Are you lagging on repayments against your loans or credit cards? Are you feeling overwhelmed by frequent calls from creditors? Trust our advisors at Your Debt Advice Ltd. A team with over 10 years of combined experience in supporting people in debt problems. This mechanism helps you repay personal loans, store cards, credit cards and other such non-priority debts. In a Debt Management Plan (DMP), the repayment duration varies as debts are fully repaid, contingent on the individual's debt level and their affordability.
Reclaim your financial stability - consult our debt advisers to find the most suitable debt solution for your needs.
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A Debt Management Plan is an agreement between you and your creditors to pay all of your debts.
Debt management plans are usually used when either:
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you can only afford to pay creditors a small amount each month
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you have debt problems but will be able to make repayments in a few months
You can arrange a plan with your creditors yourself or through a licensed debt management company for a fee. If you arrange this with a company:
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you make regular payments to the company
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the company shares the money out between your creditors
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Costs - Some companies will charge:
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a set up fee
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a handling fee each time you make a payment
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Eligibility - Debt Management Plans can only be used to pay ‘unsecured’ debts, for example debts that have not been guaranteed against your prope
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