Who is it for?
A debt management plan is designed to help people who have some money left over at the end of the month, but not enough to pay all their debts.
How does it work?
A debt management plan is normally arranged by a third party – for example, a charity like us or a debt management company. The organisation arranging your plan will draw up a proposal for your creditors, asking them to accept reduced payments. They will also ask for interest and charges to be stopped.
For example, if you have 10 unsecured creditors you will only pay 1 monthly payment (your available income) and the debt management organisation divides this payment between your creditors.
How can we help?
As a respected debt charity, creditors usually agree to our proposal. Also, our services are completely free and we don't charge you for arranging and managing your debt plan. That means everything you pay goes towards reducing your debts.
The key to the success of any debt management plan is that you only pay what you can afford and as your situation improves, you pay the debt off as soon as you are able to.
Our priority in arranging a debt management plan is to make sure you have a reasonable amount of money to live on, meaning you can keep up to date with all your household bills, while clearing your debts as quickly as possible.