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Debt Solutions via MoneyExpert
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Debt Management - Reduce Your Monthly Payments

  • Clear your debts without the need for a loan
  • Have one affordable monthly payment
  • Reduce demands from your creditors
  • Clear your debts without the need for a loan
  • Have one affordable monthly payment
  • Reduce demands from your creditors

The Debt Management Process

1Fill in your details for no obligation debt advice introduction
Here at Money Expert we're committed to helping people escape the control that debt can have over their lives through our trusted business partners. First and foremost, head on over to our Debt Management application page and fill in the short form.
2Receive debt management plan built around your individual needs
The idea of a Debt Management Plan is that the monthly payment figure settled on should be one which fits perfectly within your means; so that you pay off as much as you can afford each month and not more. In order to reach this figure, our debt management business partner will conduct a financial review with you by going over your income and expenditure and working out how much you can afford to pay. From this, a monthly figure is agreed upon between us and you.
3Simplify your debts into one smaller monthly payment
Having conducted a financial review, and tailored a Debt Management Plan to your means, you can begin to pay off your debts. Each month, you pay the agreed amount which is then distributed among your creditors. As this monthly rate could be lower than what you are currently paying, you may be in debt for longer and may end up paying back more due to interest. However, a Debt Management Plan remains a fairly popular solution to the problem of multiple debts if you want to avoid declaring bankruptcy or taking out any further loans.
4Fees On A Debt Management Plan.
If after initial discussion with our trusted business partner you feel a debt management plan would be the best route for you, Immediate Financial, our trusted business partner will set things up. On their standard debt management plan there are no set up fees. All you pay is a maximum fixed monthly payment of £38.50 or 50% of your disposable income whichever is lower.
5What debt management fees cover
Your monthly management fee payable to our trusted business partner Immediate Financial pays for the day to day running of your plan, provision of a dedicated Client Liaison Officer, dealing with queries for you or your creditors, dealing with post you receive, distribution of your payment to your debts and carrying out periodic reviews.
The Benefits of a Debt Management plan
The main benefit of a Debt Management Plan is that it allows you to pay off all of your current debt much more easily and while still managing to maintain a normal standard of living. Generally, the length of time that you are in debt will increase, but the impact the debt has on your daily life will be reduced significantly. As mentioned above, another significant benefit of a Debt Management Plan is that it is one of the few debt solutions which does not require you to take out any more credit of any kind. While taking out another loan can be helpful, as with a Debt Consolidation Loan, many see a Debt Management Plan as a more prudent option, and would rather escape debt altogether than take out one loan to pay off others. While a Debt Management Plan and its conditions are not legally binding upon your creditors, they will still generally stop any interest or penalty charges while you are repaying your debt. This means that extending the amount of time you spend paying back what you owe should not put you at much (if at all) of a disadvantage in terms of the amount you actually pay back.
Disadvantages of a debt management plan cases
Customers join a debt management plan when they can no longer afford their contractual monthly payments to their creditors. Many people who come to us will already have missed payments and adversely affected their credit file. When Immediate Financial renegotiate payments to a level you can afford it is likely that you will have defaults placed against you which will affect your credit file for six years making it harder to obtain credit even when your debts are cleared. When a creditor does not receive the contractual payment they may put interest and charges on your debt. In the majority of cases we will negotiate with creditors to freeze any charges. However this cannot be guaranteed and in some cases creditors will continue adding to the debt. Immediate Financial will always endeavor to stop this when it occurs. By paying reduced payments to your creditors it will take you longer to repay your debt. We will always strive to give you a clear estimate of the likely timescale of your plan.
Is Debt Management Right For Me?
If you are looking to pay off multiple debts without drastically changing your lifestyle and would rather not take out an extra loan to do so, then applying for a Debt Management Plan cold be right move for you. In order to qualify for a Debt Management Plan, you must satisfy the following criteria:
  • You must be indebted to at least two creditors
  • This debt must be to the value of at least £2,500
  • You must have a disposable income of at least £80
  • Your disposable income must be lower than your contractual payment
If these points apply to you, and you are looking for a way to take control of your debt, then we'll make sure we set up the best Debt Management Plan we can for you.

Frequently Asked Questions

You should still be able to apply for a Debt Management Plan if you have a bad credit rating, so long as you still have the appropriate level of income. Your Debt Management Plan will however most likely show up in your credit history for a minimum period of six years and be seen as a negative point by any potential future creditors, making it more difficult for you to get a loan or credit card in the future.

Immediate Financial charges fees as explained in their Terms and Conditions. However, they do not charge for the initial call where they provide you with an assessment of your current position, advise on whether a debt solution would be suitable for you, and if so which product would be most appropriate.

Debt Management Fees

A Debt Management Plan is not legally binding, and so your creditors are not required by law to freeze your interest or any penalties you may incur. However, because of Immediate Financial reputation and experience, they are more often than not able to negotiate to have interest rates frozen.

There is no set limit to the number of debts a Debt Management Plan can cover, but the details of each case are worked out on a case by case basis. Therefore, if your income is vastly disproportionate to the amount you owe, you may have trouble getting a plan agreed upon.

Need Advice?

Call us free on 08000 831 831

Alternative number for mobiles: 01483 412 966

Get in touch now for a confidential, no obligations chat with one of our business partners and let us find the debt solution that's right for you..

  • Clear your debts without the need for a loan
  • Have one affordable monthly payment
  • Reduce demands from your creditors