Debt Management Scheme

If you feel like your debt problems are too much to cope with and you need some outside help, then you could opt for a Debt Management Scheme. A Debt Management Scheme, also known as a Debt Management Plan, entails coming to an informal agreement with your lenders – be it credit card companies, loan providers or energy providers – to repay your debts to them at a lower rate to prevent you going into arrears again. You could use a Debt Management company, which could:

Liaise with your creditors
Freeze or lower the interest rates you pay
Prevent you being taken to court
Help you work out a budget
Provide a personal debt management advisor

Once you have worked out a budget and seen how much you can afford to pay back, you can repay just one fixed monthly amount, instead of numerous payments to different lenders.

If you have at least £5,000 of debt and cannot keep up with the repayments, then using setting up a Debt Management Scheme can help by getting the creditors off your back – because they will be aware of your situation and that you are trying to get out of it – and give you some breathing room by lowering your monthly payments.

Click on the link below and fill in our quick online enquiry form and a specialist debt advisor will call you back with debt advice, talking you through your options to see if a Debt Management Scheme is right for you.