Debt Management
If you’re struggling to keep on top of your debts and want to streamline the payments to your creditors we can help. When you sign up to a debt management plan with Baker Financial, you will experience almost immediate benefits.
- Reduced monthly debt payments - pay only what you can afford!
- One single, affordable payment
- Further interest & charges may be frozen
- Confidential one-2-one advice
- Dedicated, friendly advisors - One point of contact for all your debts!
Start dealing with your debt problems today. Our experienced debt management specialists are available now on 0845 094 2331 should you wish to discuss your financial situation; alternatively you can contact us by completing the enquiry form on this page.
Is a debt management plan right for me?
When you contact a Baker Financial debt management consultant, they will establish whether or not debt management is the right course of action in your situation. Once you give them all the facts, including your individual circumstances, requirements, needs and budget, they will be happy to advise you on the logical next step in managing your debt.
After gathering all the facts you will be in a much better position to make an informed decision about your debt, allowing you to feel more confident about your financial future.
You may also be interested in:
Debt Management Guidance Part 1
Debt Management Guidance Part 2
Debt Management Guidance Part 3
Debt Management Guidance Part 4
Do I qualify for debt management (DM)?
Whilst everyone’s situation differs, a DM plan does have certain criteria which must be met:
- Debts over £3,000
- 2 or more creditors
- Earning some form of income
- Struggling with debt repayments
If you can answer yes to the above criteria then its very likely we can help!
Can I afford a debt management plan?
Our debt advisors will consider your disposable income when calculating the amount of debt you are able to pay to creditors each month. Your disposable income is the amount of money you have left from your net income after bills, living costs and priority debts have been paid.
The total you have left is your disposable income, and this is the amount available to creditors. Our debt management specialists will take this figure into account when constructing your debt management plan, ensuring that no matter how much you owe, you will still be able to afford all your basic living expenses.
Will I have to take out a loan for debt management?
No. The main purpose of a debt management plan is to enable you to make one monthly, affordable payment to your creditors without increasing your debt with further borrowing.
It goes without saying that reducing monthly payments of your debt will extending the loan term and more than likely lead to an increase in the overall debt (similar to a consolidation loan), it should be noted that entering into a debt management plan may impair your credit record.
Will debt management affect my credit?
If you are seeking help with debts because you've already missed payments to your creditors, then it's unlikely that a debt management plan will affect your credit rating any further.
If you have no missed payments, and you are applying for debt help in anticipation of missing payments then your credit may be affected. When a new debt management plan is arranged, it is often the case that existing agreements between you and your creditors are interrupted as well as reduced, and this may result in defaults being logged in your credit file. This is not always the case, but it is a necessary consideration.
