Check if you qualify

Debt Management Plans Colchester

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

Check if you qualify
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

Help with Debt Management Plans Colchester

Welcome to Debt Management Plans Colchester. Seeking debt help can feel overwhelming, but we’re here to support you. Our tailored solutions, including DMPs, IVAs, DROs, and bankruptcy, focus on affordability and long-term stability. Explore your options with us today.

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.
Check if you qualify

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.

Check if you qualify

Check if you qualify

Page 1 of 5

What debt are you most concerned about?

Credit Cards

Over Drafts

Unsecured Loans

Store Cards

Personal Loans

Utility Bills

Business Debt

Catalogues

Check if you qualify
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.

Check if you qualify

Bankruptcy is a legal process where you declare yourself unable to repay debts. It’s suitable for individuals in the UK facing overwhelming debt with no alternative. The process involves filing a bankruptcy petition, which, if approved, can lead to the sale of your assets to settle debts. While it provides relief from unmanageable debt, bankruptcy can have lasting effects on your credit score, assets, and future borrowing. It’s essential to seek professional advice to understand the implications fully.

Check if you qualify

Individual Voluntary Arrangements (IVAs) are formal agreements between you and your creditors to repay debts over a fixed period. IVAs are suitable for individuals in the UK with unmanageable debt seeking a structured repayment plan. They can help you avoid bankruptcy and write off a portion of your debt. However, it’s essential to understand the implications on credit ratings and assets. Seek professional advice to see if an IVA is the right choice for you.

Check if you qualify

Debt Relief Orders (DROs) provide a solution for individuals in the UK with low income, minimal assets, and debts they cannot repay. A DRO freezes debts for 12 months, after which they are written off. It’s a form of insolvency that can offer relief to those struggling with unmanageable debt. However, it’s crucial to meet eligibility criteria and understand the implications. Seek professional advice to determine if a DRO is the right option for you.

Check if you qualify

Debt Management Plans (DMPs) are a way to consolidate multiple debts into a single, affordable monthly payment. They suit individuals in the UK struggling to keep up with repayments but can still afford to make reduced payments. A DMP involves negotiating with creditors to freeze interest and charges, making repayments more manageable. While it can improve your financial situation, it may also have an impact on your credit score. Seek professional advice to explore DMP as a potential debt solution.

Check if you qualify

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

Check if you qualify

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 Plans Colchester provides tailored debt solutions in the UK. Explore DMPs, IVAs, DROs, and bankruptcy options in Colchester to achieve financial stability.