Debt Management Plans UK

Help and advice to clear personal debts with a Debt Management Plan

A debt management plan is an informal agreement between a debtor (perhaps you) and their creditors usually via an intermediary, a Debt Management Company.

Companies who offer Debt Management Plans to their clients are effectively working as the middle man between a debtor and their creditors.

The idea is that the client pays the Debt Management Company one agreed and affordable, monthly payment and the debt management company pays all the creditors a pre-agreed amount each month.

Lewis Alexander is a specialist Debt Management company that has built up good payment histories with many of Britain's major creditors over the years which means we know the kinds of things creditors respect and expect in any agreement.

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.

Because the creditors realise that the debts are being professionally managed they will often happily stop any legal proceedings they may be ensuing. This can not be guaranteed!

Although a lot of the above can usually be agreed with creditors, a debt management plan is not a legally binding agreement.