What is Debt Management?

Debt Management is an informal agreement negotiated by MRA between you and your creditors.

The aim of Debt Management is to help you clear your debts at a reduced level over a fixed period of time to help you make a fresh start with your finances.

Debt Management involves a non-legal agreement. This means ...

• there is no contract putting your property at risk
• it does not involve expensive lawyers
• it allows greater flexibility with the level of payments should your circumstances change
• you are free to stop using MRA in the unlikely event that you are not satisfied

What can you expect from MRA?

When you call MRA you can expect to talk to one of our experienced and knowledgeable debt advisers who will listen to your difficulties without passing judgement.

How does debt management work?

Here is a step by step guide.

1. Your MRA debt adviser will help you to carry out an assessment of your financial situation and debts. This information is used to calculate how much you can comfortably afford to pay each month out of your surplus income.
2. Once this amount has been agreed with you, MRA approach your creditors to negotiate for reduced payments. Most creditors are happy to agree because they know from experience that offers from debt management companies are usually fair and realistic.
3. You then make a single monthly payment to MRA via Direct Debit which is distributed to your creditors.
4. Throughout the duration of your Debt Management Plan you can contact MRA at any time if you are experiencing difficulties. If your financial situation changes, we have the flexibility to be able to renegotiate payments on your behalf.
5. Your Debt Management Plan will be reviewed at regular intervals to check that it still meets your circumstances.
6. The plan will continue until your debts are cleared or until you wish to voluntarily end the agreement.

0800 612 92 23