If you can’t keep up with your unsecured debt repayments and you feel as though you are struggling to repay your debt, then professional debt management advice may help you to retake control of your financial situation.
A professional debt management plan is an informal agreement between you and your unsecured creditors. A professional debt management company, such as One Advice, will liaise with your creditors on your behalf. We will negotiate lower monthly payments with your unsecured creditors.
We would calculate the amount that you can afford to repay to your professional debt management plan based on your income and expenditure. As we tailor the monthly payments to you, you should find that your debt repayments become affordable although you will be repaying that debt over a longer period of time.
During process of getting you set up with a professional debt management plan, you creditors may also agree to freeze or reduce interest and charges. This cannot be guaranteed but we will try our best to make this happen for you.
Debt management involves talking to your unsecured creditors, explaining to them that you can’t keep up with your repayments and asking them to accept lower monthly payments, meaning you could repay your debts in a way you can actually afford. Some creditors may agree to accept reduced monthly payments for a certain amount of time. They
So, if a debt management plan sounds like it could help you deal with your current financial difficulties, you need to decide whether it is time to ask for professional debt management advice. Along with our service, we will also take care of any creditor letters and phone calls.
We will build an ongoing relationship with yourself by performing a periodic review of your financial situation, as your circumstances could begin to suit another financial plan better or you may be able to increase your creditor repayments.