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How Trump’s New Tariffs Impact the UK: What You Need to Know

How Trump’s New Tariffs Impact the UK: What You Need to Know

Recent shifts in global trade have led to a renewed focus on tariff policies, with many wondering about the fallout from the latest measures announced by the Trump administration. If you’re keeping an eye on international developments, you’ll find that the new US tariffs—often referred to as Trump tariffs uk—could have significant implications for the UK economy, businesses, and even your everyday life.

Understanding the New Tariffs

The Trump administration introduced these tariffs as a way to protect US industries and counteract practices deemed unfair by international trading partners. Although the tariffs primarily target goods imported into the United States, the ripple effects extend far beyond American borders. The Trump tariffs uk measures may not single out the UK directly, but their influence can still be felt across global supply chains, potentially altering trade flows and cost structures in the UK.

Trump Tariff UK

Economic Implications for the UK

As a business owner or consumer in the UK, you might wonder how these tariffs translate into real-world challenges. Here are some key areas to consider:

  • Rising Costs: Tariffs often lead to increased import costs for raw materials and finished products. This means that if your business relies on US imports or if you purchase American goods, you could face higher prices. These increased costs might eventually be passed on to you as a consumer.

  • Inflationary Pressures: With higher costs for goods, inflation can creep in, affecting the overall cost of living. Whether you’re a business owner adjusting your pricing strategies or a consumer budgeting for monthly expenses, this is something you need to keep on your radar.

  • Supply Chain Disruptions: The Trump tariffs uk measures could encourage US companies to rethink their supply chains. This might result in UK suppliers facing new challenges if US businesses decide to source materials from different markets to sidestep tariffs. For businesses engaged in international trade, this disruption means it’s more important than ever to review your supply chains and be prepared to pivot if necessary.

Impact on UK Trade Relations

The UK, particularly in the post-Brexit era, is in the midst of establishing its own trade policies and forging new partnerships. The introduction of US tariffs adds another layer of complexity:

  • Rebalancing Trade Partnerships: The UK government may need to accelerate efforts to negotiate alternative trade deals that can cushion the impact of US tariffs. This could present opportunities for UK exporters to explore new markets while also challenging them to adapt to shifting global dynamics.

  • Market Diversification: For those involved in export and import, diversifying trade relationships can be a prudent strategy. Keeping abreast of changes in US policy—as seen in the Trump tariffs uk discussions—can help you make informed decisions about which markets to focus on.

What This Means for Your Business and Daily Life

If you own a business, it’s a good time to revisit your pricing strategy and supply chain arrangements. Consider exploring alternative suppliers or markets that might not be as affected by these tariffs. Staying proactive and informed can help you safeguard your operations against unexpected shifts in cost structures.

As a consumer, you may start to notice changes in the prices of goods that rely on international trade. Being aware of the broader economic picture helps you prepare for potential increases in everyday expenses, allowing you to adjust your spending and budgeting accordingly.

Looking Ahead

The full impact of the Trump tariffs uk measures is still unfolding. Global trade is inherently dynamic, and policy adjustments on both sides of the Atlantic could reshape the economic landscape further. Your ability to stay updated and adaptable will be key in navigating these uncertainties, whether you’re managing a business or planning your household budget.

By understanding how these tariffs work and recognising their potential effects on the UK, you’re better positioned to respond to the changes ahead. Keeping informed through reliable sources and engaging in discussions about trade policy can help you anticipate further developments, ensuring that you are always a step ahead in these turbulent economic times.

Keep exploring trusted resources and expert analysis to stay on top of how international policies like the Trump tariffs uk measures continue to evolve. Your readiness to adapt could make all the difference in turning challenges into opportunities.

What does it mean for Non-business owners?

If you’re living in the UK without running a business, you might wonder why discussions about international trade policies matter to you. Recent policy changes, such as the tariffs introduced by the Trump administration, can have a trickle-down effect that influences your everyday expenses and lifestyle.

What Are Trump’s Tariffs?

The tariffs imposed by the Trump administration were designed to protect certain US industries by making imported goods more expensive. Although these measures target specific products and trading partners, they can reshape global supply chains and trade flows. As these changes ripple through the global market, they may indirectly influence prices and the availability of goods in the UK.

