Debt Management

A debt management plan (DMP) helps individuals or households manage their debts, when they are unable to maintain their contractual payments to their creditors due to financial difficulties.

Debt Management

Debt Management

How does a Debt Management Plan work?
Multiple debt repayments can be difficult to Manage, We consolidate your debt repayments into one payment every month – helping to reduce stress .

Our debt Management Team will :

• Negotiate directly with the creditors you owe money to and secure a better repayment for you.

• Distribute payments to creditors every month on pro rata basis.

• Manage all communication with these creditors so you could be stress free and focus on your work.

Debt Management Plan benefits

Suited to Client’s Circumstances : Plans are prepared and advised to meet your personal circumstances – so that you to get your control of your finances back . We aim to freeze interest and charges on your accounts and we successfully do it in most times except any creditor has specific rule to reduce interest but not freeze it completely.
Affordable repayments : One affordable payment each month which we distribute among your creditors
Clear debts : You will become free from the unsecured debts included in the Debt Management Plan on successful completion. We can’t guarantee of clearing your debts in specific period as it depends on your monthly payment towards debt and changes in your monthly payment affordability. We can arrange to settle your accounts at reduced rate to clear your debts early, but it si subject to your offer of one off payment and acceptance of creditor.
Peace of mind : We deal with creditor phone calls and letters – helping to ease the stress of dealing with your debts.
Flexibility : A Debt Management Plan is an informal agreement; this means you are not bound by a contract. If you feel that you are in a better position financially, you can increase repayments which will help you repay creditors in a shorter amount of time.
Unsecured Debts Only : Only unsecured debt – this means debts that are not secured against something you own – can be included in a Debt Management Plan. Examples of debts that can be included in a Plan are:

• Personal loan

• Store card

• Credit card

• Bank overdraft

• Catalogue account

What you need to know

Interest and charges: Creditors are not obliged to freeze interest and charges – this means the companies you owe money to could continue to add to your debt. Of 84% of debts managed by us, we freeze interest and charges.
Repayment period: By choosing to repay your debts at a reduced rate, you could increase the amount owed and the period in which you repay your debts.
Credit rating: Your credit rating will be affected in the medium to long term. However if you already have a history of late or missed payments, your credit rating may already be affected.
Obtaining credit: You may find it difficult to secure credit in the future.
Debts: Only unsecured debts can be included in a DMP. For example: personal loans, store cards, credit cards, bank overdrafts and catalogue accounts.

Debts excluded from a Debt Management Plan:

Secured loans and bills cannot be included in a Debt Management Plan, so you will have to ensure you maintain payments on these types of bills:

• Mortgage
• Hire purchase loans (car loans)
• Secured loans
• Council tax
• Water rates / gas / electricity bills
• TV license
• Student loan

We do not directly offer debt management advice and practices directly but our strategic partner

Acme Credit Consultants Ltd is regulated to offer debt management advice .

Kindly call us on 0203 318 0990 for further enquiry and debt solutions.

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* Advance Financial Consultants Ltd is an appointed representative with Julian Harris Mortgages Ltd which is authorised and regulated by the Financial Conduct Authority (FCA), Registered in England & Wales 06869802. Data Protection No. Z1792988 Regulated by the Claim Management Regulator in respect of regulated claims management activities.

     "The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk "

      Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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