A Debt Management Plan (DMP) allows you to reduce the payments you make to your unsecured creditors to a more affordable level, if the original debt repayments become unachievable due to a change in your financial circumstances.Expert Debt Advice
Dealing with your creditors when you are behind with your monthly payments can be very difficult. They can often demand huge sums of money to stop further action and request that you pay over and above your original repayment to get back up to date. You may have many different creditors and feel like you are being buried under their never ending streams of letters and constant phone calls.
Allowing Clark Richards to set up a Debt Management Plan for you means that you don’t have to deal directly with your creditors. We will deal with all of your creditor post and respond where appropriate. Once arrangements are in place (around 6-8 weeks after making your first payment) creditors will stop calling you and most importantly a huge percentage of our debt management plans result in further interest and charges being frozen.
We achieve great success in getting debt management plans accepted with all the major creditors and we already manage over £52,000,000 worth of debts for people in the UK.
A debt management plan is only a suitable debt solution if you have money available to pay to your creditors after all your household and living expenses. One of our first objectives when providing you with debt advice would be to work exactly what you could realistically afford to pay to your creditors. Don’t worry if you feel that the amount you could afford to pay towards your debts is not a large amount, anywhere up to an 80% reduction in what you had originally been paying towards your debt could be acceptable.
Once we have worked out what would be an affordable amount to pay towards your debts, we would write to all of your creditors explaining that we have been instructed to deal with your debts on your behalf. At this point we would ask that they put a halt on any interest and charges whilst we put together a proposal for debt management plan. The debt management proposal would outline the reason for you struggling to repay your debts. We would also generate a detailed financial statement from information we collected from you, to outline your current priority commitments.
You would make one single monthly/weekly/fortnightly payment to ourselves and we would then distribute the amounts agreed direct to your creditors. We would send you a monthly statement by post or email outlining exactly what we were paying each of your creditors, so that you can keep a track of what you still owe.
The debt advice we offer is impartial and accurate. We would never recommend a solution that did not best suit YOUR circumstances. If a debt management plan turned out to be the best possible debt solution for you we would retain a small fee for managing the plan. The fee is relative to what you pay each month and is included in the amount that you can afford to pay each month, not added on top. Clark Richards will retain the first 2 payments into your management plan, this will cover the set up of the plan and your creditors will be made fully aware of this. The ongoing monthly amount charged is equal to 16.9% of your debt management plan payment. This is minimum charge of £34.50 per month and a maximum of £90.
If you feel that a debt management plan would best suit your circumstances and you would like to speak to one of our experiences advisors about how we can help with your debt then please get in touch today. You can call Freephone on 0800 988 3359 or complete our simple debt advice form…
Although a large percentage of debt management cases result in interest & charges being frozen, it can’t be guaranteed. All initial advice is provided free of charge & there is no obligation to use one of the debt solutions we recommend. If, however a debt solution is taken out, please be aware that fees will be charged – please read a full breakdown of our Terms of Business. We understand that charging fees to help you become debt free is not ideal, but we feel without charging a fee we would not be able to provide you with a quality service that will help you become debt free. We closely monitor other debt advice companies to ensure we remain one of the cheapest companies in the UK.
Please be aware that a debt solution may lead to an increase in the size of the sum to be repaid and may impair your credit rating and your ability to obtain credit in the future. You may be charged a fee if you decide to proceed with a debt solution. You should discuss any further fees or charges with the debt advisor that you are referred to. If you fail to maintain payments to an IVA you creditor may make you bankrupt. If you are a homeowner you may be asked to release equity in your property in order to repay your debts.
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Clark Richard’s may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from 05/08/2009.
What we collect – We may collect the following information:
“What we do with the information we gather” – We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:
“Security” – We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.
Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us. You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.