Impact on Your Everyday Life

Even if you’re not directly involved in business, you could experience some noticeable effects:

Increased Prices

When tariffs raise the cost of importing goods, manufacturers and retailers often pass these extra costs on to consumers. This means you might see higher prices on everyday products—whether you’re buying clothing, electronics, or even groceries. As imported goods become pricier, the overall cost of living could rise, affecting your household budget.

Inflation Pressures

With goods becoming more expensive, you may notice a gradual increase in inflation. This means your money might not stretch as far as it used to, impacting everything from your monthly shopping bills to utility payments. If you’re managing a fixed income or a tight budget, even a small rise in costs can be challenging.

Supply Chain Shifts

Tariff changes can lead to adjustments in how goods are sourced globally. UK retailers might look for alternative suppliers to avoid the higher costs associated with US imports. While this could lead to more diverse products on the shelves, there might be short-term disruptions that affect availability and pricing, potentially making your shopping experience less predictable.

How You Can Prepare

Being proactive is key when facing broader economic shifts that can affect your daily life. Here are a few practical steps you can consider:

  • Monitor Your Spending: Keep an eye on your regular expenses to identify any sudden increases. This will help you adjust your budget accordingly.
  • Explore Alternatives: Look for local or regional alternatives to imported goods. Supporting local producers not only boosts the local economy but may also help you avoid some of the price hikes linked to tariffs.
  • Stay Informed: Follow reputable news sources and economic analysis that explain how global trade changes could impact the UK. Understanding these shifts can help you make better financial decisions and prepare for future changes.
  • Plan for the Long Term: Consider building a financial buffer in case inflation or supply chain changes lead to higher living costs over time. This might involve setting aside a bit more each month for unexpected expenses.

Keeping Your Household Resilient

While global policies like Trump’s tariffs might seem distant, their impact can reach your door through increased prices and inflation. By staying alert to these economic trends and adjusting your spending habits, you can help protect your household against unexpected rises in costs. Whether you’re reassessing your monthly budget or exploring new shopping options, being prepared is your best strategy for managing these changes.

Your awareness and proactive steps can make a significant difference. Even as these international policies evolve, you have the power to adapt and secure your financial well-being.

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DRO – Debt Relief Order update 6/3/24

New government announcement for DRO (Debt Relief Orders)

Goverment increase the threshold to £50k and remove the £90 fee from 6th April 2024

In an effort to assist households grappling with significant debt issues, the UK government has announced an enhancement to the accessibility of Debt Relief Orders (DROs).

Designed as a personal insolvency solution for those unable to meet their debt obligations, DROs provide a pathway to financial recovery. As part of the Spring Budget announcements, from 6 April 2024, the government will eliminate the £90 administration fee previously associated with applying for a DRO. Furthermore, significant adjustments are set to be introduced to expand the eligibility criteria for DROs. From 28 June 2024, the maximum allowable debt limit for applicants will be increased from £30,000 to £50,000. In addition, the value of a motor vehicle an individual can own whilst still qualifying for a DRO will be raised from £2,000 to £4,000.

These modifications are part of a broader initiative to make debt relief more accessible to those in need, supported by the government’s unprecedented investment in debt advisory services across England. This initiative underscores the government’s commitment to providing robust support systems for individuals seeking to navigate their way out of financial distress and start anew with their financial affairs.

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Bankruptcies

https://helpwithdebt.co.uk/bankruptcy

Getting help with debt 

See what solution can help you

Going Bankrupt

– Bankruptcy Is A Beginning – Not An End –

We offer confidential, sympathetic help and solutions for people who are thinking about going bankrupt or entering into a formal debt solution.

Check My Options

Is it the right solution for you?

May not be suitable in all circumstances. Your credit rating may be affected. Fees apply on successful applications which will be advised and built into your payment plan.

– Eligibility Check –

You could include the following debts:

More details on Debt Solutions

Debt Relief Order

About DROs (Debt Relief Order)?

