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Debt Management Plan

Debt Management is also known as Debt Consolidation. We can help you gain control back by providing a Debt Management Plan solution that will remove the stress of overwhelming debt and consolidate your current credit commitments into one affordable monthly repayment. The amount you pay each month depends on what you can afford based on your income and expenditure (such as mortgage, council tax, utility bills). This means that you are able to meet your essential living costs and still afford to make repayments to your debts. We can help you reduce your debt within a manageable timescale.

  • One of our specialist experienced advisors will assess your current financial situation and credit commitments to calculate an affordable monthly repayment for your debts.
  • A full assessment of your individual circumstances will be carried out before you are ever given the option to take out a Debt Management Plan and this would need to indicate that the course of action was the most suitable and appropriate solution for you.
  • Once your debt plan is set up, you will be allocated your own dedicated Account Manager who will guide you through the plan and is on hand to provide advice and answer any questions you may have.
  • You have no up-front fees to worry about, as any fees incurred for the set-up of your Debt Management Plan will be spread across the first six months and will be deducted from your regular payment.
  • The plan will need to show that you are capable of settling your debts within a 10-year timeframe, or that your circumstances are likely to change, so that your debts can be repaid in 10 years.
  • We will handle all of the administration relating to your debts.
  • We will negotiate with your creditors to accept reduced payments and freeze interest and charges where possible.
  • Your creditors will begin receiving payments from the first month of the plan.
  • We will keep regular contact with you to keep you updated with the progress of your debt management plan and complete financial reviews to account for any changes in your circumstances.
  • You need to be aware that creditors are under no obligation to agree to the payment programme’s terms. If they decide not accept the proposal, it may prove more costly and take longer for you to pay back your creditors in full due to any possible charges and fees that may be added to the sums already owed.
  • Starting a debt management plan could increase the total sum to be repaid and extend the repayment period.
  • Your credit rating may be affected if you decide to enter into a Debt Management Plan and this may result in difficulties in obtaining credit in the short, medium and long term.
  • Any missed or delayed payments will result in you going further into arrears with your creditors. Your debts may increase and creditors could take further action to recover the monies owed to them.

Debt management plans cannot be used to repay secured credit (such as hire purchase agreements, secured loans and mortgages), rent (including arrears), utility bill payments (including arrears), council tax payments (including arrears) and other similar debts. It is important that all of the above commitments are met before you begin to make payments to unsecured creditors.If you wish to view our Standard Terms & Conditions please click here: DMT&Cs

Why Choose Us

  • Simple, professional advice.

    Our experienced advisors will go through your income and expenditure with you and agree an affordable monthly payment making allowances for all your day-to-day living expenses.

  • We take the worry away from you.

    We take care of all the paperwork, deal direct with your creditors and negotiate reduced repayment arrangements on your behalf.

  • We aim to freeze or reduce interest and charges.

    Our strong working relationships with creditors mean that whilst they are not obliged to, we can often get your creditors to agree to freeze or reduce interest and charges.

  • Your own personal Account Manager.

    Once your Debt Management Plan is set up, you’ll have your own personal Account Manager who will guide you through the debt plan and is available for help and advice whenever you need it.

Apply For A Debt Management Plan

Simply complete the form below and we will get back to you to discuss your situation. Completing this form will NOT affect your credit score. Ideal Debt Solutions have more than 10 years experience in helping people with debt problems. We’re now ready and waiting to help you. To get started just complete the simple form below.

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Guide

Initial Fees – As most of the work will be completed at the start of the programme, an initial fee will be charged based on your monthly repayment. This covers your initial assessment, document collation and initial contact with creditors. The fee will be collected as follows; 35% of the first 6 payments. Remaining funds will be distributed to your creditors on a pro-rata basis following settlement of your monthly fee.

Monthly Fee – This is an amount equal to 17% or £30 (whichever is the greater, up to a maximum of £100), which will be taken from your monthly repayments.

Monthly Repayment – This amount is made up of the total creditor re-payments and your monthly fee to IDS and is subject to a minimum of £60 per month.

You will be fully liable for any unnecessary costs which IDS incurs and any claims made against IDS as a result of incorrect, inaccurate or incomplete information that you provide.

You can request a full breakdown of the fees charged by IDS, based on your monthly payments into the plan and your overall unsecured debt levels during the life time of your DMP arrangement by contacting IDS to arrange for this to be supplied.

Should you feel your case has not been dealt with satisfactorily then please refer to our complaints procedure.