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Debt Management Plans Sunderland

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

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Debt Management Solutions in Sunderland

Debt Management Plans Sunderland

Welcome to our debt solutions website, where we understand the challenges of managing debt. We offer a range of services tailored to your needs, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy. Our goal is to provide affordable solutions for a stable financial future. Explore your options and seek professional advice 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.
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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 Plans Sunderland

Bankruptcy is a formal insolvency procedure that can help individuals in the UK deal with overwhelming debt. It is suitable for those who have no other way to repay their debts and are unable to afford monthly payments. The process involves declaring bankruptcy, appointing a trustee to handle your assets, and following certain restrictions. Pros include the discharge of most debts after a year and protection from creditors. However, cons include the impact on credit scores, potential asset liquidation, and restrictions on future borrowing. It’s essential to understand how bankruptcy affects your financial future and seek professional advice tailored to your situation without judgment.

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Debt Management Plans Sunderland

An Individual Voluntary Arrangement (IVA) is a legally binding agreement that allows individuals in the UK to repay their debts over a fixed period. It’s suitable for those with unmanageable debts looking for a structured repayment plan. IVAs can lead to debt write-off after completion, but they may affect credit ratings and borrowing abilities. It’s essential to seek professional advice to determine if an IVA is the right debt solution for you.

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Debt Management Plans Sunderland

A Debt Relief Order (DRO) is a form of insolvency suitable for individuals in the UK with low income, minimal assets, and debts they cannot repay. The application process involves meeting specific criteria and involves a 12-month moratorium period where debts are frozen. Advantages include debt write-off after a year, while disadvantages may include restrictions on borrowing and credit ratings. Seeking professional advice is crucial to determine if a DRO is the best debt solution for your circumstances.

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Debt Management Plans Sunderland

A Debt Management Plan (DMP) is a flexible way for individuals in the UK to repay their debts at a rate they can afford. It’s suitable for those struggling with unsecured debts and looking for a manageable repayment solution. Through a DMP, monthly payments are arranged based on your income and expenses, with creditors typically freezing interest and charges. While it can improve financial stability, it may impact credit scores and borrowing options. It’s important to seek professional advice to explore if a DMP is the right debt 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.

Discover Debt Management Plans Sunderland in Sunderland. Get tailored debt solutions, including DMPs, IVAs, and more. Find affordable debt help in your area.