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of your own home.
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How do I set up a EuroDebt DMP?

The long-term goal of a EuroDebt debt management plan is to help you become debt free. To achieve this we work out with you all your income and all your outgoings so that we can calculate what you can reasonably afford to pay to your creditors to pay off your debts. This is done at the Home Visit.

Home Visit – Client Financial Planner

During the Home Visit, which normally takes around 2 ½ hours, the EuroDebt Advisor will complete a Client Financial Planner with you that accurately reflects your income and expenditure. This includes assessing any debt or arrears with your priority creditors like rent, mortgage, utility bills and council tax.

You will be asked to provide proof of income and evidence of expenditure items listed, including bank statements and creditor statements.

The EuroDebt Regional Advisor will also determine whether there is additional income that you or your family are entitled to that isn't currently being claimed.

Your Single Payment Plan

Our DMP is called a Single Payment Plan (SPP). As the name suggests, the Single Payment Plan is one single affordable monthly payment which you make to EuroDebt. Your payment is held in a Client Account and cannot be used for other business purposes by EuroDebt.

We calculate how much this should be after the Home Visit and after we have received up-to-date balances from your creditors. This is done by establishing what you can really afford and then allocating this across your unsecured creditors based upon the total amount owed to each of them – this is called a "pro rata" payment with a minimum payment of £2 to each creditor per month.

We make the payments to your creditors on your behalf within 5 days of receiving your SPP payment. Your SPP payment also includes our monthly management fee.

Dealing with court actions

It is often the case that you may have county court or bailiff action against you. In fact for nearly one in four of our clients this is the case. At your Home Visit, our Advisor will identify these so that we can prioritise them for urgent action by EuroDebt's legal support team once you instruct us to act on your behalf. Whilst our legal support team cannot represent you in court, we can approach the court on your behalf to try and get your payments reduced (e.g. if you have an existing court order). We can also seek to persuade your creditors to drop court action where this may be pending.

Setting up your Debt Management Agreement

If you would like us to help you manage your debts, the Advisor will complete a Debt Management Agreement (DMA) with you and explain the implications of the agreement at each stage.

You will also be asked to complete several other forms enabling us to act on your behalf:

  • Client Authority Forms to give permission for EuroDebt to contact your creditors on your behalf.
  • Authority to access your Credit File under the Consumer Credit Act 1974. This will allow us to better understand the current status of your credit file and the impact that a DMP may have on your credit rating.
  • A Visit Checklist to ensure that all the points have been properly covered by the Advisor during the Home Visit.

The Advisor will also explain EuroDebt's Client Charter and complaints handling procedures.

If this sounds relevant to your circumstances then contact EuroDebt today by freephone or APPLY NOW. There is no obligation on your part.

Important points to remember:
  • Whilst lenders are not obliged to freeze interest and charges in 89% of current cases we have referred to them they 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 DMP.
  • 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.
  • With your permission we will pay for a copy of the Experian Credit Report for each signatory to the Debt Management Agreement and provide an assessment of the impact of the DMP on your individual credit file. We will also match the information on your file to that on your Client Financial Planner to improve the accuracy of our initial statement of affairs that we issue to you.
* Figure accurate at the end of August 2007

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€uroDebt Financial Services is a trading style of Pentagon (UK) Limited, registered in England with registration number 03267970 at the registered office and head office address of 7 Franklin Court, Stannard Way, Priory Business Park, Bedford, MK44 3JZ.

Authorised and regulated by the Financial Services Authority (FSA)

Licensed under the Consumer Credit Act 1974 (CCL No: 421901)
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