Your new proposed instalments are based on what you can afford. This is done through an income and expenditure exercise, and your payment term is normally over a longer period of time.
This solution involves you paying back your debt in full, and your creditors have the option to agree to freeze your interest and fees on the debts included, although this is not guaranteed.
A private debt management company will charge a fee for administering a DMP, but there are debt charities who offer the service for free. If you’d like to discuss your options for a DMP, contact Hillcrest today.