Debt Management Plans
In a debt management plan, we talk with your creditors on your behalf and restructure your
monthly repayments to an affordable amount. These repayments can run over any length of time.
Our debt management specialists will negotiate with your creditors and may be able to have your interest
frozen and arrange breaks in your repayments. We will definitely cut your monthly repayments
and help you regain control of your expenses.
Our debt management plan is based on expert advice and our policy is to be completely up-front about set-up
costs and management fees. Above all, we will only recommend a debt management plan when you can afford one and
it is the best solution for you.
Debt Management Plans can be a good debt solution, especially if your problems are likely to be short term.
Low Cost Debt Management Plans
At Money Debt and Credit we realise the importance of understanding your needs and individual circumstances.
Everyone's finances are different and not every customer will have the same level of debt and number of creditors.
With this in mind we have a tailored a unique Low Cost Debt Management Plan for customers who have debts of less
than £3,000 with 3 or less creditors.
If you qualify for a Low Cost Debt Management Plan you benefit by being charged a reduced Arrangement and
Management Fee. We have reduced these fees as we believe it is fair and ethical for our clients with low debt levels.
Advantages of a Debt Management Plan
- Your monthly repayments will be reduced to one affordable payment for you
- You may be able to freeze interest on your debts
- You no longer have to deal with your creditors regarding payments
Disadvantages of a Debt Management Plan
- Your debts will not be reduced
- You may be paying your debts off for a longer period of time
- Interest may grow if your creditors do not agree to freeze it
- Debt management plans are not legally binding, so your creditors can change their mind at any time.
- Repaying debts over a longer period of time may increase the total amount to be repaid.
Your ability to obtain credit will be affected in the short term, and possibly in the medium to long term