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At My Debt Plan, we understand the challenges of managing multiple debts and juggling various payments. Our debt consolidation loans offer a practical solution to simplify your financial commitments. Let’s explore the ins and outs of debt consolidation loans and how My Debt Plan can help you take control of your finances.
A debt consolidation loan is a strategic approach to consolidating multiple debts into a single, manageable payment. Whether you’re grappling with credit cards, store cards, or personal loans, our tailored consolidation loans provide a viable pathway to financial stability.
To begin your journey towards debt consolidation with My Debt Plan, simply reach out to our team for a personalized consultation. We’ll assess your financial situation, discuss your options, and guide you through the application process with ease.
At My Debt Plan, we prioritize your financial well-being and provide expert advice to help you make informed decisions. Whether you’re considering a debt consolidation loan or exploring alternative solutions, our experienced advisers are here to support you every step of the way.
*based on the percentage of debt forgiveness upon completion.
Credit Score Pop Up Wording : An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.
IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.
For free, independent advice, you should visit to Money Helper via their