A Debt Relief Order (DRO) is a method of debt relief for those that have a relatively small amount of debt and very few assets

Debt-Free after 12 Months

DRO Benefits
  • Duration

    Lasts for 12 months in total at the end of which your debts are written-off.

  • Legal Protection

    Creditors can no longer proceed with legal action once the Debt Relief Order has been approved.

  • Payments

    You are not required to make any monthly repayments.

  • Interest & Charges

    Interest and charges are frozen once the Debt Relief Order is approved.

DRO Considerations
  • Fees

    There is a one-off fee of £90 to process your application through an Approved Intermediary.

  • No homeowners

    Not available to homeowners
  • Credit Rating

    The Debt Relief Order will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Change in Circumstances

    If your circumstances change during the 12-month period and you no longer meet the eligibility criteria, it is likely that the application will be canceled, and you will need to make alternative arrangements to pay your debts.

  • Employment

    A Debt Relief Order may impact upon your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission of the court.

Check Your Options

Individual Voluntary Arrangements (IVA)

About IVAs 

An Individual Voluntary Arrangement (IVA) is a legally binding agreement between an individual and their creditors. It is a solution that allows a person to only repay a percentage of their unsecured debt to their creditors in affordable monthly payments, usually over a fixed term of five or six years.

IVA Benefits
  • Assets Protected

    If you are a homeowner, your home will be protected and not put at risk of being sold.

  • Affordable Payment

    One affordable, monthly repayment which makes your finances much easier to manage.

  • Timeframe

    A set time period (usually 5 or 6 years), giving you a countdown to becoming debt free.

  • Legal Protection

    Once approved, creditors can no longer proceed with legal action against you.

  • Peace of Mind

    Creditors are no longer able to contact you regarding your debts.

  • Interest & Charges

    Interest and charges are frozen once your proposal has been approved.

IVA Considerations
  • Fees

    There are fees payable for the work completed in setting up and managing your IVA, however, these fees are taken out of your monthly repayments and are NOT in addition to the payments made to your creditors.

  • Credit Rating

    An IVA will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Equity Release

    If you are a homeowner, you may be required to release equity from your home in order to help repay your debts. If you are unable to remortgage, the IVA may be extended for 12 months instead.

  • Windfalls

    If you receive a windfall such as an inheritance or a lottery win, you are required to pay a proportion of this into the IVA.

  • Approval

    Creditors may decide not to approve the proposed Arrangement.

Check Your Options

Bankruptcy

Bankruptcy is a legally binding debt solution to resolve a debt problem that cannot be resolved. In Scotland, this is sometimes called sequestration.

Bankruptcy Benefits
  • Duration

    Bankruptcy often lasts for only 12 months in total.

  • Legal Protection

    Once approved, creditors can no longer proceed with legal action against you.

  • Peace of Mind

    Creditors are no longer able to contact you regarding your debts.

  • Interest & Charges

    Interest and charges are frozen once the bankruptcy application has been approved.

Bankruptcy Considerations
  • Assets

    If you own a home or possessions of significant value, these items could be sold to help repay your debts.

  • Fees

    There is an application fee of £680, although this can be paid in installments.

  • Payments

    You could be asked to make payments towards your debts for a period of up to 3 years.

  • Credit Rating

    Bankruptcy will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Employment

    Bankruptcy may impact your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission from the court.

Check Your Options

If you wish to see if you are eligible for Bankruptcy, our expert team of Advisors are here to help.

Debt Management

A Debt Management Plan (DMP) is an informal agreement between you and your creditors that has been negotiated, usually by a third party, to lower the monthly payments being paid to your creditors. A DMP is arranged on your behalf by a third party which can either be a debt charity or a fee charging company. If you chose to use a fee charging company, there will usually be set up fees and a monthly management fee which will normally be included within your monthly payment.

DMP Benefits
  • Affordable

    One affordable monthly repayment which is then distributed between each of your creditors.

  • Peace of mind

    Most contact from creditors will be dealt with by the Debt Management company on your behalf.

  • Interest & Charges

    Creditors may agree to reduce or freeze interest and charges, although this is not guaranteed.

  • Free Service

    Debt charities offer a Debt Management Plan free of charge. Find out more from the Money Advice Service.

