Debtcare Management Limited

Debtcare Management Ltd is a small and friendly debt consolidation company. We work with your lenders and can often freeze your interest and charges, then reduce your debt down to one affordable monthly payment.

How does a Debt Management plan work?
A Debt Management plan works on the principle of paying your creditors with money that you have, not “borrowing off Peter to pay Paul”, or paying those “that shout the loudest”.

Every client is taken through details of their monthly income and expenditure to ascertain the ability and commitment to confront their financial predicament. A brief history is taken to find out how the situation arose in the first place and how it can be managed in the future.

Details of the client’s creditors including Priority debts are also taken and from this a greater understanding of how to manage the client’s expectations is obtained.

After an income and expenditure sheet is completed, the client is left with a disposable income. This is then divided on a pro-rota basis according to the balances.

What does a Debt Management Plan entail?
After taking into consideration each client’s individual circumstances, an amount that the client can comfortably afford will be reached. They will then be asked to sign a Standing Order Mandate for the sum as agreed and an Authority to Act instruction. This allows Debtcare Management Ltd to work on behalf of the individual and deal with the creditors direct. Once the client has returned this and details of all the creditors they have, Debtcare Management will then write to each company with details of the offer of repayment. They will also work to get interest and late payment charges stopped where possible.