What is debt management?

A debt management plan structures a clear payment plan to help repay your debts.

It shows what will be paid and who it will be paid to. With a plan you have a clear idea of when your debts are likely to be paid off. With a debtsmart debt management plan you will receive debt help and a simple solution to repaying your debts, it does not require you to take out another loan, nor do we buy your debts from your creditors.

A debtsmart debt management plan works by tailoring a debt payment solution specific to your circumstances. We understand everyone's circumstances and problems with debt are different, so a debtsmart debt management plan will provide debt help unique to you.

With your debtsmart debt management plan, a dedicated Financial Solutions Advisor will be employed on your behalf. Your debt management plan works by your Financial Solutions Advisor clearly assessing all aspects of your monthly household income and essential expenditure and then working out what money you can realistically afford to use to pay towards your debts.

Tailored Debt Management For You

Your Financial Solutions Advisor will assess your financial circumstances, looking closely at your monthly household income and essential expenditure such as food, clothing, council tax, gas, electricity and water bills, and also costs involved with travelling to and from a place of work. Once your Financial Solutions Advisor has assessed your financial circumstances, they will negotiate with each of the creditors you owe money, to come to an agreement about reduced monthly payments of your debts. We will also negotiate with your creditors requesting that they either freeze or reduce any interest and charges that have been added to your debts. While creditors aren't obliged to do this, presenting a clear debt management plan shows you are serious about repaying your debts, so will help your case.

When your financial circumstances have been assessed, a payment plan for your debts will be put together by your Financial Solutions Advisor. A debtsmart debt management payment plan clearly shows the reduced monthly payments that will be made to the companies you owe. It will also show when and how your debts will be reduced.

Relieving the stress of debt

With a debtsmart debt management plan set up, you will only need to make one monthly payment for all of your debts. You simply send this payment to us and we will then distribute it between your creditors.
A debt management plan works to help you, as part of this we will take the stresses debt often causes, away from you. All  correspondence from your creditors will be dealt with by us, we are here to provide debt help. Forward any letters, statements or other communication you receive from your creditors and we will deal with them on your behalf.

We will provide debt help for the duration of your debtsmart debt management plan, so you know how your plan is progressing, we will send out monthly statements to you. Your monthly statement will list your creditors, the monthly repayment being made to them and our 15% (£30 minimum) monthly charge.

To constantly provide you with debt help, we will keep you regularly informed, notifying you of any changes by creditors, if there is any.

Working harder to reduce your debts

debtsmart understand financial circumstances change, so every six months, we will renegotiate with your creditors if required. After a year, we will send you a statement showing payments made to date and balances outstanding, so you can clearly see how your debts are being reduced.

Your Financial Solutions Advisor will be there to provide you with debt help every step of the way, you can call them at any time with any queries you have or just to see how your plan is progressing.

Getting debtsmart is the end of debt problems. Think smart; take the first step on the path to a smarter financial future.