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Debt management plan is a repayment plan, based on your circumstances and affordability to pay, that we will submit to creditors on your behalf.  If the terms of the plan are accepted by your creditors, we administer payments to them on your behalf form the term of the plan. For the duration of the plan we will correspond with creditors on your behalf and provide you with regular updates as to the status of your plan.

2. Will you manage all my debts?

Under the Debt management plan we manage your non-priority debts: your unsecured credit, from credit cards and store cards to overdrafts and personal loans.  We will take account of the payments you make to priority debts though you must manage these yourself.

We do not deal with your priority debts, such as your rent / mortgage, your utility bills and any loan secured against your home. These are the most important debts; the consequences of not paying them can be severe. It's essential you keep making these payments yourself.

3. Will my creditors accept the debt management plan?

We cannot guarantee any individual creditor will accept the terms of your plan, however most are willing to accept them if we can prove the plan is affordable and benefits the creditor and you

4. How much does it cost?

For debt management plans we charge a monthly management fee of 15% of the agreed payment under the plan, subject to a minimum fee of £29.50 and a maximum fee of £90.00.

A set up fee is charged at the commencement of your plan and is taken from the first payment under your plan; the set up fee is equal to the 1^st months payment under the plan subject to a maximum fee of £250.00. The 1^st payment you make under your plan will not be paid to creditors.

Our services are similar to those of an accountant or solicitor but are a cost effective solution to managing your debts, but there is a lot we have to do to get your plan started, see, what my plan involves.

We offer a 10day cooling off period if you change your mind, from the date you accept our business terms or we receive your first payment under a debt management plan, whichever is the sooner.  If you choose to withdraw from your plan after the cooling off period you will not receive a refund.

5. What does my plan involve?

We will:

• Compile your draft plan
• Appoint you with a dedicated Personal Manager to give you a single point of contact

• We will communicate with your creditors, in writing and / or by telephone

• Prepare your financial statement

• Calculate and issue your reduced repayment proposals

• Negotiate with creditors

• Inform you monthly of the status of your plan

• Compile any updates to your plan for when your circumstances change

• Assurance that regular monthly payments are being received by all your creditors

We are not always able to prevent correspondence or the odd telephone call from creditors, for the duration of the plan you should send any correspondence from your creditor to us so that we may manage it or provide our details to any caller.

6. If I join the plan, will it take me longer to pay my debts off?

Under the plan, we will be asking your creditors to accept lower payments so you have some respite and to reduce the risk of missed payments and late fee charges. But you will be paying your creditors back slower so it will take longer to repay the whole debt. If your situation changes you should consider increased payments under your plan.

7. How will you deal with my money?

We will collect your minimum monthly payment of £100 by direct debit. We hold all client monies in a client account until distribution; we only take our management fee and monthly fee from this account. Our account is audited by Chartered Accountants to give you peace of mind. We will make payments to your creditors from this account so that they are received by the due date or such other date as agreed with your creditor. You will not receive any interest from monies held in the client account.

8. Need help talking to creditors?

It can be difficult negotiating with creditors when it is not always possible to make the minimum payment. We can offer rationality, whether you are feeling stressed, debts are getting you down or you just find creditors difficult to deal with.

9. What will happen to my credit history under the plan?

Many creditors report to credit bureaus, some will register the existence of your plan. For the duration of your plan creditors should record receipt of payments despite them being less than the minimum payment. For the first month of the plan you credit file will show that no payment is made.

If default notices have not previously been issued some lenders may issue them as payments under the original agreement have not been maintained.  Under the plan we intend to manage your debts to reduce the risk of further consequences such as County Court Judgments.