What documents are required to start a debt management plan?

11 June 2012

If you want to start a debt management plan with us, we'll need some documents to prove your income and unsecured debts to your lenders. Providing us with documents is nothing to worry about - it's something that we ask everyone who enters into a debt management plan to do.

So, the main documents we need are:

?? Proof of wage slips

We wouldn't recommend a debt management plan unless we were sure that it would be affordable based on your level of income.

?? Bank statement

Your bank statement will show us any Direct Debits or payments to your current lenders.

?? Reference numbers for unsecured debts going onto your debt management plan

A reference number on a credit card would be the 16 digit number running across the card. For loans and other debts, the reference number is the account number.

If you think you may have debts that you've forgotten about, or you cannot find the reference number anywhere, you should order a copy of your credit record, which should contain details of any outstanding debts.

Debt solution

Debt management is one debt solutions that can help if you're struggling with unsecured debts. You can get debt help and advice that's right for your situation when you speak to a debt adviser.

Try the debt solution finder on this page to find out more.

You can only enter a debt management plan if you have unsecured debt repayments that you cannot afford, and if your lenders are willing to accept reduced payments. Debt management allows you to slow down your repayments - so you pay less every month. It means you would be in debt for longer, but you could eventually repay your debts in full.

Lowering your repayments would show on your credit record for at least three years, making it more difficult to borrow money while it's on there.

Why do you need documents for a debt management plan?

If you applied for any kind of financial product, like a mortgage, a credit card, a personal loan, a bank account, etc, you would need to provide documents to prove who you are and that you are eligible for that product.

A debt management plan is a debt solution and a financial product. Much like any other financial product, we would need to see some documents before we could start your plan.

If you'd like more debt help and advice, speak to one of our debt advisers today.

Lucy Bower

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