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Debt Management Plan - Debt Plans - Clear Debts
Get help and advice to clear personal debts weekly or monthly with a Debt Management Plan.
What is a Debt Management Plan?
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A debt management plan is an informal agreement between a debtor (perhaps you) and their creditors usually via an intermediary, a Debt Management Company.
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Companies who offer Debt Management Plans to their clients are effectively working as a middle man service between a debtor and their creditors.
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The client pays the debt management company one agreed and affordable, monthly payment.
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The debt management company pays all the creditors an agreed amount each month.
How can Lewis Alexander help?
Lewis Alexander is a specialist Debt Management company. We have built up good payment histories with many of Britain's major creditors over the years which means we know the kind of service creditors respect and expect in any debt management plan agreement.
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CREDITORS DO NOT HAVE TO AGREE TO FREEZING INTEREST AND CHARGES
See a list of some of the creditors we have a history of working with.
A good debt management company will attempt to improve the debtors situation by negotiating the possible reduction in the overall debt, whilst attempting to freeze future interest and charges in an attempt to extend the clients repayment period.
The interest and charges are not guaranteed to be stopped with a Debt management Plan.
Choose to pay your debts Weekly or Monthly!
Because the creditors realise that the debts are being professionally managed they will often happily stop any interest and charges or legal proceedings they may be charging or ensuing. This can not be guaranteed!
We are allowed to take our initial fees (an administration charge for setting up your debt management plan) known as the first and second payments, this is currently your income less your expenditure. Your first and second payment does not get distributed to your creditors, every payment thereafter does. Your accounts will fall further into arrears due to the first two payments being kept by ourselves, your creditors could also issue a default notice.
We then take our ongoing fees as listed below out of your monthly payments. These are for distributing the funds to your creditors, dealing with your letters from your creditors and dealing with your calls on a monthly basis.
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For payments of £100-£249 we charge £35.
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For payments of £250-£349 we charge £50.
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For payments of £350 and above we charge £65.
Although a lot of the above can usually be agreed with creditors, a debt management plan is not a legally binding agreement.
If you are interested in a government approved scheme that is legally binding, then please read our IVA page.
Call FREE today using 0800 018 6868 for personal debt advice or contact Lewis Alexander online to obtain confidential debt help from UK advisors.