New charity, DebtHelpCharity.com, offers free Debt Management Plan service

LONDON--(BUSINESS WIRE)--DebtHelpCharity.com today announced the launch of a free new service designed to guide people through the process of Debt Management Plans (DMPs).

The website offers hands-on practical advice for people considering a debt management plan and provides all of the information needed to undertake a DMP.

DebtHelpCharity.com is part of The Insolvency Advice Association, a charity set up to help people in serious debt. The charity has been set up by debt industry professionals and includes sponsorship from companies including Vincent Bond and Co Ltd (www.VincentBond.com) and the IVA Advice Bureau.

A debt management plan (DMP) is a way of paying your creditors what you can afford when this is less than the minimum payments they require. Typically during a DMP, creditors will agree to freeze interest rates on the basis that the debtor makes regular payments until the debt is clear.

Putting in place a debt management plan can be difficult and DMP companies generally charge an upfront fee as well as an ongoing monthly charge. DebtHelpCharity.com replaces these firms by offering the same service for free.

With DebtHelpCharity.com, users simply enter in their financial information and the Debt Management System generates a Statement of Affairs that clearly explains to creditors what can be afforded. The website also automatically sets up a Repayment Plan for each creditor along with the template letters that should be sent. All the user has to do is print off the documents and send them off to the creditors with the appropriate payments. In the event that a creditor does not accept the plan, the website provides further template letters as well as a forum to help people who are having difficulties.

Steve Rees, MD of debt management company, Vincent Bond has been instrumental in the creation of DebtHelpCharity.com and has personally contributed funds to its development.

Mr. Rees commented:

“I’m delighted to be involved in DebtHelpCharity.com which has been set up to offer advice and guidance to anyone considering a Debt Management Plan. This service, the first of its kind, offers debtors a form of ‘DIY DMP’ to allow them to help themselves out of debt without the need to pay fees.”

Melanie Giles of the IVA Advice Bureau added:

“DebtHelpCharity.com provides an infrastructure for people to be able to make a direct offer of repayment to their creditors, on a fair and equal basis, which can only be welcomed by the lending industry. Knowing where to start to put forward a Debt Management Plan can be daunting, but following the easy steps provided on the site, a credible arrangement could be implemented within days, without the need for external assistance.”

NOTES TO EDITOR

About DebtHelpCharity.com

DebtHelpCharity.com is part of The Insolvency Advice Association (Reg. number: 1119118), a charity that is focused on helping people in serious debt. The charity has been set up by debt industry professionals and includes sponsorship from companies including Vincent Bond and Co Ltd (www.VincentBond.com) and the IVA Advice Bureau. With DebtHelpCharity.com, users simply enter in their financial information and the Debt Management System generates a Statement of Affairs that clearly explains to creditors what can be afforded. The website also automatically sets up a Repayment Plan for each creditor along with the template letters that should be sent. All the user has to do is print off the documents and send them off to the creditors with the appropriate payments.