Debt Management
What is debt management?
Debt management or a debt management plan is a voluntary agreement between you and your creditors, against most unsecured debts, such as credit cards and unsecured loans.
Debt management plans work best for whom?
Debt management is best if you are in over £2,000 of debt and have roughly £100 disposable income per month, then a debt management plan could be the right debt solution for you. We can help you work out exactly how much disposable income you are left with each month after deducting the necessary living essentials, as well as set up a debt management plan.
To organise your debt management plan, initially, you will need to compile a personal budget sheet to see if you have enough disposable income, and how much. This is done by first adding up your entire household income. Then all essential expenses like rent, mortgage etc are added up and this number is then deducted from the first amount – what you are left with is your ‘disposable income’. You can go through your expenses personally with a 1Stop representative who will work it out for you.
If you have a disposable income of around £100 or more and can afford to make regular payments to your creditors, then a debt management plan may be a good choice for helping you control your debt. If you have sufficient disposable income and your debt problem is not critical, then 1Stop Money will start to take the necessary steps to contact and liaise with your creditors.
Final Settlements
We can even negotiate a ‘settlement figure’ with many companies, which involves making a one-off payment to clear your debt at a vastly reduced sum – often as little as 25 pence to the pound owed.
A final settlement involves making a one-off partial payment to a creditor, which would then render the debt paid off or settled. Sources of income for a one-off payment include a redundancy payment, inheritance or gift from a friend or family member.
We arrange full and final settlements every day and have an experienced team who are skilled at negotiating with creditors in these situations.
You will be surprised by how many of our clients come to us because they have been recommended by their friends or relatives. Refer us to your friends and receive M&S Gift Vouchers! 