DMP Considerations
  • Timescales

    One affordable monthly repayment which is then distributed between each of your creditors.

  • Fees

    A debt management company may charge fees for their services.

  • Priority Bills

    Such as rent, council tax and utility bills are unlikely to be included in the plan.

  • Credit Rating

    A Debt Management Plan is likely to have a negative impact on your credit rating, making it more difficult to obtain credit in the future.

  • No Legal Protection

    Creditor can choose to continue with their debt collection process, which can lead to further action such as a default or County Court Judgment.

Check Your Options

If you wish to see if you are eligible for a Debt Management Plan, our expert team of Advisors are here to help.

Continue reading

Going Bankrupt

https://helpwithdebt.co.uk/going-bankrupt/

Getting help with debt 

See what solution can help you

Going Bankrupt

– Bankruptcy Is A Beginning – Not An End –

We offer confidential, sympathetic help and solutions for people who are thinking about going bankrupt or entering into a formal debt solution.

Check My Options

Is it the right solution for you?

May not be suitable in all circumstances. Your credit rating may be affected. Fees apply on successful applications which will be advised and built into your payment plan.

– Eligibility Check –

You could include the following debts:

More details on Debt Solutions

Debt Relief Order

About DROs (Debt Relief Order)?

A Debt Relief Order (DRO) is a method of debt relief for those that have a relatively small amount of debt and very few assets

Debt-Free after 12 Months

DRO Benefits
  • Duration

    Lasts for 12 months in total at the end of which your debts are written-off.

  • Legal Protection

    Creditors can no longer proceed with legal action once the Debt Relief Order has been approved.

  • Payments

    You are not required to make any monthly repayments.

  • Interest & Charges

    Interest and charges are frozen once the Debt Relief Order is approved.

DRO Considerations
  • Fees

    There is a one-off fee of £90 to process your application through an Approved Intermediary.

  • No homeowners

    Not available to homeowners
  • Credit Rating

    The Debt Relief Order will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Change in Circumstances

    If your circumstances change during the 12-month period and you no longer meet the eligibility criteria, it is likely that the application will be canceled, and you will need to make alternative arrangements to pay your debts.

  • Employment

    A Debt Relief Order may impact upon your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission of the court.

Check Your Options

Individual Voluntary Arrangements (IVA)

About IVAs 

An Individual Voluntary Arrangement (IVA) is a legally binding agreement between an individual and their creditors. It is a solution that allows a person to only repay a percentage of their unsecured debt to their creditors in affordable monthly payments, usually over a fixed term of five or six years.

IVA Benefits
  • Assets Protected

    If you are a homeowner, your home will be protected and not put at risk of being sold.

  • Affordable Payment

    One affordable, monthly repayment which makes your finances much easier to manage.

  • Timeframe

    A set time period (usually 5 or 6 years), giving you a countdown to becoming debt free.

  • Legal Protection

    Once approved, creditors can no longer proceed with legal action against you.

  • Peace of Mind

    Creditors are no longer able to contact you regarding your debts.

  • Interest & Charges

    Interest and charges are frozen once your proposal has been approved.

IVA Considerations
  • Fees

    There are fees payable for the work completed in setting up and managing your IVA, however, these fees are taken out of your monthly repayments and are NOT in addition to the payments made to your creditors.

  • Credit Rating

    An IVA will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Equity Release

    If you are a homeowner, you may be required to release equity from your home in order to help repay your debts. If you are unable to remortgage, the IVA may be extended for 12 months instead.

  • Windfalls

    If you receive a windfall such as an inheritance or a lottery win, you are required to pay a proportion of this into the IVA.

  • Approval

    Creditors may decide not to approve the proposed Arrangement.

Check Your Options

Bankruptcy

Bankruptcy is a legally binding debt solution to resolve a debt problem that cannot be resolved. In Scotland, this is sometimes called sequestration.

Bankruptcy Benefits
  • Duration

    Bankruptcy often lasts for only 12 months in total.

  • Legal Protection

    Once approved, creditors can no longer proceed with legal action against you.

  • Peace of Mind

    Creditors are no longer able to contact you regarding your debts.

