If you find you’re always making the minimum repayments toward your debts each month, or even if you’ve missed a few payments, debt management is the answer to your debt worries. If you always check how much money you have left to spend before you reach your overdraft limit, or even screen calls to check your creditors aren’t calling you to ask for money, you will no doubt be stressed and feel like your debts are out of control. Before your debt situation becomes worse, consider engaging in a debt management plan. A debt management plan is a flexible and non-legally binding plan which is put in place to help you control your debts. It involves one affordable monthly payment that goes toward all your unsecured credit. As well as paying this fee each month to take care of all your accounts, the interest and charges are frozen on each debt, meaning that your payment goes toward paying off the capital debt that you owe. If you have missed payments, or are only making the minimum required payment toward your debts, you will know that paying the smallest accepted payment when dealing directly with your creditors doesn’t even pay off the interest accrued in most cases. Initially, a qualified financial adviser at Sterling Green will chat to you regarding your situation and will establish what you are currently paying toward your debts, and what you can actually afford to pay. When an affordable monthly figure has been reached, the adviser will then tell you how long it will take you to become debt free, and how much we can save you each month. After you are happy with the arrangement, documents will be sent to you to fill in and return, and Sterling Green will assign you a personal finance manager who will look after you for the duration of your plan. Your personal finance manager will be on hand to help you in any way regarding your debts, your creditors and your plan. They also offer a sympathetic ear and are always there to offer advice and support if ever you need it. They will communicate with the creditors on your behalf to get reduced payments in place for you. This means you will no longer have to answer calls from your creditors, or have any correspondence with them. Sterling Green will do all of that for you so you can relax, knowing that your accounts are in safe hands and your life is a lot less stressful! With the new payment arrangements you’ll have an opportunity to pay on time and build new, positive credit. The payment you make each month will be tailored to your individual needs and the payment date can be changed as and when it suits you. You can even pay in instalments throughout the month if this is easier. You can also reduce the monthly payment if you experience a decrease in funds, or increase your payment if you feel you can afford to pay more.
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