CALL NOW 0800 096 1711 Contact Us DEBT TEST

Debt Management Plans

This content is provided by Baines & Ernst - Part of the Paymex Group who specialise in Debt solutions

Take the Express Debt Test Now to find out if debt management could be the right choice for you.

The criteria for a Debt Management Plan:

  • Two or more creditors

  • More than £2000 of unsecured debt

  • Minimum disposable income of £100

  • Proof of employment

How a Debt Management Plan could help you

Baines & Ernst, provide successful debt management plans to help alleviate your financial issues. Debt Management Plans can be an effective way to alleviate your financial problems.

The Debt Management Plan allows you, subject to creditor agreement, to pay off a portion of your debts every month in affordable amounts. Additionally, because Baines & Ernst have a lot of contacts within the industry they will request interest and charges to be frozen which is successful in 84% of debts they manage*.

Baines and Ernst offer a full service to help you through this time of need and their staff are ready to take your call any time. Debt management plans are unlike an IVA in that there is no legal agreement between you and your creditors. Your Debt Management Plan is fully flexible and can be altered at any time to suit your changing circumstances. A Debt Management Plan is not legally binding and can be cancelled in writing at any time.

For more information on debt management plan or for debt advice, request information online, or give Baines and Ernst a call on 0800 096 1711.

Repaying debt over a longer period may increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.

Key Information and Fees – Debt Management Plan (DMP)

At Baines and Ernst we’re committed to providing the highest standards of customer service at competitive rates. For information on our fees for our full range of services, please click here.

When you first apply for a Debt Management Plan (DMP), you will pay an initial fee to us for negotiating with your creditors and for managing the distribution of your monthly payments. This initial fee is paid before any payments are paid to your creditors, therefore you may fall behind (or further behind) with your creditors. This stage of the DMP will result in you not making the contractual repayments on your unsecured debts and will affect your credit rating in the medium to long term; however you can continue to make token payments to you creditors during this period if you wish.

However, your credit rating may already be affected if you have arrears or a history of missed or late payments. A record of your agreement with us will be held on your credit file for up to six years after you complete the plan.

Please note that due to lower repayments under the DMP, unless your creditors agree to freeze or reduce interest and other charges (which they are not obliged to do), then there will be an increase in the total amount of debt to be repaid and the time taken to pay off the debts.

Although you may become debt free at the end of the DMP period, if a Default Notice has been issued, it will still appear on your credit record for 6 years.

In line with the Consumer Protection (Distance Selling) Regulations 2000, you may cancel the DMP at any time. You will also have a cooling off period of seven working days from when the forms are signed and returned to us, during which you may cancel in writing and receive a refund of the initial fee paid to us.

You must make sure that you continue to make your payments in full towards any mortgage, other secured loans, including utility bills and council tax payments. Baines and Ernst will take these payments into account when we work out your disposable income in the DMP.

You can also view a free publication from The Insolvency Service ‘In Debt? Dealing With Your Creditors’ which provides an overview of some of the debt solutions that may be available to you.

 







I have read and accept the Privacy Policy

* All our products and services are subject to status and acceptance and Terms and Conditions apply. Debt write-off applies only to debts included in the IVA, where an IVA is approved by creditors, adhered to and usually at the end of 60 months. Percentage debt write-off and monthly payments will depend upon individual circumstances. Failure to adhere to an IVA can result in bankruptcy. An IVA will affect your credit rating for up to 72 months after completion. Fees payable out of your contributions to your IVA before creditors receive payment and will be notified in advance. Homeowners may be required to remortgage after 4 years. Your ability to obtain credit will be affected in the short to medium term. Fees apply. Calls may be recorded and monitored for quality assurance. To protect our clients confidentiality, their names, ages and occupations have been changed, and actors photographs have been used. Alternative solutions may be offered. If the solution provided involves repaying the debts over a longer period and interest and charges are not frozen then it may increase the total amount to be repaid.
* Blair Endersby Ltd: Registered Office Address: 8 St John Street, Manchester, M3 4DU. Registered in England and Wales: 3849301: Consumer Credit Licence Number:480389, VAT Registration:927234914: Data Protection Registration No Z8891939:  – Blair Endersby is part of the Paymex Group.
Blair Endersby is a sister company of Baines and Ernst Debt Solutions Specialists

† Calls are free if made from a BT landline. Calls made from mobiles and other networks may be charged. Please check with your service provider. Mobile phone users may find it cheaper to call 0161 656 7702.