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What Are Debt Management Plans? Debt Management Plans are informal flexible arrangements set up with your creditors to pay back what they are owed in regular installments, often with a reduced rate. While it is possible to set up such arrangements with each creditor yourself, a Debt Management Plan involves using a Debt Management Company to deal with your creditors and negotiate with them on your behalf. One advantage of this is that they are obviously very experienced in negotiating substantial reductions, and the new terms they agree should more than make up for the fact that you have to pay for their services. This can be particularly useful if you are not confident about negotiating with creditors and you want to be free from the hassle of your creditors chasing you. While some debt management plans can appear to be free, the debt management company will usually build their fees into the monthly payments that you have to make. Advantages of Debt Management Plans: •Debt Managment company negotiate for you. •Your creditors will stop hassling you. •One regular, affordable payment to make. •Potentially freezing or reducing interest charges. •Avoid borrowing more money to pay off existing debt. •The debt management company can help to prepare your financial statement if you are not confident about this •The informality of the agreement should mean you have more flexibility to adjust payments if you circumstances change, or cancel it at any time. Other Considerations with Debt Management Plans •As with any commercial solution to debt, the debt management company will charge for their services, usually in the form of an admin fee included in your monthly payment •Unlike an IVA, a Debt Management Plan is an informal agreement, so your creditors cannot be forced to agree to participate •You still have to deal with your Priority Creditors, as Debt Management Plans only deal with Secondary Creditors Debt Management Plans - Points To Check Before Committing Yourself: •Approach more than one Debt Management Company (see recommendations below) and compare the payment plans they can offer •Before you sign up, make sure you are aware of any fees, including any which are payable up front •Check to see if you can cancel the agreement whenever you want to If you are having difficulty repaying your creditors every month, a Debt Management Plan (DMP) from Debt Angel could help – you may be able to consolidate and reduce your repayments, so that coping with them is much easier. Bankruptcy is not your only choice if you have debt problems. If you’re struggling to get by, or if you have reason to expect a change in your financial situation soon, a Debt Angel Debt Management Plan could be your ideal solution. With a DMP from Debt Angel - you simply make one affordable payment to us every month which we distribute to your creditors on your behalf. Do you qualify for Debt Management? What are the criteria for a Debt Management Plan? • 2 or more creditors • Over £5000 of debt • A minimum disposable income of £100 • Proof of income We consolidate your debt repayments into a single, affordable monthly payment, so that you have less going out each month, though if your creditors do not freeze or reduce interest and charges, this will lead to an increase in the time to pay off your debts and total amount repaid. Your credit rating and ability to obtain credit will be affected in the short term, and possibly in the medium to long term though your credit rating may already be affected if you have missed or made late payments. To get advice on Debt Management Plans to suit you, call us on 0161-367-9897 or 0844-567-4954. For more information on Debt Management Plans, view our FAQs or call us on 0161-367-9897 or 0844-567-4954. Our team will regularly assess your payments to your DMP so that if a more suitable, alternative debt solution subsequently becomes available, we can tell you about it. You can then make an informed decision as to your continued progress.

Mortgage lending by the major UK banks dipped in June compared with the previous month, figures show. The number of mortgages approved for house purchases in the month fell to 34,813, the British Bankers' Association (BBA) said.

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Debt Angel is a trading style of JLJ financial Ltd registered in England & Wales company number 7195788. JLJ financial LTD is data protection registered: Z2274636. Debt Angel is a fully authorised debt management introducer and is fully supportive of the Office of Fair Trading code of practise

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