Dealing with debt can be extremely challenging for anyone, and you could find yourself falling deeper into financial difficulty if you are falling behind on repayments. The important thing to remember is that there are places you can turn to for help. The Debt Support Service is one such point of contact, and we are here to help you today.
The Debt Support Service is amongst one of the leading debt management companies in the UK. A Debt management plan, UK is an informal agreement between you and your creditors, with which you arrange to pay back non-priority debts (such as credit cards, bank loans, water charges). Priority debts such as Council fines, Court fines, Income Tax etc, are not applicable for a debt management plan.
You can try to initiate a plan on your own, however many find that debt management companies possess invaluable knowledge that they can offer to those struggling with debt, and have connections to creditors that allow them to negotiate on your behalf. If you find a ‘non-fee’ charging provider, this means that all the money that you pay into your debt management plan will go directly to your creditors, allowing you to pay your debt off sooner. Most debt management companies however, do charge a fee for setting up a debt management plan. A debt management plan helps you to manage your debts, paying them off at a more affordable rate. All your monthly payments will be consolidated into one payment, which you then make to your debt management company, who will in turn distribute it amongst all of your creditors. The payment amount will be based on the amount of disposable income left after assessing your monthly budget. A debt management plan, UK is not legally binding, which means that you are not tied in for a minimum period and can be cancelled at any time.
Debt management companies will always assess your financial position and provide you accurate advice on the repayment options available. They’ll also contact creditors on your behalf to initiate the debt management plan. Typically, most creditors do agree to a Debt management plan, UK as they see that you are making an effort to address your debt situation and pay back the money that you’ve borrowed. Often creditors are asked by the debt management company to freeze all new charges and interest, and creditors may agree to do so if certain conditions are met. A debt management plan, UK offers great flexibility, and can offer a very good route to take if you’re struggling with debt.
The Debt Support Service has expert advisers who are ready to talk with you today, and work on your behalf to find a pathway out of debt. We are fully regulated and authorised by the Financial Conduct Authority (FCA).