A debt management plan is an informal payment arrangement between your client and their creditors. It is not binding or contractual, and they can stop at any time.
With recent world financial events heavily publicised, it isn't difficult to understand that with the absence of funding liquidity, intermediaries have to find other ways to help their clients manage their monthly finances better. Financial instruments such as DMP's are now acceptable solutions to have a positive effect on your clients finances.
Your client may:
have fallen into mortgage arrears, and have large amounts of unsecured debt
be facing repossession
be coming to the end of a fixed rate mortgage, and realise that previous surplus funds are no longer adequate to cover unsecured debts
be relying on credit card balance transfers to cover their living expenses
not be aware that some credit card balances are being automatically reduced
be unable to source any sub-prime lending products
have experienced a drop in their house prices, and subsequently have less LTV available for re-finance
have a maximum offer that doesn't fully cover their consolidation requirement
The process:
Provide us with your clients name and number
We'll call them and build a DM plan that suits their circumstances
We'll email you the pre-completed pack for your client to sign
Send the pack back to us, we'll collect their payment and send your 60% commission
What happens next...
We'll contact all their unsecured creditors to renegotiate their payments
In most cases we will ensure their creditors freeze the interest on outstanding accounts
Your client makes their first payment to us 4 weeks later and we take over all payments direct to their creditors. Your client can look forward to a more affordable future.
Debt Management needn’t be confusing... just ask an expert.
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