Key facts: Debt Management

You only pay what you can afford Your credit rating could be affected. If you are already struggling with your repayments then your credit rating is likely to be poor. Creditors are not obliged to agree to a Debt Management Plan nor freeze interest and charges. This can lead to an increase in the total sum repaid and can extend your repayment period. Before entering a plan, please ensure you have an estimate for the total repayment period and length of time for the plan subject to your creditors accepting the arrangements A Debt Management Plan is informal meaning both you and/or your creditors can withdraw from it at any time Failure to keep up your repayments once a repayment plan is set may result in arrangements with your creditors to be broken. If you feel you are struggling with your arranged payment you will need to contact your debt management provider and they shall review your repayment plan and see what options are available to yourself.