consumers often use. It will help you consolidate your debt without borrowing any more loans. If you have borrowed to get out of debt then unfortunately you are still in debt, the only thing you may have accomplished is that you may now have a single payment going out each month.

DMP can be done by anyone who has debts which are no longer affordable. However you must have a regular income and a disposable income (income left over after your essential living costs). The aim of a DMP is to eliminate your debts by involving a debt management company who acts as an intermediary between you and your creditors.

The Debt Management Company will cancel your existing credit agreements and install a new DMP which is specifically designed around your affordability. Your creditors are combined into are reduced single manageable monthly payment which will cover all your debt. The debt management company will represent you and handle all enquiries such as phone calls and letters.

This is an informal arrangement therefore you can continue utilising a DMP until your debt is cleared or you can take control at any point if you are able to get back on track with your finances.