Debt Management Plan Kent

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Debt Management Assistance in Kent

Debt Management Plan Kent

Welcome to our debt solutions website in Kent. We understand that seeking debt help can feel overwhelming. We offer tailored solutions like Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy to help you achieve financial stability. Explore your options with professional advice tailored to your needs.

Make one affordable monthly payment to us and we’ll manage the payments to your creditors for you.

We deal with your lenders on your behalf, taking care of all the hassle and paperwork.

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How do I get started?

Answer a few quick questions

Use our easy online questionnaire to start the debt help process.

Speak to a debt specialist

Our friendly, experienced team will explain all the available options.

Choose your plan

Select the best solution for your circumstances and lifestyle.

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What debt are you most concerned about?

Credit Cards

Over Drafts

Unsecured Loans

Store Cards

Personal Loans

Utility Bills

Business Debt

Catalogues

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Advantages of a DMP

We will manage the contact with your creditors and provide them everything they need. So, as long as you keep in touch with us, your creditors shouldn’t need to contact you.

You will just make one monthly payment to us, instead of paying all of your creditors individually.

In the vast majority (99.48%) of cases, creditors will stop applying interest and charges, so the money you pay will come straight off the balance.

You will have an online account which you can use to view your account and make changes.

If your circumstances change, we will renegotiate the payments with your creditors.

Disadvantages of a DMP

Your creditors don’t have to agree to the repayment, or to freeze interest and charges.

A debt management plan doesn’t protect you from further recovery or legal action from your creditors.

Your credit rating will be impacted because you’ll be paying reduced amounts to each creditor. If you’ve been missing payments to your debts it is likely that your credit report will already have been impacted.

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Debt Management Plan Kent

Bankruptcy is a legal process aimed at individuals in the UK who are unable to repay their debts. It involves declaring yourself insolvent, and if approved, your debts will be written off. This solution is suitable for those with unmanageable debts and no other viable options. The process includes submitting a bankruptcy petition to the court, which can have implications on your credit score, assets, and future borrowing. While bankruptcy offers a fresh start, it also comes with consequences like restrictions on obtaining credit and potential asset loss. If considering bankruptcy, seek professional advice to explore the best course of action for your situation.

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Debt Management Plan Kent

An Individual Voluntary Arrangement (IVA) is a debt solution for individuals in the UK struggling with unmanageable debts. It involves making affordable monthly payments over a set period, with any remaining debts written off. IVAs are suitable for those with stable income and unsecured debts. While IVAs offer a way to clear debts, they can impact credit ratings and borrowing. Seek professional advice to determine if an IVA is the right solution for your financial situation.

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Debt Management Plan Kent

A Debt Relief Order (DRO) is a UK debt solution for individuals with low income and minimal assets. It provides debt relief by freezing debts for 12 months, after which they may be written off. DROs are suitable for those with debts under a certain limit and meet specific eligibility criteria. The application process involves seeking approval from an official receiver, with implications on credit scores and borrowing. While DROs offer a fresh start, they also come with restrictions and implications. Seek professional advice to determine if a DRO is the best solution for your circumstances.

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Debt Management Plan Kent

A Debt Management Plan (DMP) is a debt solution tailored to individuals in the UK struggling with unmanageable debts. It involves consolidating multiple debts into one affordable monthly payment. DMPs are suitable for those with regular income who can commit to repayments over an extended period. While DMPs offer relief by reducing monthly payments, they may also extend the repayment duration and affect credit scores. Creditors are involved in the process, and interest and charges may be frozen. If considering a DMP, seek professional advice to understand if it’s the right solution for you.

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How does it work?

Let’s say you owe…

Debt Type	Amount
Bank Loan	£5,366.00
Gas Bills	£129.00
Pay Day Loan	£1,989.00
Overdraft	£1,234.68
Debt Collection Agency	£380.16
Short Term Loan	£243.88
Debt Collection Agency	£471.61
Council Debt	£1,009.24
Credit Card	£8,433.00

Total amount owed

£19,256.57

After an IVA

65%
debt written off

IVA Payments
£110
per month

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Example case completed in 2023. Repayment calculated using income and expenditure data. Monthly payments and write off percentages are based on individual circumstances.

Debt Management Plan Kent: Explore tailored debt solutions in Kent, including DMPs, IVAs, and DROs. Professional advice to help manage debt effectively.