There are several key stages to effectively implement and manage a debt management plan. Each is extremely important on it’s own and as part of the overall goal to deal with the debt.

1. The Advice Process. Other better debt solution options might exist. We will give you information on all of your options so that you can make an informed decision. Often this results in us advising people against a debt management plan. Bright Oak puts advice in writing to you before you commit to going ahead.
   
   
2. Paperwork. You will need to sign and return documents such as a “letter of authority” which enables the debt management company to liase with your creditors. You will also receive the terms and conditions of the arrangement and details of how to set-up the monthly payment. Finally you will need to confirm the accuracy of your income/expenditure statement and provide the details of your creditors.
   
   
3. Repayment Proposals. Bright Oak writes to your creditors with full details of your current financial position. This presents your financial picture to your creditors and clarifies/justifies that you are seeking to repay your creditors at a fair and sustainable rate.
   
   
4. Creditor Contact. You may inform telephone callers that you have nominated a representative to deal with your debts and that further contact should now be with Bright Oak. You may also forward any letters received to Bright Oak for us to deal with.
   
   
5. Feedback. As we receive response from your creditors we will share it with you. This will keep you up to date with the progress being made and any matters that need to be dealt with.
   
   
6. Proactive Chasing. Not all creditors respond to debt management proposals within a realistic timeframe. We will “chase” any company that has not responded by telephone to secure understanding of their position. Many debt management companies do not do this.
   
   
7. Creditor Payments. Each month we will receive your payment sent to us (normally by standing order) on any date that suits you. Each Friday we produce creditor payments based on all cleared funds received in the previous five working days. This means your payments will be distributed within one to five working days of our receipt. This is significantly quicker than many other debt management organisations.
   
   
8. Arrangement Reviews. Behind the scenes creditors will regularly contact us for updates. They normally offer arrrangements for three, six, and twelve months. Much of our ongoing work is maintaining these arrangements when they expire.
   
   
9. Client Reviews. Periodically we will contact you to establish whether your circumstances have changed. This allows us to ensure that any arrangement remains sustainable for you and fair to your creditors. Importantly it also allows us to advise you of better alternative options should they have become available to you.

“I would like to thank you for the help and support you have given to me. Without your help I am sure my head would have gone!”
(Mrs S – Wales)

Will creditors accept a Debt Management Plan?

Other Debt Solutions?

How are Bright Oak regulated?