Debt Management Plan
Consolidate debts into affordable, flexible payments without getting another loan.
- One weekly or monthly payment.
- We deal with your creditors.
- Payments from £80 per month.
A debt management plan allows you to repay your debts at an affordable level once you have met your living expenses.
It's an arrangement with your creditors (the companies to whom you owe money) negotiated by us, which allows you to repay credit based on what you can afford, rather than how much you owe.
Debt Management Plan - Key Benefits
Did You Know?
Currently about 750,000 people in the UK are using a debt management plan to repay their debts.
- Affordability
No more struggling to find money you haven't got. - One monthly or weekly payment
No more juggling many payments, all on different days. You make a single payment to us and we make timely payments to your creditors. - Less stress
We deal with your creditors/debt collectors. Refer letters and phone calls to us and we'll represent you. - Flexibility
If your circumstances change, you may be able to lower or raise your payments accordingly or decide you no longer need our services. There is no binding contract. - Interest stopped on debts*
In the majority of cases, we are able to get charges stopped and future interest suspended. - Legal support
We assist you in preventing threatened legal action or defending legal action.
Debt Management Plan Example
|
If your debt repayments are as follows:-
Overdraft:
£35/month Credit Card 1:
£60/month Catalogue Arrears:
£35/month Personal Loan 1:
£130/month Personal Loan 2:
£190/month Total
£450/month |
After entering into an debt management plan they could be:-
New Payment
£130/month % reduction
71% Payment levels are based on the affordability of applicant & subject to creditor acceptance. |
Interest Stopped on Debts*
We currently have agreements in place with 91%* of creditors to freeze interest and to stop charges on our clients' debts. This includes the majority of the pay-day type lenders. While we can't guarantee that any creditor will agree to do this for any given debt, we generally expect them to do so once a reduced offer of repayment has been accepted.
(* 91% of creditors by total value of debt under our management on behalf of clients)
Why Harrington Brooks?
Simply put, Harrington Brooks do more. We take a holistic approach to helping our clients' repay credit and so provide a full financial review and offer legal support as part of the service.
Note: Legal services are exclusive to Harrington Brooks clients.
Legal Support - We're on Your Side
We have excellent relationships with the majority of creditors and we're very successful in getting arrangements in place with their full support. However in a few cases, threats of legal action will be made. Don't worry. We have an experienced legal team to help and to take action on your behalf where necessary. See Legal Support »
Benefit Checking - Don't Miss Out
When reviewing your financial affairs we look to see if they are any State Benefits to which you or your may be entitled to, but are not receiving. For those for whom we do identify a claim, we help on average to increase their income by £900 per year. See Benefit Checking »
Utility Switching - Start Saving Today
In partnership with USwitch, we provide our clients with a Utility Comparison and Switching service. This ensures they are on the most suitable tariff for their location and usage, which can save up to £400 per year on household bills. See Utility Switching »
*Tip, move the sliders with your mouse, or click to select a
slider then move with your keyboard arrow keys. You can also enter digits into the boxes.
Important Considerations
Before entering into a debt management plan, you should be aware of all the implications, your rights and the fees involved. Please see key information and fees.