If you are a Sole Trader and you are struggling to keep up with Debt repayments, entering into a Debt Management Plan could save your business and sort out your debt problems. A Debt Management Plan is an Informal Agreement between you and your creditors where you agree to pay back your debts at a monthly rate that is affordable for you.
The Debt Management plan is a flexible payment plan that allows you to repay your debts in one flexible monthly payment. The repayments are then paid out to your creditors on a pro rata basis. You can arrange a debt management plan yourself but it is probably a better idea to use a Debt Management Company like McCambridge Duffy who will be responsible for all correspondence and payments between you and your creditors, which means you will not have to have any contact with your creditors at all.
Because a Debt Management Plan is an informal agreement you or your creditors can opt out of it at any time, this leaves the arrangement open for either party to pull out and if you are not sticking to the payment plan then your creditors can pull out and once again pursue you for all the money you owe them. You can use the debt management plan as a temporary debt solution until you get back on your feet financially and your business is no longer at threat, or you can aim to have it as a more long term debt solution.
When you call McCambridge Duffy to enquire about a Debt Management Plan we will determine whether or not a Debt Management Plan is the most suitable Debt Solution for you, your business and your circumstances. We will do a detailed analysis of your incomings and outgoings (daily living expenses) in order to determine what the best monthly payment would be for you to your creditors if you were to enter into a Debt Management Plan. The payments are then negotiated with your creditors and the Debt Management Plan is set in place.
" I found McCambridge Duffy to deliver on what they said they would do and to do so quickly with a minimum of fuss. There were not endless phone calls and letters but they got the facts, assembled the proposal and put it in place very quickly. The process was made less stressful by the way in which they managed it."
Work out what your new monthly debt repayment could be by filling in our debt and budget calculator form.
Client was struggling with monthly debt repayments of £500 to several creditors. We were able to have this reduced to £250 per month, with all interest and charges frozen. In 60 months, any remaining debts will be written off and they will be debt free.
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