What documents do I need for a debt management plan?

17 May2021

When you apply for a debt management plan with us, you'll need some documents.

We would only arrange a debt management plan with you and your lenders if we were certain that you could afford it, so it's important that you can prove your income. Also, to combat fraud, we need to be able to prove that you are who you say you are.

In summary, the documents you'll need for a debt management plan are:

  • proof of wage slip
  • bank statement
  • account/reference numbers for each debt that's going onto the debt management plan

What documents do I need?

When you apply for a debt management plan, your lenders might ask to see proof of your income, in the same way a bank would if you applied for a mortgage. They could also ask to see a bank statement.

When you're applying for a debt management plan, we recommend that you include all of your unsecured debts - credit cards, overdrafts, personal loans, store cards; any form of unsecured credit in fact. You might not have your original credit agreements if you have more than one lender, but it should be easy enough to get hold of a reference number.

A reference number is the same thing as an account number. On a credit card it would normally be the 16 digit number on the middle of the card. On a personal loan, you would have an account number. If you don't have it, you should contact your lender.

Click here to ask to speak to a debt adviser about debt management.

How debt management could help

Debt management may be suitable if you cannot afford your unsecured debts at the moment and would like to slow your payments down. This can cost you more in interest overall and it does affect your ability to borrow money for up to six years, but a good thing that debt management could do is bring your debt repayments back down to an affordable level.

If you're not sure whether debt management is right for you, read the checklist below:

  • Have your existing unsecured debt repayments become unaffordable?
  • Can you still afford to pay something towards your unsecured debts every month once you have paid for the essentials?
  • Can you agree to maintain the repayments for the full length of the debt management plan?
  • Would you like a professional organisation to negotiate the most affordable repayments with your lenders on your behalf?

If you answered yes to the three points above then a debt management plan with us might be suitable.

Apply to speak to a debt adviser here and find out more about your options.

Image iStockPhotos / Matthew Hollinshead

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Tags: debt, debt management, debt management plans, advice, mortgage, unsecured debts, credit cards, overdrafts, personal loans

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