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Debt Management Coventry

Speak to an expert to discover all the debt solutions available to you.

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Safe, secure & confidential

Advice is free but fees and disadvantages may apply if you enter a debt help solution.
May not be suitable for all.

Help also available at MoneyHelper

Debt Management Coventry: Get Help with Debt

Debt Management Coventry
Welcome to Debt Management Coventry, where we understand the challenges of managing debt. Our tailored solutions, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, aim to ease financial burdens and promote stability. Explore our services without judgment and seek expert advice to find the right path for your financial well-being.

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 Coventry
Bankruptcy is a legal process for individuals in the UK who are unable to repay their debts. It provides a fresh financial start but comes with consequences. Suitable for those with unmanageable debts, bankruptcy involves a court declaring you unable to repay what you owe. Assets may be used to repay debts, and certain debts can be written off. However, bankruptcy can affect credit scores for up to six years, making future borrowing challenging. Seek professional advice to understand if bankruptcy is the right solution for you.

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Debt Management Coventry
An Individual Voluntary Arrangement (IVA) is a formal agreement tailored to individuals in the UK struggling with debts. It offers a structured repayment plan, usually lasting five years, with the remaining debts written off. Suitable for those with significant debts, an IVA can impact credit ratings but provides a clear path to debt freedom. Seek professional advice to assess if an IVA is the right solution for your financial situation.

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Debt Management Coventry
A Debt Relief Order (DRO) is a viable debt solution for individuals in the UK facing financial hardship. It acts as a legal alternative to bankruptcy for those with low income and minimal assets. A DRO freezes debts for 12 months before writing them off. Suitable for those with debts below a certain threshold, a DRO can provide relief but has implications on credit ratings. Seek professional advice to determine if a DRO aligns with your financial circumstances.

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Debt Management Coventry
A Debt Management Plan (DMP) is a practical solution for individuals in the UK struggling with debts. It involves repaying debts at an affordable rate over an extended period. Suitable for those with multiple debts, a DMP can simplify repayments and reduce financial stress. While interest and charges may be frozen, it may take longer to clear debts. A DMP can impact credit scores, but it offers a structured way to manage repayments. Seek expert advice to explore if a DMP could help you regain financial control.

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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 Coventry provides tailored debt solutions in the UK, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy. Explore your options with expert advice.