Debt Management
As a small, friendly team, we encourage anyone who's in debt to pick up the phone for a free, confidential chat. We never judge and we're experts at what we do, so please don't suffer in silence.
We'll explain how our money-management techniques and putting in place a debt management plan can help. And if it's not for you, there's no obligation to continue.
How you'll benefit
- We'll help reorganise your finances
- We'll liaise with creditors
- We'll request reduced payments and frozen interest
- We'll make payments on your behalf
- You make one payment per month to us, at an amount you can afford
- We'll help to stop repossessions
- Threatening letters or calls from creditors will cease
Key services
Money management
Before we can agree a debt management plan with your creditors, we need to unpick and reorganise your financial situation.
- We'll look at your finances i.e. your income, expenditure and unpaid debts. And it's best to lay everything on the table. Remember, there's nothing we haven't seen before and nothing we can't usually solve!
- We'll establish your priority payments i.e. secured loans such as mortgages, utilities, council tax and child maintenance, county court judgments etc.
- We'll examine your utilities and advise on better suppliers (and move your account if necessary).
- We'll check whether you're entitled to any allowances and benefits.
- We'll work out what you need to live on, after priority payments are made.
- We'll prepare a written financial statement which will be used to negotiate affordable re-payments with your creditors (i.e. forms basis of your debt management plan, DMP).
Debt Management Plans (DMP)
A debt management plan is an agreement between you and Money Matters West Ltd, where we make agreed payments to creditors on your behalf, at a rate you can afford.
- We'll provide a financial statement (outlining your income and expenses) to your creditors, requesting reduced payments and a freeze on interest and charges.
- We become the single point of contact for creditors. Just send your post to us and we'll act on your behalf.
- You'll make just one payment each month to ourselves so that we can maintain payments to your lenders.
- We'll ensure all secured loans (i.e mortgages) are paid as a priority and then distribute payments to unsecured lenders on a pro rata basis.
- We will help you to manage your own expenditure, with a cash allowance that covers your basic living needs.
- We'll review the situation every 3-6 months or act immediately if you tell us that your situation has changed.
- We'll request that you get rid of credit cards, refrain from unnecessary spending and avoid further loans.
- The plan is an agreement, but not a contract. You can withdraw the arrangement at any time.
- We charge a minimal fee for our service but your initial, no-obligation consultation is free. (See Debt Management FAQs)
Frequently Asked Questions ?I've received a County Court Judgement.
What shall I do?
We work closely with people from all walks of life, from business-people, single mums to pensioners and most of them wish they'd been in touch sooner...
In fact, taking action today will ensure that you don't spend another sleepless night worrying about your debt.
So when you're ready to talk, call 01275 338057 or send an email.
