How We Can Help
A Debt Management Plan from ‘Debts on ICE’ allows you to repay your debts at a level you can realistically afford once you have met normal living expenses. Licensed by the Money Advice Trust (backed by the British Bankers Association and the Finance and Leasing Association) Debts on ICE operate within guideline figures specified by the Trust to ensure that Debt Management Plans are accepted by all major lenders and credit card providers.
Benefits of a Debt Management Plan
The 7 key benefits of a debt management are:
- Just one affordable monthly payment to make. No more juggling payments in an attempt to keep chasing creditors at bay. We look after all negotiations distribute payments to your creditors on an equitable basis.
- Freeze Interest and Penalty Charges. We will provide professional representation to ensure the most favourable terms are achieved so that your payments go towards reducing your debts rather than being swallowed up in interest charges.
- Stop unwanted letters and telephone calls. You can refer letters and phone calls to us and we will deal with all of your creditors, collection agencies and solicitors.
- Avoid Court Actions and Bailiffs. Debts on ICE are a recognised Debt Management company and most lenders prefer to be receiving regular payments via DM Plan rather than pursuing legal alternatives.
- Reduced Final Settlements. Our professional negotiators will achieve the best possible reduction of outstanding balances for clients who find themselves able to raise sufficient capital to clear outstanding debts.
- Flexibility. We monitor your Debt Management Plan If your circumstances change, you may be able to lower or raise your payments accordingly or decide you no longer need our services. There is no binding contract.
- Affordability. No more struggling to find money you have not got.
Important Information About Debt Management
It is important to remember that a plan can only cover unsecured debts. Initial debt advice is free but fees are payable if a debt solution is agreed.
A key benefit of the Plan is the ability to only repay what you can afford each month. A consequence of this is that it will take longer to repay your debts, and there is no legal obligation for creditors to agree to freeze interest and charges. Incorporated within a fully tailored Debt Management Plan allowances will be made to discharge secured and priority debts.
Other key points to consider include the following:
- Our initial advice on Debt Management Plans is completely free. Fees may apply thereafter depending upon the debt solution entered into
- Consumer Protection (Distance Selling) Regulations 2000 you may cancel the DMP at any time. You will also have a cooling off period of seven working days from the date the DMP commences, during which you may cancel in writing and receive a refund of the initial fee paid to us.
- You must make sure that you continue to make your payments in full towards any mortgage, other secured loans, your utility bills and Council Tax payments. However, we will take these payments into account when we work out your disposable income in the DMP.
- ‘If your circumstances change in the future, you will need to contact us and discuss your situation in order that we can either modify the plan or ensure that you have the right solution for your particular circumstances.
- You can also view a free publication from The Insolvency Service ‘In Debt? Dealing With Your Creditors’ which provides an overview of some of the debt solutions that may be available.
- Your credit rating and ability to obtain credit will be affected in the short term, and possibly in the medium to long term though your credit rating may already be affected if you have missed or made late payments.
