You could pay less every month and still reduce your debts! *

Debt Management Plans allow you to consolidate unsecured debt repayments into one, more manageable monthly payment – helping to make debt repayments less stressful.

If you’re finding it harder and harder to meet debt repayments, we will arrange negotiations with your creditors on your behalf and secure a more affordable repayment rate for you.

Getting stressed out by creditors demanding repayment?

If you decide to proceed with a DMP, Baines & Ernst will contact creditors to negotiate lower repayments on your behalf and request that interest and charges are frozen. They will also arrange distribution of payments to creditors included in the plan and handle all creditor phone calls and letters – making the process of dealing with debt less stressful.

As part of one of the biggest groups in the financial solutions sector, Baines & Ernst has forged excellent relationships with a large number of creditors – putting them in an excellent position to negotiate on your behalf. They will also strive to freeze interest and charges; however creditors are not legally obliged to do so.

A Debt Management Plan is not a formal agreement – making it a flexible debt solution. If your circumstances change and you want to repay more each month and clear your debts in a shorter amount of time, no problem.

DMP qualifying criteria

• Owe to two or more creditors
• Unsecured debts from £1,000 or more
• A minimum disposable income of £100 after paying monthly bills
• Proof of income

How to start a DMP

To make sure a Debt Management Plan is the best debt solution for you, an advisor will complete a thorough evaluation of your current situation including your income and outgoings. If you qualify for a DMP, and want to proceed with a plan, creditors will be contacted to negotiate a repayment rate that’s more affordable for you and request that interest and charges are frozen.

You will have to provide information relating to creditors and debts owed. An advisor can arrange for a home representative to visit you and collect the documentation.

Debt Management Plans: what you need to know

* The success of a DMP application depends on the personal circumstances of the person applying for the plan and on creditor agreement. If you repay your debts at a reduced rate, it’s worth noting that it could take you longer to repay these debts, but you will have the reassurance knowing that you are working towards clearing your debts at a pace you’re happy with.

In 84% of debts Baines & Ernst manage, we freeze interest and charges; however creditors are not obliged to freeze these additional fees, which could increase the total amount owed. Your credit rating will also be affected, which means you could find it difficult to secure credit in the future.

Call us today on 0800 015 3135† to find out if you qualify for a Debt Management Plan.

Fees apply, which will be notified in advance. Further details regarding fees; terms and conditions can be found on the Baines & Ernst website.

As part of your enquiry, you will have a cooling-off period of 7 working days from signing and returning your Client Information Form. All payments made will be refunded, and your application closed. If for any reason your application does not succeed, alternative options may be offered to you without any obligation.