debtsmart, our debt management plan, is a simple but smart solution to repaying your debts, not just another loan. Unique, debtsmart will tailor a debt payment solution specific to your circumstances.

As part of debtsmart, a dedicated Financial Solutions Advisor will be employed on your behalf.

Your Financial Solutions Advisor will assess your financial circumstances and then look at your monthly household income and essential expenditure including food, clothing and council tax to gas, electricity and travel bills.

We will then review the money that is left over and calculate how much you can actually afford to pay off your debts each month.

We will also negotiate with the companies you owe, requesting they freeze or reduce interest and charges on your accounts to stop your debts increasing further.

When your financial circumstances have been assessed, your Financial Solutions Advisor will put together a payment plan for your debts. The payment plan will comprise of reduced monthly payments to the companies you owe and will clearly show when and how your debts will be reduced.

Once the plan has been set up, you only need to make one monthly payment for all of your debts; we will then distribute this payment between your creditors.

As part of debtsmart, all correspondence and statements from your creditors will be dealt with by us.

We will send out a monthly statement to you, this will list your creditors, the monthly repayment made to them and our 10% monthly charge. We will also keep you regularly informed, notifying you of any changes by creditors, if there is any.

debtsmart understand financial circumstances change, so every six months, we will renegotiate with your creditors if required. After a year, we will send you a statement showing payments made to date and balances outstanding, so you can clearly see how your debts are being reduced.

Your Financial Solutions Advisor will be there to help you every step of the way, you can call them at any time with any queries you have or just to see how your plan is progressing.

Getting debtsmart is the end of debt problems. Think smart; take the first step on the path to regain control of your finances.

Below is an example of how the plan works

Danny is a middle aged man with a family to support. He is the only member of the house hold with an income and due to the credit crunch; he like many others is struggling to make ends meet. Caught in a situation where he is using credit to pay off other credit he finds himself in a vicious circle.

Danny owes a total amount of £12 000 to two creditors:

NatWest loan: £6000

NatWest credit card: £6000

Barclays loan: £3000

Disposable income after daily expenditure: £200 per month

Amount of months the debtsmart debt management plan will last: 72

Below is how the £200 will be split between the creditors:

Natwest (Loan) would receive £85 pm

Barclays would receive £42.50 pm

Natwest (Credit Card) would receive £42.50

iSmart administration fee would receive £30

You will be on the plan for 6 years and £170 will be paid towards creditors

The set up fee for the debt smart debt management plan is two months so Danny would pay £400