Anderson Brookes

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0800 1804 933

If you are struggling to keep up payments on your credit cards, store cards and personal loans a Debt Management Plan would allow you to make a single, affordable monthly payment to your creditors.

This page gives an overview of debt management plans, please call 0800 1804 933 for specific advice.

What is a Debt Management Plan?

A Debt Management Plan is an informal agreement between debtors (people in debt) and their creditors (the companies they owe money to). Under the agreement, a single payment will be made each month to a Debt Management Company instead of the payments to the credit cards and loans. The Debt Management Company will usually deduct a management fee and then split the remaining amount between the creditors.

Debt Management for Self Employed People

If you have debts related to your business or any outstanding liabilities to HMRC (tax debts, VAT debts etc), it is unlikely that a Debt Management Plan will be suitable. If you are Self-Employed it is crucial that you take advice at an early stage – call free 0800 1804 933.

Benefits of Debt Management

  • You will pay a single monthly payment based on what you can afford.
  • Sometimes lenders will freeze interest on your debts

Problems with Debt Management

  • The agreement is not legally binding – the ‘goal posts’ can be moved at any stage.
  • None of your debt will be written off.
  • Depending on your total debts you may be in the Plan for many years (sometimes 15 years +)
  • Business debt can’t usually be included.
  • As you won’t be making the contractual payment to your creditors it is likely that adverse credit information will continue to be recorded on your credit file.

What to do now

Call Anderson Brookes free on 0800 1804 933 for a confidential discussion about your debts and see how we can help.

Please Note:

Anderson Brookes does not provide ‘Debt Management Services’ or handle ‘client money’. In the event we believe a Debt Management Plan may be the most suitable debt solution we will provide you with the contact details of a reputable, non-fee charging debt management organisation.

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Anderson Brookes Ltd

Anderson Brookes Ltd provides advice to individuals, business owners and company directors that are struggling with debt. Anderson Brookes Ltd is Authorised and Regulated by the Financial Conduct Authority; our registration number is 669796. You can confirm our details on the FCA website Anderson Brookes Ltd is a limited company registered in England and Wales; company registration number is 4213701. You can read more about the services provided by Anderson Brookes Ltd by visiting OUR SERVICES. A printed copy of our Initial Disclosure Document will be provided to you before any Instructions are accepted from you. You can request a copy at any time by calling 01204 255 051. Some of the services provided by Anderson Brookes Ltd are not regulated by the Financial Conduct Authority.

Anderson Brookes Insolvency Practitioners Ltd

Anderson Brookes Insolvency Practitioners Ltd is a limited company registered in England and Wales; company registration number is 10324159. Registered office address is 4th Floor, Churchgate House, Bolton, Lancashire BL1 1HL. Brendan P Hogan is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Licence Number 101680.