Frequently asked questions

How does a debt management plan work?

Debt management is a process where we help you manage your finances. It involves us negotiating with your unsecured lenders, offering them lower payments that you can afford without using money you need for essentials like your mortgage / rent and food bills.

Your unsecured lenders don't have to agree to the reduced payments being proposed, so we'd need to show them that it's the best way for you to repay your debts.

Before we can propose those lower payments, we'll need to go through your income and expenditure with you. We'll need to know what you can afford and how much you owe (and to whom) so we can figure out a fair, acceptable way of dividing the available money among your creditors.

Why would lenders accept lower payments?

Your lenders would prefer you to repay your debts as you originally agreed, but if this just isn't possible, they tend to appreciate that accepting lower payments is the best way forward.

After all, banks, credit card companies and other lenders can usually see that receiving lower, more dependable payments is generally better than insisting on higher payments which a borrower has no chance of making.

Can't I organise a debt management plan on my own?

You can. You can work out your income and expenditure, draw up a repayment proposal, negotiate with your creditors and make all the payments yourself.

A lot of people go to a professional debt management company because of the amount of work that's involved in doing all that, or because they're not on good terms with their creditors, and they've realised they need professional help managing their debts.

Plus, what if their circumstances change again and they can't keep up with the payments their creditors have agreed to? Every one of our clients gets their own dedicated Personal Finance Manager to help them make their debt management plan a success - someone who can renegotiate the terms of their repayment plan as often as necessary.

Isn't debt management the same as a debt consolidation loan?

No. 'Management' means an agreement with your lenders - debt management plans are new repayment plans organised with (or without) the help of a professional debt management company.

This doesn't involve borrowing any more money at all. So it can be a particularly valuable option for people whose credit ratings aren't as good as they could be.

Debt management plan

If you're a resident of Ireland and you can't afford your monthly debt payments, we could help. We could bring your payments back down to a level you can afford, so you can clear your unsecured debts at a realistic rate - without using money you need for essentials like utility bills, food and clothing.

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