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 hand side of this page.