  • Interest & Charges

    Interest and charges are frozen once the bankruptcy application has been approved.

Bankruptcy Considerations
  • Assets

    If you own a home or possessions of significant value, these items could be sold to help repay your debts.

  • Fees

    There is an application fee of £680, although this can be paid in installments.

  • Payments

    You could be asked to make payments towards your debts for a period of up to 3 years.

  • Credit Rating

    Bankruptcy will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Employment

    Bankruptcy may impact your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission from the court.

Check Your Options

If you wish to see if you are eligible for Bankruptcy, our expert team of Advisors are here to help.

Debt Management

A Debt Management Plan (DMP) is an informal agreement between you and your creditors that has been negotiated, usually by a third party, to lower the monthly payments being paid to your creditors. A DMP is arranged on your behalf by a third party which can either be a debt charity or a fee charging company. If you chose to use a fee charging company, there will usually be set up fees and a monthly management fee which will normally be included within your monthly payment.

DMP Benefits
  • Affordable

    One affordable monthly repayment which is then distributed between each of your creditors.

  • Peace of mind

    Most contact from creditors will be dealt with by the Debt Management company on your behalf.

  • Interest & Charges

    Creditors may agree to reduce or freeze interest and charges, although this is not guaranteed.

  • Free Service

    Debt charities offer a Debt Management Plan free of charge. Find out more from the Money Advice Service.

DMP Considerations
  • Timescales

    One affordable monthly repayment which is then distributed between each of your creditors.

  • Fees

    A debt management company may charge fees for their services.

  • Priority Bills

    Such as rent, council tax and utility bills are unlikely to be included in the plan.

  • Credit Rating

    A Debt Management Plan is likely to have a negative impact on your credit rating, making it more difficult to obtain credit in the future.

  • No Legal Protection

    Creditor can choose to continue with their debt collection process, which can lead to further action such as a default or County Court Judgment.

Check Your Options

If you wish to see if you are eligible for a Debt Management Plan, our expert team of Advisors are here to help.

Continue reading

counciltax

https://helpwithdebt.co.uk/counciltax

Getting help with debt 

See what solution can help you

– Council Tax Debt ? –

Council Tax Arears

There are debt solutions that can help when in financial difficulty giving you legal protection against bailiffs.

See what options are available to you

Check My Options

Debt Relief Order

– Debt-Free after 12 Months –

DRO Benefits

100% of Unsecure Debt Written Off
No Monthly Repayments
Stop Creditors Chasing you

DRO Disadvantages

£90 Receiver Fee to be paid
DRO Added to Individual Insolvency Register
Restrictions to follow

IVA

– Reduce Monthly Payments –

IVA Benefits

Unaffordable debt written off
Lower Single Monthly Repayments
Stop Creditors 
Legal Protection

IVA Disadvantages

You may not be approved by the creditors

The IVA is recorded on a public register

There are fees and charges payable within an IVA solution. These are agreed upon with your creditors as part of the proposal. The fees are incorporated into your affordable monthly payment.

May not be suitable in all circumstances. Your credit rating may be affected. Fees apply on successful applications which will be advised and built into your payment plan.

– Eligibility Check –

You could include the following debts:

More details on Debt Solutions

Debt Relief Order

About DROs (Debt Relief Order)?

A Debt Relief Order (DRO) is a method of debt relief for those that have a relatively small amount of debt and very few assets

Debt-Free after 12 Months

DRO Benefits
  • Duration

    Lasts for 12 months in total at the end of which your debts are written-off.

  • Legal Protection

    Creditors can no longer proceed with legal action once the Debt Relief Order has been approved.

  • Payments

    You are not required to make any monthly repayments.

  • Interest & Charges

    Interest and charges are frozen once the Debt Relief Order is approved.

DRO Considerations
  • Fees

    There is a one-off fee of £90 to process your application through an Approved Intermediary.

  • No homeowners

    Not available to homeowners
  • Credit Rating

    The Debt Relief Order will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Change in Circumstances

    If your circumstances change during the 12-month period and you no longer meet the eligibility criteria, it is likely that the application will be canceled, and you will need to make alternative arrangements to pay your debts.

