Debt Management

Are you finding your personal debts piling up, and not sure where to turn, you should consider using a debt management plan (DMP)

A DMP is an informal arrangement between you and your creditors that is administered by a licenced Debt Manager.

KMS are not Licenced Debt Managers, but we have a strong and personal contact with a Local Debt Management agency who is licenced and can help act as your Debt Manager to help you get back on track with a DMP

Ways they can help you could be.
 

• Help you stop debt recovery actions – reducing further stress and worry
• Try to freeze interest and charges on your debts – so that you don't fall into further debt
• Negotiate with your lenders to try to reduce your monthly payments on your unsecured and non-priority debts

 IMPORTANT NOTES

• Whilst lenders are not obliged to freeze interest and charges in 89% of current cases this company confirm who they have referred to them they have done so*. Where a lender does not freeze interest and charges the amount you owe and the period over which you repay that credit account may increase, though we will continue to request interest and charges be frozen once several payments have been made to your DMP.
• Whilst entering into a DMP can adversely affect your credit rating it is our experience that those who approach us already have an impaired credit record. By entering into a DMP you will be showing your creditors that you are taking a responsible attitude to resolving your financial problems and this could help you in the future.
• With your permission they will pay for a copy of the Experian Credit Report for each signatory to the Debt Management Agreement and provide an assessment of the impact of the DMP on your individual credit file. They will also match the information on your file to that on your Client Financial Planner to improve the accuracy of our initial statement of affairs that they issue to you.