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With mounting debt and no income increase, you may face the difficult decision of whether or not to seek debt relief. A debt management plan may be the first option that comes to mind. Most people consider a debt management plan because it's an informal agreement between an overindebted individual and the creditor. It can be adjusted or cancelled if your financial position improves along the way. The purpose of a debt management plan is to enable you to pay off your debts at a pace that suits your available cash flow.
123 Debt Fix: Overall Best Place to Connect with FCA-Approved Debt Management Plan Advisors in the UK
Debt Nurse: Best Platform Connecting Overindebted Individuals with Providers of Obligation Free Debt Management Plan Advice
Help My Debts Pro: Best Place for Advise on a Debt Management Plan Free From Obligation
Viva Debt Help: Best Place to Connect with Advisors That Can Assist with a Debt Management Plan Calculator.
What is a debt management plan UK? A debt management plan is best suited for individuals struggling to pay for non-priority debts, including the likes of overdrafts, personal loans, store cards, credit cards, and building society loans. A debt management plan advisor will take over contact with your creditors and negotiate a reduced amount or an extended period to repay the amount. Once the debt management plan is set in place, the debt management plan provider will collect one monthly instalment from you monthly, and split this amount between your creditors.
If you're interested in gathering obligation free debt management plan advice and learning about debt management pros and cons while being given an accurate estimate of what you're going to pay each month with an advisor who can act as an accurate debt management plan calculator, you would be best served by using one of the five platforms we've reviewed below. Each platform is known for connecting overindebted borrowers with providers of obligation free debt management plan advice in the UK. While you can't gather advice on these platforms, they will connect you with the right debt management plan advisor for your financial situation.
At 123 Debt Fix, overindebted Britons can find the fastest route to connect with leading FCA-approved debt management plan advisors in the UK. You're safeguarded from dealing with illegitimate companies when using a platform such as 123 Debt Fix. Each debt advisor the platform directs individuals to is accredited, reputable, and approved by the FCA (Financial Conduct Authority). You can get advice on handling debts from £5000 to £30000+. With a debt management plan in place, you can expect interest and fees to be frozen and for your debt advisor to deal directly with your creditors.
Get information on the options available to you
Find out how much you will pay back on a debt management plan
Debt advisor deals with your creditors
Help with paying down debts up to £30000+
FCA-approved advisors ensure total peace of mind
Get mounting debt under control
Experience some financial relief
Freeze interest and charges
Debt advisor companies take a fee for managing your debt management plan.
➡️ Visit Official Website of 123 Debt Fix >>
Debt Nurse is another platform that catches our eye for its streamlined process of connecting overindebted individuals with qualified debt advice providers. When connected, individuals can expect obligation free debt management plan advice to be extended to them for consideration. What's great about Debt Nurse is that you only have to complete a simple debt assessment online, which takes a few minutes. After that, simply wait for a debt management plan advisor to contact you directly to discuss your options and provide more information. Debt Nurse deals with outstanding debts from £5000 to £30000+ and will take over contact with your creditors if you choose to go ahead with their recommended debt relief solution.
Understand your options
Make an educated decision
Get some financial breathing room
Avoid bankruptcy
Get advice on which debts can be covered
Reduce monthly debts
Deal only with FCA-approved debt advisors
Gather options and advice before making a decision
A debt management plan will cost you a fee.
➡️ Visit Official Website of Debt Nurse >>
Help My Debts Pro acts as a portal to connect overindebted individuals with professional, FCA-accredited debt management plan advisors. The advisors can assist you with a debt management plan free from obligation. If you choose to go ahead with a solution offered, you will be charged a fee. What's great about Help My Debts Pro's process is that the overindebted individual fills out one simple debt assessment form. After that, they will receive a call from a qualified debt solution provider who will explain and discuss the ins and outs of a debt management plan. Debts that can be covered vary, with the advisors available through Help My Debts Pro typically focusing on debt amounts between £5000 and £30000+.
A qualified debt advisor will call you directly
Get help with debts up to £30000+
Get unbiased advice to make educated decisions
Simple application process
Only deal with FCA-approved advisors
No obligation advice
Get on top of your debts
Avoid bankruptcy
Debt management plan companies charge a fee when the plan is activated.
➡️ Visit Official Website of Help My Debts Pro >>
Viva Debt Help is last but certainly not least on our list. This platform connects individuals with debt advisors that act as helpful debt management calculators. When consulting with a debt advisor, you will find out how your debt can be reduced and what your monthly repayments will cost each month. Viva Debt Help connects individuals with debt advisors that are FCA-accredited and deal with debts that start at £5000. In fact, they can assist with debts of £30000+. Simply complete the online debt assessment form on the Viva Debt Help website and a professional debt management plan advisor will call you.
