What is a Debt management plan?
If you are struggling to keep up monthly payments on your loans and credit cards a debt management plan is an informal arrangement to repay outstanding unsecured debt to the companies you owe money.
At i-Smart you will have a dedicated personal manager to help assess all your monthly income and expenditure, from food, clothing and council tax to gas, electricity, travel and all other essential items. We will then work out what you can afford each month to pay to your creditors – these are the companies you have unsecured debts with, such as credit cards, store cards, catalogue bills, overdrafts or any loans you have taken out which are not secured on a property. By simply sending this payment to us monthly, we will forward the money on to all your creditors on your behalf.
What are the benefits of an i-Smart Debt Management Plan?
- you will get a dedicated personal manager who will set up and manage your payment plan. They will deal with all the contact with your creditors on your behalf.
- send us all letters and correspondence from your creditors and we deal with them for you, letting you get on with your life
- you make one monthly payment to i-Smart and we distribute this payment between your creditors on a pro-rata basis
- we negotiate with your creditors requesting that they freeze interest and charges on your accounts to stop your debts increasing further
- we can also claim back any mis-sold payment protection insurance and unfair bank or credit card charges for you, this will reduce your debt even further
- we will review your financial circumstances with you every six months and re negotiate with your creditors if this is required
Think Smarter!
See how we can reduce your debt significantly by also claiming back unfair charges and mis-sold Payment Protection Insurance on your behalf. On average we claim back £2200 for a loan insurance claim and £800 for a credit card insurance claim.
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