Expert Debt Advice
Get the right help

Many people in the UK use a debt management plan (DMP) to solve their financial problems.

Arranging a DMP can make managing your finances much easier. They enable you to restructure your debt repayments so that you pay a reduced amount based on what you can realistically afford. Instead of having to balance several different repayments each month your debts are consolidated so that you only make one combined payment.

Although some people attempt to set up a debt management plan themselves it is more common to do so via a specialist debt management company.

How can debt management companies help me?

Debt management companies work by providing the following services -

• Debt counselling and advice
  Many debt management companies, including Spencer Hayes, offer free debt counselling and advice to their clients. They employ professional debt advisors who will assess your financial circumstances and recommend the best solution to your debt problems.
• Negotiate with your creditors
  Your chosen debt management company will negotiate with each of your creditors on your behalf. As experienced negotiators they will take responsibility for setting up the best arrangement for you. In many cases they will also work to stop any interest and charges on the debt.
• Distribute your repayments
  Your debt management company takes control of making payments to your creditors. You make your consolidated payment and they will distribute it to the people you owe money to on a pro rata basis.
• Handle all paperwork
  All paperwork and correspondence with your creditors will be handled by your debt management company. This removes the stress of having to deal with your creditors directly.
• Manage changes to the plan
  DMPs are flexible arrangements and can usually be altered if your financial circumstances change. As with the initial set up your debt management company can negotiate any alterations to your plan.

Professional debt management company in the UK

Based in North West England, Spencer Hayes provides a specialist debt management service to individuals throughout the UK.

To find out more about how debt management companies work and how we can help you call us on 0800 028 422. Alternatively complete the enquiry form and we will give you a free call back.

More information

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