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Debt Management Plan Portsmouth

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Expert Debt Management Assistance for You

Debt Management Plan Portsmouth
Welcome to our debt solutions website, where we understand the challenges of managing debt. Seeking help can feel overwhelming, but we offer tailored solutions like Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy. Our goal is to provide affordable options for your financial stability. Explore our services and seek professional advice without judgment.

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 Portsmouth
Bankruptcy can be a daunting prospect, but it’s important to understand it as a potential debt solution. In the UK, bankruptcy is a legal process for individuals who are unable to repay their debts. It offers a fresh start by clearing most debts, but it comes with consequences. It’s suitable for those with overwhelming debt and no other viable options. The process involves declaring bankruptcy, which is a formal procedure where assets may be used to repay creditors. While bankruptcy can provide relief, it also affects credit scores and may restrict future borrowing opportunities. If considering bankruptcy, seek professional advice to navigate the process effectively.

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Debt Management Plan Portsmouth
Individual Voluntary Arrangements (IVAs) are a formal alternative to bankruptcy in the UK. It’s suitable for individuals with unmanageable debt seeking structured repayment plans. An IVA involves making affordable monthly payments for a set period, after which remaining debts are typically written off. While it can impact credit ratings, it offers a clear path to debt resolution. To determine if an IVA is right for you, consult a debt advisor for personalized guidance.

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Debt Management Plan Portsmouth
Debt Relief Orders (DROs) offer a fresh start for individuals in the UK struggling with debt. It’s a form of insolvency suitable for those with low income, minimal assets, and debts under a certain amount. The application process involves a fee and meeting specific criteria. Once approved, debts are frozen for 12 months, providing relief from creditor pressure. However, a DRO will impact credit ratings and may limit borrowing options. For those eligible, seeking advice on DROs from a debt advisor is crucial to understand the implications.

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Debt Management Plan Portsmouth
A Debt Management Plan (DMP) is a flexible way for individuals in the UK to manage their debts. It involves making reduced monthly payments to creditors based on what you can afford. DMPs are suitable for those struggling with unsecured debts and looking to avoid bankruptcy. While it can ease financial pressure, it may take longer to repay debts and can impact credit scores. Creditors are informed of the plan, and interest and charges may be frozen. If considering a DMP, seek advice from a debt professional to explore your options fully.

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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.

Expert debt solutions in Portsmouth. Explore Debt Management Plans, IVAs, and more tailored to your needs. Seek professional advice for effective debt management.