Sheriff Officers
Debt Management - Pay Gradually
We negotiate frozen interest and charges, share out your monthly payments between your creditors, and handle the admin. Your creditors gradually start calling us, not you. There is no simpler way to Debt Management. Other benefits included ...
- One single payment each month
- We negotiate with creditors for you
- Most interest and charges are normally frozen
- Hassle from creditors usually reduces
- Informal arrangement; no legal procedures
- Can be used to 'tread water'
What is Debt Management?
Debt Management is a way of paying back your debts at a rate you can manage. We represent you to your creditors and negotiate, so far as posible, frozen interest and charges. We also come to an agreement whereby you are allowed to pay an amont you can afford rather than an amount that the creditors demand. In this way you can lead a less stressful life and clear your debts gradually.
Who should use Debt Management?
Debt Management is an informal solution and has not got the weight to handle serious debt problems. While we will be successful with many creditors in terms of getting them to freeze your interest and charges, this cannot be guaranteed for all of them. Moreover, most creditors carry out a regular review of Debt Management clients and sometimes can be prone to resume the charging of interest, and start bothering you again. For this reason, Debt Management is not advisable if your total debt is large. However, there are people whose circumstances are such that a year or two of reduced payents would be all that's needed to get back on track with their payments. That is, after a year or two their debt will have reduced to a level they can handlel. So whether Debt Management is effective or not depends very much on your own situation. Please read the information below to find out more about Debt Management.
One single monthly payment
For most people with unmanageable debt, the situation is made worse by the fact that you've got to make many different payments to many different creditors, often at different times of the month. In a Debt Management Plan, however, we handle all that for you. First we have a consultation and work out together how much you can comfortably afford to pay. Then every month we will take that payment from you, split it between all your creditors, and make sure they are paid on time. This makes your life very much easier - not only are you only asked to pay what you can afford, you don't have to worry about more than one payment each month.
Creditors will start contacting us, not you
As your Debt Management Plan gets going, your creditors will gradually get used to contacting us to discuss your debts rather than yourself. This will cause a reduction in the amount of letters and phone calls you receive from them. It is important to bear in mind, however, that a Debt Management Plan does not give you any legal protection from creditors and they are still able to contact you at any time if they want to. If you are concerned to get legal protection from your creditors, it would be wise to consider another solution, for example the Trust Deed.
Usually you have much of your interest and charges frozen
One of the main benefits of the Debt Management solution is that your interest and charges are mainly frozen. This is due to us negotiating with your creditors on your behalf and asking that they agree to comprimise. It is impossible to guarantee that your creditors will agree, but we usually have success with most of the creditors we work with. If you are able to get your interest and charges frozen, this is a great advantage as it frees you up to actually reduce your debt and pay off the money you borrowed.
We will continue to negotiate for you
One of our duties is to make sure that when creditors review your case, as they will do every few months, we are there to fight your corner and do everything in our power to ensure that your interest and charges remain frozen, and your creditors continue to accept reduced payments. This is a very important part of our role, as the last thing you want is your Debt Management Plan to be compromised before you are able to pay back your debts as normal.
Makes things easier in the short term and sometimes is a permanent solution for smaller debts
Month by month, a Debt Management Plan makes your life less stressful and your finances less stretched. If your debts are on the larger end of the spectrum and your contributions on the smaller end, a Debt Management Plan will enable you to do nothing more than tread water (which can sometimes be very handy). For those with small or medium-sized debts, and larger contibutions, a Debt Management Plan can sometimes be a route out of debt forever.
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"Our perfect solution" - Terry & Sue from Glasgow
Solution: Trust Deed
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