Debt Management - How it works...

So how does a Debt Management Plan actually work? Well the process is simple. Firstly, type in your details into our form here. Taking into account the details you enter, our website will then calculate whether or not you qualify for Debt Management. If you do, Hurray! You are one step closer to being debt free.

If not, don’t worry, our calculator will find the next best debt solution for you and recommend the most suitable company to help you.

So you’ve qualified for Debt Management, the website will now recommend the most suitable company to help you. It will provide their contacts details so you can call them directly or if you prefer, they will call you.

1. Make contact the Debt Management Company
Once you contact the Debt Management Company they will go through your income, expenditure and creditor details. From this they can calculate your disposable income. This is the amount you have left over each month and taking into account your wages and all your household outgoings. From this they will work with you to generate a figure that you feel comfortable repaying each month.

2. Sign and return the paperwork
The Debt Management Company will then either email or post to you the relevant documentation for you to sign. This usually includes your financial statement (The details about your finances you would have given the advisor on the initial call), the companies terms and conditions and a client authority form. This allows the Debt Management Company to work on your behalf.

3. Sit back and let the Debt Management Company take over
Once the Debt Management Company is in receipt of your paperwork they can then begin making contact with your creditors and set the new arrangements in place. They will attempt to negotiate the best deal possible on your interest and charges (which are all frozen in 92% of cases) which will allow you to repay your debts quicker. The Debt Management Company will ask you to forward any paperwork you have received from your creditors over to them so they can process your case effectively and instruct you to forward any creditor phone calls on to them to deal with for you.

All you have to do is stick to making your monthly repayments and you will be debt free in no time!

Use our Free Calculator to see if you qualify for Debt Management.