Debt management is a debt solution allowing you to consolidate debt in to one affordable payment without further borrowing.
You make one affordable payment to the debt management company, who distributes it between your creditors. The level of the reduced payments depends upon individual circumstances.
The debt management company (us) takes a financial statement from you detailing your income and all necessary outgoings, included your credit repayments. If this shows contractual repayments exceed your disposable income, the debt management company uses this as evidence to your creditors that you can't afford such payment levels.
This works because under the 1974 Consumer Credit Act, unsecured creditors can't ask you for more than your disposable income once reasonable essential living expenses have been taken into account.
You will be eligible for a debt management plan / programme if you have at least 3 different creditors, can't afford current contractual repayments, but can afford at a minimum of £100 per month towards your debts.
Abacus advises on the full range of debt solutions, not just debt management. Therefore you can be assured that we will only recommend debt management if it is the most appropriate solution for you. If your situation is best suited to an IVA, remortgage, debt consolidation loan, debt management plan or even just better budgeting, we will advise accordingly.
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Debt Management consolidates debt into ONE low affordable payment without further borrowing.
You only need to repay your debts at a level you can afford, no matter the size. If you can afford at least £100 per month towards them, a Debt Management Plan may be the most appropriate solution for you, read more...
Write off the debt you can't afford with an IVA.
An Individual Voluntary Arrangement (IVA) is a popular debt solution for those owing over £12,000.
An IVA allows you to avoid bankruptcy and keep your home. You repay what you can over 60 months, the rest of the original debt is written off.
Mortgage Arrears? Repossession Order? Bailiffs on their way?
Get help defending a repossession hearing or get an existing repossession order suspended.
You don't need to sell your property to Avoid Repossession & keep your home. Speak to us, free of charge, we'll explain all your options.
Do You Have Payment Protection Insurance On Your Loans ?
Often loans are taken out with payment protection insurance (PPI) included, however many such policies are now known to have been missold.
If you were missold PPI, we can seek to reclaim your money plus interest, No Win, No Fee.
Problem Debts? Live in Scotland?
Write Off Up To 90% of Your Debt.
Often referred to as the Scottish IVA, a Trust Deed is a form of voluntary arrangement, available only in Scotland.
A Trust Deed allow you to become debt free in as little as 36 months.
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