Debt Management

A Debt Management Plan from DebtFree allows you to repay your debts at a level you can realistically afford once you have met your living expenses.

Key Benefits:

  • Affordability. No more struggling to find money you have not got.
  • A single monthly or weekly payment. No more juggling multiple payments. We distribute payments to all your creditors
  • We deal with your creditors and collection agencies. You can refer letters and phone calls to us - we'll represent you.
  • Flexibility. If your circumstances change, you may be able to lower or raise your payments accordingly or decide you no longer need our services. There is no binding contract.
  • No more late payment charges. We may be able to arrange to have your payments reduced and future interest charges suspended.*

What is Debt Management?

Debt Management is an informal arrangement with your creditors (the companies you own money to) negotiated by us which allows you to repay credit at an affordable level. This can be a short term solution to see to through a sticky patch, or longer terms for those not qualifying for an IVA. Payments are based on what you can afford, not how much you owe.

Why use DebtFree?

We have been helping people out of debt since 1997 and as July 2010, we have 21,000 clients currently trusting us to manage their credit repayments. We offer the full range of debt solutions, therefore you can be assured we recommend debt management only when it is the most appropriate solution for you.

Complete Financial Management

We take a holistic approach to helping our clients' repay credit so we offer a full financial review as part of the service. This includes ensuring clients are informed of the state benefits to which they are entitled and are with the cheapest utility supplier for their address and usage.

Important Information About Debt Management

  • Unsecured debts only.
  • Initial debt advice is free but fees are payable if a debt solution is agreed.
  • A key benefit of the Plan is the ability to only repay what you can afford each month. Clearly the consequence of this is that it will take longer to repay your debts, and creditors do not have to agree to freeze interest and charges. You will receive allowances to pay Secured and Priority debts.
  • Fees and Costs: An ‘Initial Fee’ is the set up cost of your Plan and is equal to two months disposable income, subject to a minimum of £295 and will be retained from your initial payment(s). Whilst you pay our initial fee, monies are not distributed to your creditors and this retained payment may place you in arrears.
    A ‘Monthly Fee’ payable for our services will be charged thereafter, equal to 17.625% of your monthly agreed disposable income, subject to a min of £35 and a max of £100.
  • Credit Rating: Entering into a Plan means contractual payments will be missed and your debt and repayment term could increase. Your credit rating will be impaired and it may be harder to obtain credit in the medium to long term as records will be retained by credit reference agencies for six years.
  • Cooling Off Period/Right to Withdraw: On receipt of your first payment we will issue to you a key features document and estimated fees schedule. If for any reason you wish to cancel we offer a seven-day cooling-off period from the date of said letter in which we offer a full refund of any fees which we have taken.
  • Terms & Conditions apply.
Is Debt Management right for you? - Speak to us for Free, Confidential Advice
We're Open: Mon to Thurs 8am-8pm,   Friday 8am-5:30pm,   Saturday 9am-12pm
Calls are free from a landline. You may also call us on 0161 905 8942.
Take 1 minute to get overview of your finances and detailed personalised analysis and advice.

DMP example

If you're current paying each month...

Personal Loan 3 £176
Credit Card 1 £60
Credit Card 2 £80
Personal Loan 1 £250
Personal Loan 2 £186
Misc arrears £70
Monthly Total £822

After entering a Debt Free DMP this could be...

New Payment: £196