What is Debt Management?
Debt Management is an informal agreement negotiated by Chase Debt Solutions.
The aim of Debt Management is to help you clear your debts at a reduced level over a fixed period of time to help you make a fresh start with your finances.
Who can debt management help?
If you are unable to pay all of your debt repayments each month, but are able to pay some, debt management can help.
Debt Management involves a non-legal agreement. This means ...
- there is no contract putting their property at risk
- it does not involve expensive lawyers
- it allows greater flexibility with the level of payments should your circumstances change
How does debt management work?
Here is a step by step guide.
- Your Chase Debt Solutions adviser will carry out an assessment of your financial situation and debts. This information is used to calculate how much you can comfortably afford to pay each month out of your disposable income.
- Once this amount has been agreed, Chase Debt Solutions approach your creditors to negotiate for reduced payments. Most creditors are happy to agree because they know from experience that offers from Chase Debt Solutions are fair and realistic.
- You then make a single monthly payment which is distributed to your creditors.
- Throughout the duration of your Debt Management Plan you can contact Chase Debt Solutions at any time if you are experiencing difficulties. If your financial situation changes, we have the flexibility to be able to renegotiate payments on your behalf.
- The Debt Management Plan will be reviewed at regular intervals to check that it still meets your circumstances.
- The plan will continue until your debts are cleared or until you wish to voluntarily end the agreement.
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