Debt Management Plans – Dealing with Debt
Debt is a subject that many people have become far too familiar with in recent years. At Jubilee Debt Management, we believe that the best way to help consumers address their debts is through sound professional advice.
We provide just that, relying upon our years of experience and professional qualifications.
We know that debt can be stressful and we also know what it takes to free yourself from this burden. Please realise that you are not alone. We have helped thousands of people to tackle their debts and you could be the next.
Let us help you take care of your financial issues so you can face a better financial future. Jubilee debt management plans might help you to free up more time to focus on the important things in life.
We can provide you with tips, resources, and programs that will help you do just that.
Stop wasting so much time with creditor phone calls and letters and eliminate the excuses. Repaying your debt is not necessarily as difficult as you might think. You might just need guidance from the experts, and that is where we come in.
We Relieve The Burden Of Debt
If debt repayment has become unaffordable, your quality of life will soon begin suffering.
Paying household living expenses like utilities, food, and the rent or mortgage may become difficult. Debt management plans can prevent you from falling into this financial bind by enabling you to cover your financial priorities.
Whether an increase in living expenses or reduction in income has made it impossible to make ends meet, please realize that there is a solution and that the consequences might not necessarily be severe.
Assuming that you have the relevant facts and figures to hand, after just one conversation, we can determine whether debt management is a suitable approach.
We will explain how to reduce debt payments to one affordable payment per month, how creditors sometimes choose to freeze interest and charges (though they don’t have to and it isn’t guaranteed).
We will give you options to get back into control of your finances that probably will not include continuing to borrow more.
How Debt Management Can Help You
A debt management plan offers several benefits and our experts play an active role in helping you to realize them.
This approach is different from debt consolidation because additional borrowing is not required to reduce repayments. Our debt management partners attempt to agree upon a new repayment plan with your unsecured creditors, spreading the cost of covered debts.
With our debt management plans you pay an affordable amount which will often mean that the total repayment term could be longer.
The aim is to ensure you can afford important household bills and essential household expenditure. The process involves identifying ongoing financial commitments and determining what can be afforded after these are fulfilled.
Our DMP partners handle the negotiations with lenders, requesting that they agree to the reduced payments we have worked out with you. Based on our experience, most major creditors treat properly constructed repayment proposals with good sense and sympathy.
During negotiations, we also request that creditors freeze interest and other charges. This helps you begin repaying debt more quickly if your creditors agree. Lenders are not obligated to agree to this but they often do because they recognize the reality of the situation.
A debt management professional is in your corner every step of the way, handling calls, paperwork, and payments to creditors.
Who Wins With A Debt Management Plan?
When a fair debt management plan is put in place, and creditors show support, the outcome can be very positive for all of the parties involved.
Though they are not obligated to agree to it, lenders often realize the benefits of this plan. Some prefer to deal with a professional debt management organization providing consistent payments than become tangled up with debt collectors or involve the courts, two paths that provide no guarantee of repayment to them.
As the individual in debt, you have the benefit of our partner’s debt management expertise. They negotiate with creditors on your behalf, proposing debt management plans that you can afford and that we believe your lenders will seriously consider agreeing to.
You pay an affordable sum towards covered debts each month and will usually enjoy a reduction in creditor calls, letters, and emails if you are currently subject to debt collection activity.
Is A Management Plan Always The Answer?
Though debt management plans are an effective solution for many people, they are not right for everyone. Debt consolidation, an Individual Voluntary Arrangement (IVA), a Debt Relief Order, or Bankruptcy may be more suitable for residents of England or Wales. Individuals residing in Scotland may receive greater relief from a Debt Arrangement Scheme, Trust Deed, or LILA or regular sequestration.
By conducting a comprehensive review of your financial situation, we are able to determine the best debt management solutions and make recommendations to you.
We have done the same for many people before you, allowing them to get on the road to debt recovery in the future. Below are some more topics from our principal advisor David Rogers.