How to get a debt management plan

Action Plan:

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Action Plan Overview

If you feel beaten by your debts, don't despair; a debt management plan could help. We show you how to decide if this is the best way to get back control of your debts & how to make it work.

		a	Find out: What is a debt management plan?
		b	Find out: Would a debt management plan help you deal with your debts?
		c	Find out: What are the debt management plan pros and cons?
		d	Find out: What will happen if you arrange a debt management plan?

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		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn in bonuses?
		d	Find out: How much do you earn from overtime?
		e	Find out: How much do you receive in tax credits or benefits?
		f	Find out: How much do you earn in interest or dividends from savings and investments?
		g	Find out: What's your average monthly income?

		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Work out: How much do you spend each month?
		f	Work out: What's your disposable income?
		g	Work out: Do you spend more than you earn?

		a	Work out: How much do you owe in total?
		b	Work out: Can you afford to keep up repayments on all your debts?
		c	Decide: Do you need to cut back?
		d	Do: Start working to a careful budget
		e	Consider: How can you earn extra money?

		a	Find out: How much do you have in savings accounts?
		b	Find out: Are you paying more interest on your debt than you're earning on your savings?
		c	Decide: Should you use your savings to clear debt?
		d	Work out: How much of your savings should you put towards your debts?

		a	Do: Contact lenders if you're struggling with repayments
		b	Decide: Should you arrange a low rate credit card balance transfer?
		c	Find out: Can you cut your interest repayments using a credit card you already have?
		d	Decide: Should you consolidate your debts?
		e	Consider: Should you get a debt relief order?
		f	Decide: Should you arrange an IVA?
		g	Consider: Should you declare yourself bankrupt?

		a	Do: Speak to a free debt charity
		b	Decide: Should you consider a debt management plan?

		a	Do: Get help setting up your debt plan
		b	Do: Disclose all of your financial information to your debt advisor
		c	Do: Agree a monthly repayment for your debt management plan
		d	Do: Ask for the lenders to freeze interest payments
		e	Do: Ask lenders to reduce payments
		f	Find out: Will your creditors accept your proposals?

		a	Do: Start making payments if your debt plan is agreed
		b	Do: Inform your debt advisor if your situation changes
		c	Consider: What should you do if your debt plan is refused?
		d	Consider: Consider an IVA
		e	Find out: What should you do if your IVA application is refused?

		a	Do: Make payments on your debt plan as agreed
		b	Do: Speak to your debt advisor regularly
		c	Do: Review your situation once your debt is cleared
		d	Do: Check your credit report is updated once your debt plan is settled