Debt Management & Resolution

Debt Management & Resolution

What is Debt Management?

A debt management plan (also known as a DMP) is where you make reduced monthly payments towards your personal, or business debts. This can be a solution for people struggling to keep up with their contractual debt payments.

Some common debt solutions:

  • Individual voluntary arrangements (IVA)
  • Bankruptcy, debt relief orders (DRO)
  • Debt management plans (DMP)

Don’t worry too much about the various options above, as we will recommend the one that's right for you.

Reduced debt payments

The first thing we will do is work with you to review your finances. Once we have a much clearer picture as to your debt, it will be easier to see whether a debt management plan is the right solution for you. If it is, we will then discuss your options, and agree your budget plan.  

We will draw up a personal action plan and explain what you need to do next. If you are happy to proceed with the plan, we can manage the initial contact with your creditors to discuss your proposed schedule to make payments.

If the creditors are in agreement (which in our experience, they generally are), you can then start to make the one payment to the third party each month. The payment will then be divided up between the rest of your creditors.

It is important you know that should you enter into a DMP arrangement it could affect your credit rating. What your rating will be will depend upon the total amount you are repaying, plus the length of time you take to settle the debt.

We have been helping individuals and businesses across the UK with their debt problems.

If you think a DMP could help solve your financial difficulties, why not speak to Partner Ben Korklin on 0208 861 7575 or complete the enquiry form on the right and we’ll call you straight back (within 24 hours) and answer any questions you may have.

Follow us on Twitter

Sage Logo Xero Logo St Luke's Logo Meningitis Logo BNI Logo Geneva Group International ICAEW members in Harrow, Middlesex
Copyright

© 2018 Lawrence Grant. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
+44 (0)20 8861 7575

Quick links

Contact us | Website terms of use | Site map | Accessibility | Disclaimer | Help |

Address
2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex HA1 1BE

We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Manchester Underwriting Management, Centennium Court/East St, Chesham HP5 1DG (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & solicitors.