Setting Up Your Management Plan

Our initial aim is to identify the right debt solution for your personal circumstances; we do this by understanding the details of your financial situation.

Initial Review

Firstly, we need about 30 minutes of your time over the telephone to go over your credit commitments, income and expenditure. This produces what's called a common financial statement. This is a document which your creditors are likely to agree is a fair reflection of your income and essential expenditure and your ability to repay your debts.

Now we know more about you, we are in a position to advise you on all your options. Quite often our advice is that the client does not need our help and just needs to reduce non-essential expenditure. To be eligible for Harrington Brooks Financial Management Plan, the financial statement must show you're struggling to afford current payments, but that you can afford at least £80 per month towards your unsecured debts.

Speaking To Your Creditors

If we agree that financial management is the best solution, we'll explain the situation to your creditors. We'll edvidence to them your realistic income and expenditure and show them your current credit commitments. We will the propose an offer of repayment inline with their proportion of the total debt. Creditors are not obliged to accept our offers, however, once hardship is demonstrated and your intention to make payment is clear, negotiations will generally by favourable.

The new single monthly payment will replace all of your existing repayments. Each month (or week), you will pay the new affordable amount. Your creditors are paid in an efficient and seamless manner, less our initial fee, then less our ongoing monthly fee. Once your plan is in place you can view details of your payments to us and our payment to your creditors online at monthlyplan.co.uk.

Ongoing Client Review

Every six months we offer our clients a financial review as part of the service. The plan is flexible and we want it to reflect your realistic circumstances. The review ensures that we are aware of your up to date income and expenditure and to make sure a financial management plan is still the best solution for you. We'll also look to see if there are savings to be had by switching utility provider or if you are entitled to any state benefits you are currently not receiving.

Financial management plans are flexible; you may call us at any time in the event of any issues about your plan, finances or credit behaviour.