How to Consolidate my Unsecured Debts:

If you are stuck with the heavy unpaid debts then you should go for a Debt management plan. Debts make out financial life worst, it is very necessary to clear them as soon as we could. If you are overburdened with unpaid debts like utility bills, medical bills, and credit card bills, or any other personal loan then a debt consolidation plan is the right choice for you. Under the debt management plan you can consolidate all your debts very easily by paying just one monthly installment to the single lender. Everyone Finance provides you this ultimate service in which you can consolidate all your debts and all the things will be negotiated by us on your behalf.

Most of the lenders charge a very high rate of interest and other fees on credit card debts or other unsecured debts mainly case of nonpayment so debt management program is the best way to avoid those charges and high-interest rates instantly.

Debt Management Plan

Now no need to worry about your unpaid debts, even if you are occupied with many creditors then also you can live a debt-free life. Everyone Finance offers you free debt plans and cheap settlement options.

You can get various advantages with our free debt management plan:
You only need to pay only a single payment each month which will set according to your paying capacity.
All your creditors will be handled by Easy finance and we will do the settlement after considering all your financial conditions.
Once you are ready with the deal that very moment you can feel free from unwanted creditor calls.
Self-employed, State benefits, JSA, housewife acceptable for debt settlement plans.
No guarantor, No Broker Fee, Free exit any time.

You will get complete support and free advice from our expert debt advisers if you have any queries related to the debt problems.
You will get rid of unwanted creditor's phone call for the payment, once you fix up with the debt management plan.

What is Debt Management?

It is a process in which a debtor and a creditor agree with the borrower's debts list. This management scheme helps the borrower to overcome his debts. In this, creditors merge all the debts of debtors and secure them on a lower rate of interest. When the rate of interest comes down, the term of the loan increases. So, debt or loan management is a process of debt consolidation. Which helps a borrower to manage his lifetime debts. This management of debts is a process for all those borrowers who struggle to pay off their loans on time. They skip their payments and sometimes default on their debts. You can always consolidate your debts with Debt consolidation loans.

How do debts management plans help?

The economy of the country depends on the citizens of the nation. So even the government has run many debt management schemes where debtors get benefits. Some independent lending institutions also process management of debt programs. People take different types of secured and unsecured loans in their life. Sometimes they fail to make the payments. It ruins their credit scores and their credit rating keeps getting worse. They file for bankruptcy and insolvency. Such debt consolidation and management programs keep saving them. And they can maintain a good credit history.

How to go for debt management programs?

These programs are available online. People with heavy unsecured debts could apply online or they can approach lending institutions. They can check and analyze programs as per their financial situations. They can opt for the long term and low rate of interest. Or they can opt for the short-term and high rate of interest. They can compare with more than two debt managers. These management companies get regulated by law and consumer protection act. These laws help to protect the rights of borrowers and creditors. Before the management of debts, the debt manager checks the credit history of the borrower. And he decides to give him a quote to join all his debts. A borrower can also visit any credit counseling agency before seeking debt management.

Legal regulation for Debt management plans

In the United Kingdom, financial conduct authority controls the regulation of the management of debts. This authority may impose charges and fines for improper behaviors and conducts. And it establishes a protocol for loan management plans. In some places, a group of people can create some individual voluntary management. Which may help to consolidate debts and making debts management plans. It is a wise idea to opt for such management plans instead of drowning in the debt pool. Sign for a debt management plan(DMP) right away.

Become Free From Debt with A Debt Management Plan

If you're reading this, it's likely you're struggling to repay your debts and want to get out of this sticky situation. You might be under a lot of stress with notices and calls from creditors. However, it is possible to be free from non-priority debts like credit and store cards, overdrafts and personal by using a Debt Management Plan (DMP). A DMP allows you to repay your borrowing at an affordable rate and without tension or worry. Read to know how you can become free from debt faster…

What Is A Debt Management Plan And How Does It Work?

To understand what a Debt Management Plan is, you need to first distinguish between priority and non-priority debts. Priority debts are those that may come in for legal action if not paid on time. For example,

Council Tax
Court Fines
Gas and power bills
Financial support for child and maintenance
Mortgage, rent or any secured loan against your home
Income Tax, National Insurance and VAT
Non-priority, on the other hand, are followed by less serious consequences e.g.
Student loans,
Credit cards,
Water charges

A DMP is an informal agreement between your creditors and yourself to clear non-priority debts on an immediate basis. You pay a single monthly amount that's divided among the creditors. A Debt Management Plan provider will manage your debts on your behalf. It's not legally binding, you can cancel the plan anytime you wish. How much you'll pay is decided by the debt counselor after taking into consideration essentials like mortgage, council tax bills and living costs. If your financial condition improves, you repay back and if you lose your job, you might have to pay nothing.