Links to other websites – Our website may contain links to other websites of interest. However, once you have used these links to leave our site, you should note that we do not have any control over that other website. Therefore, we cannot be responsible for the protection and privacy of any information which you provide whilst visiting such sites and such sites are not governed by this privacy statement. You should exercise caution and look at the privacy statement applicable to the website in question.
Tracking Code – www.clarkrichards.co.uk uses tracking code from the major UK search engines to work out how you found our site, what pages you visited and what facilities you used.
Controlling your personal information – You may choose to restrict the collection or use of your personal information in the following ways:
We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. We may use your personal information to send you promotional information about third parties which we think you may find interesting if you tell us that you wish this to happen. You may request details of personal information which we hold about you under the Data Protection Act 1998. A small fee will be payable. If you would like a copy of the information held on you please write to 3 Bailey Court, Green Street, Macclesfield SK10 1JQ. If you believe that any information we are holding on you is incorrect or incomplete, please write to or email us as soon as possible, at the above address. We will promptly correct any information found to be incorrect.
The agreement between you and us is made on the following terms:
“You” – Our client and partner where any of the debts are in joint names)
“Us” – Clark Richards Financial Management is a trading style of Complete Money Limited. Registered Office: 3 Bailey Court, Green Street, Macclesfield SK10 1JQ. Licensed by the Office of Fair Trading under Consumer Credit No. 609783 and FSA Registered under Reg. No.478215.
“Creditors” – Any and all of your unsecured creditors whose details you will provide to us in accordance with Section 3.
“Debt Management Program” – A plan of repayments produced by us in accordance with section 4.2
“Period” – The period which the Debt Management Programme is in operation.
“Fees” – The fees to be paid by you to us in accordance with the Debt Management Programme.
You request us and we agree to provide you with a debt counselling advisory and adjusting service in accordance with these terms and conditions. You authorise us to negotiate on your behalf with your creditors. This agreement shall continue until final repayment to the Creditors is made in accordance with the Debt Management Programme, unless it has been terminated beforehand in accordance with Section 6.
3 Your Responsibilities
3.1 You will provide to us on request information relating to your finances. This will include but will not be limited to details of your income and expenditure, your creditors and any agreements you have with them, any loans, or mortgages you have, your dependants and judgements’ made against you or any other enforcement action being taking against you.
3.2 You will sign any necessary forms of authority or any other documents so that we may negotiate with your creditors on your behalf and generally carry out our obligations under this agreement.
3.3 You will pass all correspondence from your Creditors to us and keep us informed of any dealings you have with any Creditors whether we are negotiating with them or not. Once the Debt Management Programme has been agreed, you will not make any expenditure over or above your reasonable living expenses as calculated in the Debt Management Programme. You will not use your credit cards, nor incur further debts.
3.4 You will consult with us in relation to your Debt Management Programme of repayments and in relation to any alterations to it or reviews of it. Your payments to us will need to be amended to reflect any reasonable changes which your circumstances dictate. You will make payments to us under and in accordance with the Debt Management Programme promptly and without and deductions.
3.5 On occasions your Creditors will not provide us with balances of your account due to their own company procedures. If these circumstances arise then you will obtain this information for us and supply us accordingly.
3.6 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of acquiring a loan, HP agreement, credit card or any other forms of credit.
3.7 Non contact from you will not be considered as cancellation of the agreement. If any funds are owing to you then written confirmation will be required to release funds owing to you in accordance with Section 6 of this agreement.
3.8 If you do not maintain regular payments we will suspend any action and payments on your account. Your creditors may have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action against you for which we cannot be held responsible
3.9 If you do not maintain regular payments we will suspend any action and payments on your You remain responsible for continuing to pay any secured loans, mortgages, or Hire Purchase agreements and all household bills (including insurances).
4 Our Responsibilities
4.1 We will review your finances, covering your income, expenditure, debts and assets. These must include all debts secured on property or goods, which we will take into consideration but cannot negotiate reduced payments on. We will calculate your disposable income based on reasonable living expenses.
