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Debt Management

The Debt Support Service Debt Management programme can help you get back in control of your finances by giving you one single lower payment to your debts. We appreciate that no two people are the same, so each plan is specifically designed for your individual circumstance.

What we will do and drawbacks

  • We will calculate how much you can afford to pay after all your essential living costs, which in turn will give you one single affordable monthly repayment for all your unsecured credit commitments.
  • We will send you a detailed monthly statement.
  • A debt management plan could lengthen the time it takes for you to repay your debts, depending on your circumstances.
  • We will negotiate with your creditors on your behalf and deal with all the related paperwork.
  • The creditors are not legally obligated to agree to freeze interest and charges, unlike an IVA.
  • We will respond to all correspondence from your creditors.
  • The creditors always retain the right to charge fees, and any upfront payments can cause you to go into arrears.
  • We will request that your creditors freeze interest and stop any further charges.
  • We will ask your creditors to cease any further legal action against you.
  • We will provide you with a direct line to your own Account Manager.

Call us free on 0800 008 7969 to speak with one of our expert advisors about your debts and the options that may be available to you.

Alternatively, complete the online enquiry form and one of our advisors will call you back to talk about or set up a personal Debt Management Plan.

Debt Management is a form of Debt Consolidation or Debt Help that is designed to help individuals who are finding things difficult with their current level of outgoings towards debt payments. It is open to people who are currently struggling with debt payments or feel that their current debt payments will soon become unmanageable or simply too much.

The idea behind debt management is that you will consolidate all your outgoings into one lower payment to cover all your debts. This can be useful for people looking for debt consolidation but can't get a debt consolidation loan. In recent times, obtaining a consolidation loan has become more difficult with the arrival of the "credit crunch." Sub prime lenders that would lend to people who were up to limits on credit cards or are already overcommitted no longer exist, making the process of debt consolidation harder to obtain for some. Debt Management allows you all the benefits of a consolidation loan without putting you in more debt. Debt Management can help people who have built up debts on credit cards, personal loans and store cards, as well as being able to help with debts that have gone to court or are currently with debt collectors.

Personal debt is currently at a record high and Debt Management is not only becoming the only way out of debt for some people, but also a more sensible way. With banks tightening lending criteria most people who could have obtained credit in the past are now finding that door closed. Essentially what Debt Management allows people to do is consolidate all their debts into one lower affordable payment based on their disposable income. There is flexibility with a debt management plan in the sense that you can make larger payments to the Debt Management plan and attempt to clear the debts off quicker. There are also no contracts to be signed under a Debt Management Plan, this means you can leave whenever you wish, so for example if you came into a large sum of money and wanted to pay off your debts and leave the plan, you may do so at anytime.

With a Debt Management Plan, once it has been set up, we will give you your one dedicated point of contact with Debt Support Service who will look after you for the length of time you stay with us. They will keep you updated along the way and you will have a direct line to your own account manager. The account managers' role is to ensure the Debt Management Plan runs smoothly and helps you to get out of debt in the most cost effective way possible. They will also deal with any debt letters or contact that you get sent and once the plan is fully set up you will notice this type of contact drop off.

At Debt Support Service we appreciate that everyone's case and circumstances are different and that each case needs looking at on its own merit. A Debt Management plan with Debt Support Service will be tailor made to suit you own circumstances. The Debt Support that is offered is considerate, helpful and not condescending. Debt Support Service has over 40 years experience in the Financial Services sector.

A Debt Management Plan with Debt Support Service may not be the best route that is open to you so we make sure that the decision tree inbuilt into our systems will ensure that the best product offered to you is genuinely the right way to go in relation to sorting your debts out. At Debt Support Service we don't just do Debt Management, we also offer IVAs, Protected Trust Deeds, Remortgages and Insurances, so we will always look at the overall picture before advising you of the best route. A lot of our clients like the fact that at Debt Support Service we don't just offer Debt Management and IVAs like most debt companies do, as their debt advice will be "This is the only thing we do, so it's the only thing you can do."

A Debt Management Plan with Debt Support Service will help you get debts under control if you feel things are getting a bit out of hand. We have listed some advantages and disadvantages of a Debt Management Plan below, so that you can get a rough idea of what a Debt Management Plan with Debt Support Service can do for you.