Debt Management

An Atlantic Debt Management Plan or DMP is designed to take the financial pressure off you and your family by allowing us to act as your confidential debt advisor. We will also negotiate with all of your unsecured creditors, with immediate results.

• We notify your creditors as soon as we have your authority and account details
• We consolidate your unsecured debts into one affordable monthly payment
• We reduce or freeze interest and charges in the majority of cases
• You have an experienced Personal Case Manager for the duration of your debt solution
• We stop your creditor and debt collectors chasing you and...
• We allow you to regain control of your finances

So, you might be thinking how does a Debt Management Plan work for me? Well, it's an agreement negotiated by us between you and the creditors you owe money to. We work out one monthly payment that you can reasonably afford, which will be distributed fairly to all your unsecured creditors. With a DMP you are, in effect, making a new promise to repay your debts in full. Find out how to set up an Atlantic DMP.

As licensed debt adjusters Atlantic can fully manage your Debt Management Plan for you, handling all future contact with your creditors and managing your monthly payments to them, or their appointed debt collector. There are costs involved, we charge an affordable set-up fee and, once you have started your DMP, a monthly management fee that is deducted from the disposable income that represents your monthly payment to us.

We can also, sometimes, negotiate full and final settlements with some of your creditors, where there are changes in your circumstances. And this might mean you could write off some of your outstanding debt.

Important points to remember:

• Whilst lenders are not obliged to freeze interest and charges, in 93% of the cases currently handled by the Pentagon Group, lenders have done so*. Where a lender does not freeze interest and charges the amount you owe and the period over which you repay that credit account may increase, though we will continue to request interest and charges be frozen once several payments have been made to your Debt Management Plan (DMP).
  * Figure accurate at the end of April 2011
• Whilst entering into a DMP can adversely affect your credit rating it is our experience that those who approach us already have an impaired credit record. By entering into a DMP you will be showing your creditors that you are taking a responsible attitude to resolving your financial problems and this could help you in the future.
• Whilst we ask your creditors for 30 days breathing space to set-up your DMP after we are appointed as your debt manager, your accounts may go into further arrears until we start disbursing payments to the creditors that you request us to act upon.
• Remember, you are not obliged to enter a debt solution with Atlantic Financial Management. If you do, and you change your mind, you have a right to cancel your agreement with us at any time. We offer a 14 day cooling off period after accepting our terms of business, unless you have elected to waive this so that we can immediately deliver the service and start negotiating with your creditors.