If you are in debt difficulties and finding it hard to cope, don't borrow more money. With our debt management program we can reduce your monthly bills by up to 70% and clear all your existing credit cards, loans and other debts by replacing them all with one single lower monthly payment.

Our advisors will negotiate to lower your repayments with your creditors on your behalf, leaving you hassle free and able to enjoy your life again.

How does debt management work?

Debt management enables you to pay one single lower monthly payment to all your unsecured credit companies, taking away the stress and worry of day-to-day dealing with your creditors.

Once your creditors can see a regular pattern of monthly payments being paid to them by our company, they will be happy to deal directly with us and we will negotiate the freezing of charges and interest on your accounts.

Debt Advice Online will undertake regular reviews of your finances so that you may increase payments to your plan and so pay back your debt level quicker.

Is Debt management right for me?

Yes. If you cannot meet your current contracted repayments and you can afford to pay your unsecured creditors at least £100 per month

We will only recommend debt management to you if this is the right solution for you. If there are other options available to you we can advise you accordingly.

What are the advantages and the disadvantages of a Debt management plan?

You have the benefit of one lower regular monthly payment that can be paid directly from your bank to Debt Advice Online

All communication with your creditors is handled by Debt Advice Online on your behalf.

Debt Advice Online will attempt to have the interest payments frozen on your loans, credit cards and store cards.

You will only ever pay to your creditors what is deemed to be affordable once your essential living costs have been taken into account. This way, you should always be able to pay your essential living costs first.

Disadvantages

If your debt value is likely to be higher than £15,000 then you may want to consider applying for an IVA here

GO TO IVA FORMAL AGREEMENT

You could be paying off your debt for a very long time; this is largely because your credit companies may not have to freeze the interest payments. This could lead to a never-ending debt situation in some cases where the debt value is higher.

Whilst you are on our Informal Payment Plan, the payments that are made to your creditors will often be lower than the contractual payments.

Your credit companies will want to register the missed payments that are not being paid, as a default of payment. This will almost certainly stop you from obtaining further credit whilst the credit that you already have with them is being paid.