Customer LoginA Debt Management Plan helps you manage your debts by lowering your repayments.
How we could help you?
We're very proud of the changes we are able to make to a customers situation.
Here's Andrews story:
I’ve gone from paying £650 to my lenders each month to only paying £286
It was really tough to admit that I needed to do something about my debt, but reducing my monthly payments to lenders has made a real difference in my day-to-day life.
I’ve gone from paying £650 to my lenders each month to only paying £286
It was really tough to admit that I needed to do something about my debt, but reducing my monthly payments to lenders has made a real difference in my day-to-day life.
Look familiar to you?
Amount of debt
£7,239
Number of lenders
9
Monthly debt repayment
£650
We can help you reduce your payments to
New monthly debt repayment
£286
How we could help you?
We're very proud of the changes we are able to make to a customers situation.
Here's Andrews story:
I’ve gone from paying £650 to my lenders each month to only paying £286
It was really tough to admit that I needed to do something about my debt, but reducing my monthly payments to lenders has made a real difference in my day-to-day life.
I’ve gone from paying £650 to my lenders each month to only paying £286
It was really tough to admit that I needed to do something about my debt, but reducing my monthly payments to lenders has made a real difference in my day-to-day life.
Look familiar to you?
Amount of debt
£7,239
Number of lenders
9
Monthly debt repayment
£650
We can help you reduce your payments to
New monthly debt repayment
£286
These figures are based on the averages across all Debt Management Plans arranged for customers in 2018. We assess each customer individually based on their circumstances, and payments to the Debt Management Plan are based on what is realistic and affordable. If you complete your Debt Management Plan all debts included will be repaid in full. Individual repayments will be based on your circumstances.
Your steps from set up to completion
We’ll talk through your circumstances, and take a look at your income and outgoings.
We’ll give you free, impartial advice on a way to start becoming debt free.
If DMP is your chosen solution, we’ll guide you through the next steps, and work with your lenders to set it up.
Is a Debt Management Plan right for me?
How it helps
You’ll make just one monthly payment that you can afford.
We’ll work to get Interest and charges frozen.
Your lenders will stop contacting you.
A DMP is flexible solution to help you get your finances back on track.
Things to consider
Your lenders don’t have to accept a lower monthly repayment or freeze your interest and charges.
As you’re lowering your debt repayments, it will take you longer to become debt free.
Your lenders could still take legal action against you.
Your credit score will be affected.
Is a Debt Management Plan right for me?
How it helps
You’ll make just one monthly payment that you can afford.
We’ll work to get Interest and charges frozen.
Your lenders will stop contacting you.
A DMP is flexible solution to help you get your finances back on track.
Things to consider
Your lenders don’t have to accept a lower monthly repayment or freeze your interest and charges.
As you’re lowering your debt repayments, it will take you longer to become debt free.
Your lenders could still take legal action against you.
Your credit score will be negatively affected.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
Why Financial
Wellness Group?
We'll take the time to really understand you and your financial situation and make sure you have everything you need to make a real change.
Your financial situation is unique , so we'll tailor a solution just for you.
Whether online or over the phone, we'll give you all the advice and help you need.
Our teams are only targeted on getting the right solution for you.
Let's talk today
Why Financial Wellness Group?
We'll take the time to really understand you and your financial situation and make sure you have everything you need to make a real change.
Your financial situation is unique , so we'll tailor a solution just for you.
Whether online or over the phone, we'll give you all the advice and help you need.
Our teams are targeted on getting the right solution for you.
Let's talk today
Answers to common Debt Management Plan questions
How long does it take to arrange?
Most Debt Management Plans are set up within 30 days. In some cases we need a little extra time to negotiate with your lenders. Either way, there’s no need to worry . We’ll deal with the whole process for you.
What happens to my money whilst I'm on a DMP?
Depending on what we agree with you at the start of your Debt Management Plan, we’ll pay your lenders every four weeks or every month. For customers who make their payments in weekly or fortnightly instalments, we will hold the funds until we have the full amount. Once we have the full amount we will send the money to your lenders. Please note, you may fall into arrears during this period.
Will it affect my credit history?
Although a Debt Management Plan itself won’t impact your credit score, because you will be reducing your monthly payments, you will be breaking the terms of the contract you agreed to when you received the credit. Because of this, your lenders are likely to place a default notice on your credit file which will negatively affect your credit score for six years. Note, your details won’t appear on the Insolvency Register though, as a Debt Management Plan is not a formal debt solution.
Are there any differences for Scottish residents?
Debt Management Plans are available across the whole of the UK, including Scotland. However, in Scotland, a Debt Arrangement Scheme (DAS) may be a more suitable option than a Debt Management Plan. One of our advisers will go over your options in more detail so you can make the right decision for your circumstances.