How do I apply for a Debt Management Plan?
Most people who struggle with debt start to wonder at some point if there is any way of reducing their monthly outgoings without seeing their debts increase via interest and extra charges. The good news is that there is a potential solution, and it’s one that isn’t difficult to find.
A Debt Management Plan (DMP) offers a way out of the debt spiral, especially if you’re struggling with non-priority debts such as credit and store card balances, personal and payday loans, catalogue payments and bank overdrafts. There’s no need to feel as though you have nowhere to turn.
If a DMP is right for you – there are alternatives such as a DRO, a Trust Deed or Sequestration – the next step involves the creation of an income and expenditure document. This will highlight how much you can afford to repay each month, leaving you with a reasonable amount of money for your usual living expenses.
Your monthly payment will then be distributed among your creditors. They don’t have to accept such an arrangement, but if they do you will then have the relative luxury of knowing that you can control your financial budget once again. Your credit rating will be affected, of course, but at last you’ll have some peace of mind at last.
Effective guidance right from the start
Your chosen debt management specialist will be able to guide you through the whole process, explaining every aspect of the DMP and offering all the advice and support that you could possibly need. It’s reassuring to know that you have specialist help from start to finish.
While some debt solutions will enable you to have your debts written off at the end, this isn’t the case with a DMP. It does, however, represent an opportunity to budget more effectively, to know what you’re paying and to see those debts reduce month by month, year by year.
If you’d like to find out more about a DMP and what it can do to help you, have a chat with the friendly team at BlueSky Finance. We’ve helped people just like you in the past, and we’d be happy to provide you with the same service. One call to 0141 488 2212 is all you need to start the ball rolling.
We look forward to hearing from you soon.