4.2 In consultation with you we will produce a Debt Management Programme by which you can pay off your Creditors out of your disposable income at rates you can afford. The Debt Management Programme will let you make monthly payments to us and will take account of your Creditors and of our Fees. It will not take account of any matters you have not told us about in accordance with section 3. It will also take account of the differing requirements of your different Creditors, if there is more than one.
4.3 We will negotiate with your Creditors and attempt to agree repayment terms with them of the amounts outstanding. In doing so we shall use the Debt Management Programme and we shall ensure that the periodic payments that we agree with your Creditors on your behalf do not exceed your disposable income (less our fee) as calculated by us, for the same period.
4.4 We shall attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them. In rare instances County Count proceedings may still be actioned against you. In these cases we will assist in completion of all relevant paperwork as required. We can not guarantee to stop legal action by your creditors.
4.5 We shall make payment to your Creditors in accordance with the Debt Management Programme.
4.6 The payment made to your Creditors will be reflected on the statements you will receive from them. A full breakdown of all payments we have made can be obtained on request. On all Creditors accepting the offers of repayment we will issue you with a breakdown of these. In addition we will issue monthly statements showing all payments and receipts of your account.
4.7 Should your circumstances or any other relevant information change during the Period, we shall, in consultation with you and your creditors review the Debt Management Programme and if necessary shall make changes to it in agreement with you and any Creditors concerned.
4.8 From time to time your Creditors will request an up date of your financial situation. We will contact you to review your current financial circumstances and update your Debt Management Programme accordingly. To aid this process we request that payslips are regularly forwarded to us for review.
4.9 All payments to us will be made into our Clark Richards Limited Client Account. This account is separate to our own business accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest will be payable to you on funds that we hold. At times funds held for distribution to your Creditors will be classed as clients monies.
4.10 During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will however be paid off as part of your Debt Management Programme.
4.11 We can only provide advice on the services that we offer.
4.12 The company takes any complaint regarding its practices very seriously. Any complaints can be sent in writing to the Directors of the company and shall be dealt by them with personally. The directors will return correspondence within 14 days.
5 How we will be paid
5.1 Unless we agree otherwise with you we will take from each monthly payment under the debt management programme a fee equal to 16.9% of the periodic payment under the debt management programme. Subject to a minimum of £34.50 and a maximum of £90. If in accordance with our records you have conducted your debt management programme satisfactorily we may, at our discretion, waiver the last 6 months management fee.
5.2 Because most of our work will be done at the start of the Period, we will charge an initial fee based on your programme payment. The initial fee will not exceed the equivalent of 2 months’ payments to your Debt Management Programme. The fee will be collected as follows; 100% of the first payment and 100% of the second payment. NO further administration charges will be applied to the initial fee.
5.3 If this agreement is ended in accordance with section 6, we will return any undistributed funds after having deducted the above fees and you will not Have to pay us any more money. This will be made within 30 days of receiving written confirmation in order to allow us time to process all receipts and payments to your account.
5.4 In the case of weekly payments, 4 times the weekly payment will equate to one month’s payment.
6 Termination of Agreement
6.1 If for any reason you wish to cancel, we offer a 7 day cooling-off period from the date we receive your first payment, in which we offer a full refund of any fees which we have taken.
6.2 After the 7 day cooling-off period you may end this agreement by giving us four weeks’ notice in writing.
6.3 We may end this agreement by giving you four weeks notice in writing if any one of the following things happen: 1) You breach this agreement and do not remedy the breach within 7 days of your bringing the breach to your attention; 2) A bankruptcy petition is issued against you; 3) You enter into an Individual Voluntary Agreement/Trust Deed; 4) Where the information provided to us is knowingly incorrect. 5) The information provided by you at the time of acquiring a loan(hp agreement, credit cards or any other form of credit) is deemed incorrect or fraudulent by any creditor, or 6) If we are affected by Force Majeure.
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