Debt Management Schemes
Debt management schemes or debt management plans are a way to help people needing debt advice to find a manageable debt solution to their debt problem. Sometimes, a Government approved Individual Voluntary Arrangement (IVA) can also be a suitable debt solution.
At Payplan, a debt management scheme involves the debtor (the person owing the money) using our debt management service to negotiate with their creditors (the company to whom the money is owed), on their behalf.
Living within a budget during a debt management scheme
In a debt management scheme, Payplan will help you live within a realistic household budget, ensuring that priority costs and bills are paid first. In most cases, the three most important priority costs are:
- Mortgage / Rent
- Utility Bills (Gas, Electricity, Telephone and Water)
- Food Shopping / Housekeeping Costs
What Payplan do for you during a debt management scheme
Once all priority costs are accounted for, any surplus money can be used towards a debt management scheme. In a Payplan debt management scheme or debt management plan, we:
- Deal with your creditors for you
- Negotiate for frozen interest and charges
- Distribute your money to your creditors
- Provide you with online access to your account
- Advise on court action taken by your creditors
Click here for further information about a Payplan debt management scheme.
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