If you are thinking about a Debt Management Plan then you are probably struggling with your debts. To be considered for a debt management plan you should be able to agree to the following criteria.
1. Unsecured debts of over £5,000.
For a Debt Management Plan your unsecured debts could include catalogue debts, credit cards, store cards and personal loans. Even if you do not think that you have borrowed over £5,000 it is important that you get an up to date balance from each of your creditors. As with the interest and charges added, you could owe much more than you think!
If your debts are higher than £15,000 then you might want to consider an IVA instead of Debt Management. An IVA can write off any debt that you cannot afford.
2. You cannot afford to pay back your debts on a monthly basis.
If you find it a struggle to pay back your debts then a Debt Management Plan may be the solution for you. We will negotiate a lower monthly payment to creditors. Creditors are often willing to freeze additional interest and charges for those on Debt Management.
3. You are employed or have a stable income.
Debt Management is a debt repayment plan, so to make repayments you must have an income of some form. Your monthly Debt Management payments will be individually tailored to your financial circumstances so you only pay what you can afford.
Please note that this simple criteria represents a generalisation and we would need to speak to you to determine whether you are eligible for a Debt Management Plan. Call one of our expert advisors on 0800 048 1767 or fill in our online Quick Enquiry Form so we can call you back.f