Debt Management

This is an ideal solution for those who are struggling to meet their monthly outgoings and want to control everything with one affordable monthly payment without borrowing more money.

By entering into one of our structured Debt Management plans you benefit from our negotiation skills and the relationships we already have with many banks from acting on behalf of our clients.

Debt Management is often referred to as an informal arrangement as it allows the flexibility of been able to exit the plan at any given time should your circumstances change.

Payment terms to your creditors are determined through proving your income and expenditure, once this is agreed you pay us one monthly affordable payment which we distribute to your creditors on your behalf. Each month you receive a statement showing your new balances and that payments have been made.

Do I qualify?

• Minimum Debts of £1800
• Available monthly payment of £100
• At least two creditors and two lines of credit (i.e. not all Lloyds TSB)
• Debtors can be based in any location throughout the United Kingdom
• Relevant for either homeowners or tenants

Minimum monthly payments

The minimum contribution per month is £100 for a Debt Management Plan. A higher contribution will reduce the term of the plan and the amount of fees paid.

How it works

1. We will take your call, explain Debt Management, and if relevant complete an income & expenditure review.
2. If we can assist you by reducing your monthly outgoings, we will send out an information pack, which will contain documentation for you to sign and return, including the authority forms allowing us to speak to your creditors.
3. Once you have received the pack, a dedicated Advisor will contact you to talk through the documentation, and answer any further questions you may have. From this point, you can then start referring any creditor calls or correspondence directly to us.
4. As soon as we receive your documentation we can start contacting your creditors to advise them that we are acting on you behalf.
5. As soon as we have obtained up to date balances for each item of credit, we shall be able to complete an accurate Income & Expenditure review, which will be issued to your creditors, along with a proposal for a 'pro-rata' payment, in line with what you can reasonably afford.
6. We shall liaise with your creditors to negotiate your reduced payment, and request that further interest and charges are frozen where possible.
7. Your creditors will receive the agreed monthly amount within 5 days of The Debt Advisor receiving it from you. You may occasionally still receive creditor statements, but these will be for your information purposes only.
8. At anytime, you can contact us if you find that your circumstances have changed, and we will conduct an up to date review, and agree a different payment if necessary. Alternatively, a review will be completed automatically every six months, to ensure that we are still providing you with the very best advice.