Debt management is a process by which we negotiate with your creditors to obtain the lowest monthly obligation needed to satisfy all of your current accounts.
Even though Debt Management is often refered to as Debt Consolidation - there is a difference between the two. Debt Management often reduces your debts into one lower monthly repayment, they are not Debt Consolidation Loans
Our Debt Management Programme is perfect for people who are struggling to meet their credit commitments.
What we do
If you agree to join our Debt Management plan then we shall negotiate on your behalf with your creditors for lower payments to be made. This will enable you to pay one single lower monthly repayment to all your unsecured credit companies leaving us to deal with the stress and worry of dealing with your creditors
What are the advantages of debt management?
1) You have the benefit of one lower regular monthly repayment
that can be paid from your bank to ourselves by standing order
2) All communication with your creditors is handled by Fresh Finance
on your behalf. One of our client administrators negotiates on
your behalf
3) Debt Solutions Online will negotiate the interest payments
on your loans, credit cards and store cards. Once your creditors
can see a regular pattern of payment to your Debt management plan,
they will consider our request to halt interest and charges on
your accounts
4) You will only ever pay to your creditors what is deemed to
be affordable after your essential living costs have been taken
into account. This way your essential living costs have been taken
into account. This way you should be able to pay those essential
living expenses as a priority and therefore will not miss payments
to the most important bill payments
What are the disadvantages of Debt management?
1) If your debt value is likely to be higher than £15,000
we will advise you on an IVA. This is a
more formal type of agreement. This is largely due to the fact
that with higher debt volumes, your credit companies may not freeze
the interest payments that are currently being charged on your
debts because of late or reduced payments, which could lead to
a never ending debt situation with larger debt cases.
2) It will take longer to pay back your credit due to the fact
that you are paying less back to your creditors each month
3) Although your credits will accept the payments being paid by
Debt Solutions Online, they may also wish to register your arrears
of payments as a default notice with a credit reference agency.
This will almost certainly stop you from obtaining future credit
whilst you are paying back the debt you already have.
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