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Debt Management Plans

A debt management plan allows you to consolidate your debts into one monthly affordable payment.

Why the benefit of a Debt Management Plan?

A Debt Management Plan (DMP) could be the answer you are looking for. DMPs help make the unaffordable, affordable – providing reduced monthly payments over a longer period of time so that you can finally start putting those debt worries behind you.

We understand how important it is to make sure your finances are in order and will collaborate with you on a budget tailored specifically for your household. And if Debt Management Plan (DMP) fits into the picture, we’ll provide professional guidance every step of the way to ensure its success!

Advantages & Disadvantages of a Debt Management Plan

Advantages

Disadvantages

What debts can be included in a Debt Management Plan?

What debts can't be included in a Debt Management plan?

Will my Debt Management Plan be accepted by the creditors?

While creditors may prefer reduced payments in a debt management plan to no payment at all, they are under no obligation to accept it. In order for them to agree with your proposed debt management plan, you need be able prove that without it there would be little chance of recovering the money owed.

By agreeing on a manageable repayment schedule through this proposal an alternative solution is offered rather than pursuing legal action against you – something many creditors do not wish to undertake due their associated costs and time constraints.

Ultimately, if presented correctly by demonstrating affordability can lead towards acceptance from creditors while still meeting mutual goals.

Why choose Advice Debt?

We can help you, today.

We all know how difficult it can be to manage our finances when we’re juggling debt and an ever-changing financial situation. That’s why we are here for you today offering expert advice that will put your mind at ease! We’ll work with what matters most, getting out from under the load of persistent debts so they don’t continue weighing down on every aspect of life.

Advice Debt Top Tips

Do I really need to buy this?
Avoiding debt can be a challenge in our modern world, where it's easy to get overwhelmed by all the temptations of spending. To stay on track with your finances, take some extra time before big purchases and ask yourself if you truly need that item.
Make budgeting a good habit
Mapping out and keeping track of your spending is essential for financial stability and success. Developing a budget can help you save money, recognize potential overspending habits before they start, as well as protect against unexpected expenses. Mastering the practice of creating an effective budget plan will go long way in helping to improve your overall credit rating.
Knowing your credit score
An excellent credit score is essential for any individual looking to access financial assistance. Without this metric, lenders may deny borrowers mortgages, car loans and other financing options; even something as simple as a phone contract could come at an immense price with the wrong rating. Therefore, it's important that you understand how your credit score can impact your life in various ways - from getting approved for major purchases to making sure you are paying reasonable costs on everyday transactions.
Borrow or save?
Deciding whether to save or borrow can be a difficult choice that carries lasting consequences. Saving may mean having less cash on hand in the present, but potentially avoids financial trouble down the road. Conversely, borrowing provides quick access to funds now; however if payments are not made in full and on time it could create prolonged problems with debt repayment. Ultimately, saving is often considered the safer option for making major purchases.
Have I checked the interest rates?
Before taking the plunge and borrowing money, take a look at that all-important APR. Keep in mind interest rates can vary dramatically - so make sure you research what sort of additional cost is involved with taking out your loan to ensure it fits within your budget!
Switching your credit card
Take advantage of low-interest credit cards to save yourself some money! Doing the research, you may even find a card with 0% APR - however this won't last forever. Make sure that if you switch providers and get one at zero percent interest, make it your priority to pay off debt during that period or else once it ends, interest rates will be added in full force.
Saving for a rainy day
Don't let debt be a factor in your future plans. A smart money move is to start putting away just a little bit each week - every penny counts! For example, squirreling £5 per week adds up over time; by the end of one year you'll have saved an impressive total of £260 (and if placed into savings that could grow even more!).
Don’t bury your head in the sand
Don't let your dilemma fester. If you find yourself in trouble, seek out professional advice to get back on the road to financial freedom. Advice debt services are well-equipped with experts who specialise in helping people resolve issues quickly and discreetly – so don’t hesitate to reach out for guidance!

Committed to providing debt information & solutions

Start with our 3 quick and easy steps

Step 1

Complete our Online Form

Private & Confidential

Our form is user-friendly and is easy to complete.

The first step always feels like the hardest, but you’ve come to the right place.

Step 2

Talk to the Experts

Help without judgement

Tell us about your situation, and we’ll tell you exactly what help you’re entitled to.

We’ll inform you about what solutions you qualify for, and answer any questions you may have along the way.

Step 3

Take Action today

No obligation service

We know that debt is daunting, but after speaking with us, we can put together a personal action plan to put your mind at ease.

We’ll help set things up and support you in dealing with your debts, for however long is needed.

Let's get started

We've already helped 1,000 people this year

Our team of experts help thousands of families every year across the UK get their finances back on track.

Is a DMP right for you?

We can discuss your eligibility.

Prefer to speak later?

We will offer guidance, support and a solution at a time that suits you.

*To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.

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