Advantages of a debt management plan

debtsmart debt management plans are designed for customers who owe more than £3000 on unsecured loans, credit cards, store cards or catalogue bills. To eligible to take out a debtsmart debt management plan you should be currently paying more than £120 in repayments each month for two or more unsecured debts.
As a debtsmart debt management plan is designed for customers to repay their debts in a reasonable amount of time, you will need to have a minimum income of £500 per month to be eligible for one.

Advantages of a debtsmart debt management plan include:

• unique, it is specifically tailored to suit your needs, taking into account your financial situation, your income and essential expenditure each month

• a debt management plan does not require you to obtain additional credit, nor do we buy your debts from your creditors

• with a debtsmart debt management plan, a Financial Solutions Advisor will be employed on your behalf

• your Financial Solutions Advisor will conduct a comprehensive assessment of your financial circumstances to determine exactly how much you can pay towards your debts each month

• your Financial Solutions Advisor will negotiate with your creditors to achieve reduced monthly repayments of your debts

• your Financial Solutions Advisor will also negotiate to request interest and charges on your accounts are either frozen or reduced

• rather than paying each of your creditors separately, you make one simply payment to us each month

• your Financial Solutions Advisor will be available to provide debt advice and assistance whenever you need it

• we can also investigate to see if we can reclaim unfair credit card charges and if you have ever been mis-sold Payment Protection Insurance (PPI)