Get a clearer idea of how much your debt will reduce each month
Get an overview of the length of your debt management plan
Experience financial relief
Find out which debts can be included and which can't
Gather professional advice from accredited advisors
Get help with debts from £5000
Freeze interest and debts
Expert advisors deal with your creditors
Not all debts can be covered by a debt management plan.
➡️ Visit Official Website of Viva Debt Help >>
When compiling our list of the best platforms to connect you with debt management plan providers in 2023, we looked out for platforms offering:
Simple debt assessment/application forms
Access to FCA-approved advisors
Contact made direct from advisor to individual
Assistance with debts up to £30000+
Access to clear information and advice on various debt management options, provided by qualified professionals only
Types of Debt Management Plan Options/Advice
When seeking financial relief, you'll find there are several options available to you. The platforms we've reviewed offering the following types of debt management plan options and advice:
This is a debt management plan UK set up between you and creditors. Typically a debt management plan is an informal agreement. It's not legally binding but many creditors agree to the plan as it means debts will be paid off instead of written off.
An IVA or individual voluntary arrangement is a formal alternative to bankruptcy. It's set in place by the courts and, as such, is a legally binding agreement. An IVA declares the plan for you to pay back your debts over a while. Both parties must stick to the agreement, and you can't be charged interest or be chased up for payments for the duration.
Debt relief orders are another solution that may be recommended for your situation. Debt relief orders are cheaper than bankruptcy and allow more control over your assets. With a debt relief order, you won't have to pay certain debts for a set period. If your financial position doesn't improve by the end of the period, your debts will be written off. This does get noted on your credit record.
A debt solutions UK is an informal agreement between a debtor and a creditor. The debtor promises to follow a plan to pay off debts over a certain period. A debt management plan UK is usually managed, and the debt management plan supervisor will ensure that a fixed amount is collected from you each month and paid to each creditor. Debt management plan companies charge a fee to manage the plan.
When applying for obligation free debt management plan advice, you can expect the following features and factors to apply:
Any advice given on a debt management plan is free from obligation. You aren't forced to choose a solution from the recommendations.
When a debt management plan is set in place, the debt advisor will ensure that interest and fees on your outstanding debt are frozen.
When using a platform like 123 Debt Fix, you can expect to be connected with FCA-approved and qualified debt advisors.
When acquiring a debt management plan free from obligation advice, you can expect debts covered to range from £5000 to £30000+.
A debt management plan can cover non priority expenses such as utility bills, rent and mortgage arrears, personal loans, credit cards, store accounts, and similar.
The cost of a debt management plan being set in place can vary from one debt solution provider to the next. Using a debt management plan calculator will tell you what you pay to your credits, but then the service or management charge is usually a percentage of the amount being paid back each month.
Visit the 123 Debt Fix website and follow these simple steps to apply for professional debt management plan advice and implementation:
The simple form on the 123 Debt website acts as a general debt assessment. It's as simple as following the prompts to complete the form.
Once the form is submitted and your debt information is reviewed, a qualified FCA-approved debt management plan provider will contact you directly to discuss your options and provide more advice.
You can decide which is best for you with all the options explained. Every recommendation is optional, so you don't have to choose if none seem appealing.
In terms of pros, you can get some financial relief and won't have to declare bankruptcy. On the flip side, the cons of a debt management plan include the fact that your debt period will be extended and that some creditors may not agree to the plan.
A debt management plan is a restructured idea of how to repay your debts to your creditors. Usually, the term is extended, and debt advisors may negotiate a lower interest rate with your creditors.
This is a debt management plan for an individual and not a business. This can cover non priority debts.
A debt management plan calculator can assist you in estimating monthly payments and expected length of your debt management plan. It can also help you see how much money you can save. If you don't know how to calculate this yourself, asking a debt management advisor to assist you can be helpful.
Debt management plans are best suited to people who can afford to pay credit a small amount to creditors each month and for those who have debt problems now but may recover from them within a few months.
It can be a gruelling experience to decide what to do when drowning in monthly debts. Using a platform like Debt 123 Fix can alleviate some of the stress associated with debt. Visit the Debt 123 Fix platform and complete the simple application form today.
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Disclaimer: All debt solutions should be very carefully considered. The websites advertised in this paid promotion do not provide debt advice. If you complete the form and provide permission to be referred, they will pass your details onto a regulated debt advice solution provider. All the partners they use are regulated by the Financial Conduct Authority to provide debt counselling. The websites advertised work exclusively with trusted debt solution providers. If you proceed with one of their solution options, they may receive a fee for introducing you to them. The websites advertised are lead generation companies who pass your details onto third parties in order to help you with your debt solution.
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