
This debt solution can only be applied to your unsecured debt; mortgage payments, hire purchase agreements and any other secured debt will not be covered. Should you also be afflicted by this kind of financial ill health, Debtsolver will be able to suggest alternative courses of financial first aid.
Debtsolver will represent you throughout your debt negotiations but eventually you will need to enter into a new contract with your creditors and this will rest on evidence that any you are no longer able to meet the financial liabilities set out in the original credit agreements. So, you’ll need to provide documentation of the change in circumstances that have resulted in your inability to meet your financial obligations. This could be due to losing your job, personal ill-health, bereavement or any number of other circumstances that can lead to a drop in your income.
Upon approval of this lower monthly repayment, it is divided between your creditors. They also benefit from the plan because they can avoid spending money on expensive legal proceedings and paying fees to debt collectors. They also get to avoid going to court too. After all, the bankruptcy process can be an expensive one and debt management will often prove to be a far better alternative financially, so your creditors will tend to offer favourable repayment terms to avoid it.
If you fall into the latter category, we would urge you to contact us anyway, as we may be able to find an alternative solution.
Unlike debt consolidation, a debt management plan is not a new loan. Debtsolver's personal debt managers are specialists in financial first aid and will help with the entire process, handling any difficult negotiations on your behalf.
If you would like more information,
ring Debtsolver now on 08000 434 336 (Free for UK residents only) or complete our debt wizard to see if you qualify.
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