Can I Get A Debt Management Plan?

It's more a question of how much disposable income you have rather than whether you can get a Debt Management Plan or not. Generally speaking, you should fall into the following criteria to think of a DMP:
» Have enough income left after essential to make reduced monthly payments.
» Be able to clear your loans in a reasonable amount (your DMP provider will advise you regarding this.
» Don't have enough disposable income to pay off debts within six months.

Who Can Offer A Debt Management Plan?

Free debt advisers work with debt advice charities or firms to help people get freedom from debt sooner. They can arrange a Debt Management Plan which you can pay into. Advisers and counselors are highly trained and understand all types of financial circumstances. If you can afford, there are also paid DMP providers but check for their FCA authorization beforehand.

How Does A Debt Management Plan Affect My Life?

A Debt Management Plan is helping you manage your debts and creditors more easily, so it's a good thing. A DMP can have good and not-so-sweet effects on your personal and financial life. Let's take a look…
Good Effects
Reduction in Stress Level: You make lower payments to creditors than what you had agreed at the time of signing on the dotted line. Also, it's a great burden off your shoulders to have a trustworthy person dealing with creditors for you.
Protection: When you apply for a Debt Management Plan, it shows creditors that you're making a proactive effort to turn your finances around. So, they're less prone to taking legal action against you. Healthy Finances: A DMP provider can make your finances healthy and clear you from debt.
Although the benefits far outweigh the downsides, it's important to be aware of them…
Not-So-Sweet Effects
Paying more Interest is possible: As interest rates are calculated on a daily, monthly or yearly basis, you may end up paying more in interest if you extend the term of your loan. Yet, lenders may agree to freeze charges and interest rates during your Debt Management Plan.

Reduction in your Credit Rating: A slight reduction in your credit score can't be discounted, but it's better for the long run than getting into serious issues with lenders.

Getting a Default: Creditors may agree to a DMP, but may record a default on your credit file for reduced payments.

DMP providers' Fee: You may have to pay a fee. You can always go for free or charity debt advice and DMP providers. Paying Off Priority Debts: You have the backing of a Debt Management Plan provider for non-priority debts only. You'll have to deal yourself with creditors of priority debts.

How Does A Debt Management Plan Affect My Spouse?

You can include any non-priority debts of your spouse in your DMP. Creditors may still contact them, so set up a joint Debt Management Plan. This can be done even if your partner earns a different level of income and has debts not shared with you.

How Will A Debt Management Plan Affect My Credit Score?

When you apply for a loan with lenders, they'll calculate your credit score with the help of your credit report, application details and other history (if you've already borrowed from them earlier). Frankly, the higher the score, the better are your chances of getting approval. Those who opt for a Debt Management Plan have problems managing their debt which shows on their credit file in the form of reduced payments. Lenders refuse or avoid high-risk applicants. Thus, if you apply for credit while on a DMP, you may not be that successful.

How Long Does A DMP Show On My Credit Report?

Debts, whether paid off or defaulted, stay on credit reports for a maximum of six years. A DMP means you take longer than expected to repay your loan, thus further denting your credit score. That you're managing your debts with such a plan and advisor obviously won't show on your file. But, creditors usually add a DMP ‘flag' to their accounts so that anybody knows you're keeping to the agreement.

How Can I Improve My Credit Score After A Debt Management Plan?

Your Debt Management Plan will end one day. Once this happens, you can close paid off accounts and start making full repayments again. It takes time for your score to improve. Lenders pay less attention to a DMP as the years go by.

How To Set Up a DMP

Separate priority debts from the non-priority ones
Decide whether DMP would be right for you
Make a budget
Think whether you want a free or paid DMP provider
Choose a DMP provider

Complete our 1-minute no-obligation form and we will show you how you can easily remove all unsecured debts with a very affordable single monthly payment. Request your free quote and free debt advice and start free debt management programs!

Our REPRESENTATIVE APR for unsecured loan is 13.8% (variable). We provide unsecured personal loans from £500 to £100000. TYPICAL example: if client borrow £5500 for tenure of 72 Months at yearly interest of 8.8% means he will repay £115.33 every month and total payble amount will be £8302.58

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