Don't struggle with debt, get Debt Clever
Pay back what you can afford…
Are you struggling to keep up with your unsecured debt repayments?
Feel like your creditors are always hassling you for a payment or charge?
Do you want to pay one single, smaller, affordable repayment?
How to get Debt Clever
Complete our short online form
One of our experts will discuss your options
You are on your way to becoming Debt Clever
You can get free and impartial debt advice by visiting Money Advice Service, an independent service set up by government. For information about dealing with your creditors in England and Wales published by The Insolvency Service please click here.
Advantages of Debt Management
- Your monthly repayments may be reduced to a level you can afford
- We are usually able to freeze interest and charges on your debts meaning it takes less time to clear your debts than if interest continues
- We can usually agree to vary your payments if your circumstances change
- You make a single monthly repayment to us and we deal with your creditors
- Please refer to the disadvantages on the above tab
Disadvantages of Debt Management
- As you are making reduced payments you may be paying your debts off for a longer period of time
- Creditors may not always accept reduced repayment proposals or freeze interest however we have an excellent success rate of over 90%
- Your credit rating will be affected in the short to medium term, and credit reference agencies may maintain this information for 6 years
- You remain liable for the debts until they are repaid in full and creditors may continue to pursue collections actions including the possibility of default notices
- Some other solutions may be more suited for you such as Bankruptcy, an IVA or even a consolidation loan. If you are a Scottish resident you may consider other options such as a Trust Deed or a DAS. We recommend you consider all of your options carefully
What are the Costs of a DMP?
Our fees are included in your new ‘Monthly Management Plan Payment.’ There is no need to worry as we will never ask you for additional fees or charges. Our usual costs for arranging and managing your ‘Debt Management Plan (DMP)’ are 17.5% of each your ‘Monthly Management Plan Payments’. *1
We will outline all costs of a DMP clearly in advance of any charges we make. We always aim to operate in a transparent and fair manner. As the length of every DMP will depend on a number of factors we provide a forecast of our fees in advance. Once you are on a DMP we provide an annual statement detailing all fees paid to date along with an estimate of the remaining term of the DMP and a forecast of all future fees for the remaining term of the DMP.
Every 12 months we perform a review of your circumstances and provide you with information on the DMP and all other appropriate debt solutions.
Typical Costs of a DMP
Example A - If You enter the plan with £15,000 of debt and your agreed ‘Monthly Management Plan Payment’ is £300 per month, then our ‘Negotiation and Management Fee’ will be 17.5% of £300 which is £52.50 for every month of the plan.
It will take 61 months to clear your debt and complete the DMP and the total Negotiation and Management fees charged over the 61 months will be approximately £3,203.
Example B - If You enter the plan with £5,000 of debt and your agreed ‘Monthly Management Plan Payment’ is £100 per month, then our ‘Negotiation and Management Fee’ will be subject to our minimum fee of £39.99 unless this minimum fee prevents us from distributing 50% of your ‘Monthly Management Plan Payment’.
It will take 84 months to clear your debt and complete the plan and the total Negotiation and Management fees charged over the 84 months will be approximately £3,360.
Example C - If You enter the plan with £5,000 of debt and your agreed ‘Monthly Management Plan Payment’ is £80 per month, then our ‘Negotiation and Management Fee’ will be subject to our minimum fee of £39.99 unless this minimum fee prevents us from distributing 50% of your ‘Monthly Management Plan Payment’.
It will take 125 months to clear your debt and complete the plan and the total Negotiation and Management fees charged over the 125 months will be approximately £4,999.
All examples assume interest and charges are frozen in month one of the DMP and you make consistent payments each month without varying the amount. A scenario in which our ‘Negotiation and Management Fee’ would be discounted is if in a single month you are unable to make your full ‘Monthly Management Plan Payment’ and make a single monthly reduced payment of £50 we will in this case discount our ‘Negotiation and Management Fee’ to £25 to ensure 50% of your ‘Monthly Management Plan Payment’ Is distributed to your creditors.
*1 For more information on our fees please take time to read our terms of business carefully.
Credit Today Awards 2016
Valour Finance Group scores Triple Award Nomination Valour Finance Group has been nominated for three top industry accolades. We are proud to announce we have been shortlisted for a hat-trick ...