If you're struggling to keep up with payments on multiple debts, we've got a solution that might help. Get in touch with one of our debt advisers to discuss Debt Settlement Plans today.
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Call free on:
08000 831 831 or for mobiles:
01483 412 966
Call free on 08000 831 831
Alternative number for mobiles: 01483 412 966
A Debt Settlement plan will be tailored to your financial circumstances allowing you to pay one monthly payment to manage all your monthly debt. Immediate Financial will make payments to your creditors to keep things ticking over whilst saving the rest of the money together with any lump sum or ad hoc payments for your creditors in a secure settlement account. This money will be used to negotiate settlements with your creditors, often at a discount so helping you clear them faster than of other debt solutions.
Generally, but not always, your creditors will freeze interest and penalties on your debts so that reducing your monthly payments won’t have adverse effects on the timescale of your plan.
With a Debt Settlement plan you can take control of all of your current debt without needing to take out any more credit, as you would with, say, a debt consolidation loan
1. Fill in your details for no obligation debt advice
Here at Money Expert we are committed to helping people escape the control that debt can have over their lives. To see if your circumstances will merit a Debt Settlement program, fill in the short form above.
2. Arrange debt settlement plan built around your individual needs
The Immediate Financial debt advisors will work out what you can afford to pay into the plan by going through an income and expenditure questionnaire. This will be a payment that you can afford, which gives you room to still afford your priority debts such as mortgage or rent and also still allows you a reasonable standard of living.
3. Simplify your debts into one smaller monthly payment
Having conducted your financial review and tailored a Debt Settlement plan to your needs, you can begin sending payments to service your debts and saving for settlements. Note that as your payments will be lower than your contractual payments, you may be in debt for longer and end up paying more due to interest if they are unable to freeze the interest payments or agree settlement with your creditors. However on the debt settlement plan you may find that Immediate Financial are able to freeze some of your debts and offset any increase in timescale by negotiating discounts with your creditors.
Debt Settlement Fees
All charges are on a 'no-win no fee basis'. Immediate Financial will charge you 25% of your total debt, but only if they save you at least this amount in our negotiations with your creditors. They guarantee that you will never pay more than 100% of your total debt including their fees.
Total debt can vary if your debts increase in size for any reason which will increase the fees you pay. If you leave the plan before all your debts are settled then they are entitled to their fee of 25% of your total debt so long as theyr have saved you that amount or more.
Benefits of a Debt Settlement Plan
● Clear your debts for a fraction of their balance and quicker on a no win no fee basis
● No monthly debt management fees
● Consolidate all your payments into one manageable monthly amount
Disadvantages of a Debt Settlement Plan
● Your credit rating will be adversley affected for 6 years
● Nominal payments are made to creditors which may increase creditor contact
● An informal arrangement only and so creditors may take default action
Applying for a Debt Settlement plan is easy. Simply fill in the form below and Immediate Financial will start by offering no obligation debt advice based on your current situation.
From there if a Debt Settlement plan fits your circumstances Immediate Financial can set up the plan for you very quickly. They help you work out your disposable income which you pay into the plan as a monthly payment putting you back in control of your finances.
The Money Advice Service offers free money advice
Can I join a Debt Settlement Plan if I have bad credit?
Yes, so long as you have the appropriate level of income you can join a Debt Settlement plan. If you have not yet missed a contractual payment to your creditors then reducing your monthly payments will more than likely adversely affect your credit rating for six years
What kind of debts can go into a Debt Settlement Plan?
Only unsecured personal debts can go into the Debt Settlement plan. These are items such as credit cards, loans and overdrafts. Hire purchase debts can only be included if the item they are secured on has been returned or seized already. Similarly a mortgage shortfall can be included.
How does Debt Settlement compare to other debt solutions like IVAs or DMPs?
Creditors often see Debt Settlement as a better solution to an IVA or Trust Deed as they may get a better proportion of their money back quicker. However, our advisers will go throughthe various options with you and make sure you go with the most appropriate one given your situation.
Can I change the size of my monthly payments?
Yes you can, if you have an unexpected bill or a change in circumstances you can either increase or decrease your payment so long as you discuss this with your Client Liaison Officer first. In any case we will formally review your payments on an annual basis.
Can I make lump sum payments?
Yes if you have a windfall payment then you may pay a lump sum into the settlement account. This will dramatically reduce your timescale as it will help Immediate Financial to clear your debts quicker. Immediate Financial negotiators can often provide you with an estimate of how much would be needed to clear all your debts.
Can I leave the plan early?
Yes, if you wish to leave the plan we will close your account and return any monies in your client account within 5 working days.
Debt is a problem that most of us will find ourselves facing at least once in our lives.
But don't worry, with our comprehensive section of guides on debt solutions, you'll be able to find all of the information you need to get debt free right away