Debt management plans are useful if:
You can arrange a plan with your creditors
yourself or through a licensed debt
management company for
a fee. If you arrange this with a company you
make one repayment to the company and
they divide the
money to your creditors.
One affordable payment to the DMP company
Payments can increase or decrease depending on your situation.
Creditors can sometimes freeze interest however they do not have to do so.
Certain organisations will do this free of charge you can contact the MAS for more information on this.
For the DMP to be effective all creditors must agree to the arrangement offered.
Most providers will charge for this service (Management fees are generally 50% of the first 6 months of payments and a monthly fee on average of £38 per month.)
Interest and charges are not guaranteed to be frozen.
Your credit rating will be affected.
The Money Advice Service is an important service set up by the Government. They provide free debt counseling, debt adjustment and credit information.
Loans & Overdrafts
Catalogue and Store Cards
Rent, Gas and Electricity arrears
Council Tax Arrears
SPEAK WITH THE TEAM TODAY OR USE ONLINE TOOL TO CHECK IF YOU QUALIFY
0161 519 5510
New Leaf Debt Advice Limited Registered Office Onward Chambers, Centenary House, 1 Centenary Way, Greater Manchester, M50 1RF, United Kingdom. Registered in England and Wales Registration number 12203002.Data Protection Registration Number ZA549249
Trading address- 50 Barton Rd, The Granary, Worsley, Manchester M28 2EB
Laura Stewart is authorised to act as an Insolvency Practitioner in the UK by The Insolvency Practitioners Association (IP Number 23590) Learn more: https://www.insolvencydirect.bis.gov.uk/fip1/Home/IP/23590
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
New Leaf Debt Advice provides insolvency solutions to individuals, specialising in IVA. Advice and information on alternative options will be provided following an initial fact find where the individual(s) concerned meets the criteria for an IVA and wishes to pursue it further. All advice given on any alternative options is therefore provided in reasonable contemplation of an insolvency appointment.
The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more visit www.moneyadvice.org.uk