Repayment Plans
A repayment plan is set up to give someone who is struggling with debt a more manageable payment to their creditors. Each plan is tailored to your needs. Our advisors will conduct a financial assessment, once you are happy we will then contact all of your creditors (the companies to which you owe money) to find out what exactly you owe. We will also assess what you can afford to pay based on your income and expenditure. This is what you will pay into your repayment plan regardless of what you owe.
Repayment Plans are not for everyone as everyone’s circumstances are different, you are best to seek advice from a professional if you are unsure. What a Repayment Plan will do is combine all your unsecured debts into a single monthly payment. Depending upon the outcome of negotiation with your creditors, reduce or freeze interest and charges on what you owe. Reduce the correspondence with your creditors. Once on a repayment plan most of our clients say that it has put them back in control of their finances.
However, when on a repayment plan it may extend your payments over a longer term in some cases. It may not always result in the reduction of interest or charges for every creditor or necessarily stop all correspondence or phone calls from creditors. However, you will be using a company that is licensed to offer this type of help and currently has 97% success rate at getting arrangements in place.
Advantages & Disadvantages
Advantages: One lower single payment to cover all your unsecured debts. Request for all interest and charges to be frozen. Monthly statement to show you who is getting what. All contact from creditors can be forwarded to us. Request for any pending legal action to be stopped. Fully licensed company.
Disadvantages: Possible affect on your credit rating (this may have already been done if you are struggling, although we do not show up on your credit file). Can’t deal with secured debts. Can’t be guaranteed, however we have all the licences necessary to offer this help. No debt written off.
Our Service
- Personal financial assessment.
- One to one professional advice, not staffed by volunteers.
- Combine all your unsecured debts into a single monthly payment.
- Repayments are based on your income and expenditure.
- We will contact creditors.
- Single point of contact to answer all queries instantly, any messages left during working hours returned within an hour.
- All money distributed to creditors within 48 hours of receiving it.
- Freepost envelopes supplied to send in any correspondence from creditors.