  • Employment

    A Debt Relief Order may impact upon your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission of the court.

Check Your Options

Individual Voluntary Arrangements (IVA)

About IVAs 

An Individual Voluntary Arrangement (IVA) is a legally binding agreement between an individual and their creditors. It is a solution that allows a person to only repay a percentage of their unsecured debt to their creditors in affordable monthly payments, usually over a fixed term of five or six years.

IVA Benefits
  • Assets Protected

    If you are a homeowner, your home will be protected and not put at risk of being sold.

  • Affordable Payment

    One affordable, monthly repayment which makes your finances much easier to manage.

  • Timeframe

    A set time period (usually 5 or 6 years), giving you a countdown to becoming debt free.

  • Legal Protection

    Once approved, creditors can no longer proceed with legal action against you.

  • Peace of Mind

    Creditors are no longer able to contact you regarding your debts.

  • Interest & Charges

    Interest and charges are frozen once your proposal has been approved.

IVA Considerations
  • Fees

    There are fees payable for the work completed in setting up and managing your IVA, however, these fees are taken out of your monthly repayments and are NOT in addition to the payments made to your creditors.

  • Credit Rating

    An IVA will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Equity Release

    If you are a homeowner, you may be required to release equity from your home in order to help repay your debts. If you are unable to remortgage, the IVA may be extended for 12 months instead.

  • Windfalls

    If you receive a windfall such as an inheritance or a lottery win, you are required to pay a proportion of this into the IVA.

  • Approval

    Creditors may decide not to approve the proposed Arrangement.

Check Your Options

Bankruptcy

Bankruptcy is a legally binding debt solution to resolve a debt problem that cannot be resolved. In Scotland, this is sometimes called sequestration.

Bankruptcy Benefits
  • Duration

    Bankruptcy often lasts for only 12 months in total.

  • Legal Protection

    Once approved, creditors can no longer proceed with legal action against you.

  • Peace of Mind

    Creditors are no longer able to contact you regarding your debts.

  • Interest & Charges

    Interest and charges are frozen once the bankruptcy application has been approved.

Bankruptcy Considerations
  • Assets

    If you own a home or possessions of significant value, these items could be sold to help repay your debts.

  • Fees

    There is an application fee of £680, although this can be paid in installments.

  • Payments

    You could be asked to make payments towards your debts for a period of up to 3 years.

  • Credit Rating

    Bankruptcy will be recorded and have a negative impact on your credit file for a period of 6 years.

  • Public Register

    Your personal details will be recorded on the Insolvency Register which is a public record.

  • Employment

    Bankruptcy may impact your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission from the court.

Check Your Options

If you wish to see if you are eligible for Bankruptcy, our expert team of Advisors are here to help.

Debt Management

A Debt Management Plan (DMP) is an informal agreement between you and your creditors that has been negotiated, usually by a third party, to lower the monthly payments being paid to your creditors. A DMP is arranged on your behalf by a third party which can either be a debt charity or a fee charging company. If you chose to use a fee charging company, there will usually be set up fees and a monthly management fee which will normally be included within your monthly payment.

DMP Benefits
  • Affordable

    One affordable monthly repayment which is then distributed between each of your creditors.

  • Peace of mind

    Most contact from creditors will be dealt with by the Debt Management company on your behalf.

  • Interest & Charges

    Creditors may agree to reduce or freeze interest and charges, although this is not guaranteed.

  • Free Service

    Debt charities offer a Debt Management Plan free of charge. Find out more from the Money Advice Service.

DMP Considerations
  • Timescales

    One affordable monthly repayment which is then distributed between each of your creditors.

  • Fees

    A debt management company may charge fees for their services.

  • Priority Bills

    Such as rent, council tax and utility bills are unlikely to be included in the plan.

  • Credit Rating

    A Debt Management Plan is likely to have a negative impact on your credit rating, making it more difficult to obtain credit in the future.

  • No Legal Protection

    Creditor can choose to continue with their debt collection process, which can lead to further action such as a default or County Court Judgment.

Check Your Options

If you wish to see if you are eligible for a Debt Management Plan, our expert team of Advisors are here to help.

Continue reading