What is Debt Management?

A debt management plan is a straightforward, easy way of reducing your monthly payments to your various creditors without having to take out further borrowings or even having to take more drastic action such as an Individual Voluntary Arrangement or bankruptcy.

At Whittaker Bell, we operate on an informal basis with your creditors to arrange a single, more affordable payment on your behalf. Every month, we distribute that money fairly between your different creditors on a pro rata basis and attempt to negotiate the freezing of all interest and charges so that what you pay is actually coming off the capital balance of your account.

By reducing your payments to your creditors, it is likely that you will receive several letters and telephone calls in the short term. At Whittaker Bell, our dedicated customer service team is always on hand to deal with any correspondence for you and help to ease the burden of your financial difficulties.

We’re here to help you

People find themselves in debt for all sorts of different reasons, from losing a job, to simply poor budgeting. Once in debt, people often feel that there’s nowhere to turn, and nobody to talk to and often find themselves making the problem worse by continuing to borrow. At Whittaker Bell we believe that a professional, tailor-made debt management plan delivered by a team of highly trained debt advisors is by far the most effective way of helping you to repay your debts and to put your financial worries behind you.

From your initial call until the point when your debt has been completely repaid, Whittaker Bell is here to help you manage your finances.

At Whittaker Bell we will:

-   Arrange a single, more affordable payment for you based on your incomings and outgoings
-   Attempt to negotiate the freezing of all interest and charges on your accounts
-   Deal with all correspondence and telephone calls from your creditors
-   Review your account at least every 6 months to ensure your affordability
-   Offer different products and services for you if other options present themselves
-   Provide advice on good budgeting

Advantages of Debt Management

One, Lower Payment – payments are based on your disposable income after paying for  essential bills such as rent and food.

No need for creditor contact – you can advise your creditors that Whittaker Bell are dealing with your finances and to refer correspondence to us.

Flexibility – your payment is not fixed and can be reviewed up or down to suit your circumstances.

Keep Control of your Assets – unlike secured borrowing, your house cannot be repossessed if you do not keep up with payments.

No need for Legal Proceedings – Debt Management is an informal arrangement and as such does not need to involve the court like an IVA does.

Professional Service - For a monthly management fee of 17.5%, all of your debts can be managed by a professional organisation who specialise in dealing with creditors and working on your behalf.

Disadvantages of Debt Management

Timescale – by reducing the amount you are paying towards your debt, it may mean paying your debt back over a longer period.

Credit Rating - as you will not be keeping up with your contractual payments, your credit reference file may be affected and make it difficult to obtain further credit in the short to medium term.

Creditor Contact - you may find that creditors will continue to send letters and bills directly to you until the plan is fully up and running.


For a no obligation telephone consultation, call us FREE on 0800 622 6480

Subject to status. Conditions Apply. Repaying debt over a longer period may increase the total amount to be repaid
Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term. Fees payable.