Sterling Green - Helping you get back in control of your finances
Debt Management Program
A Debt Management Case Study
David and Julie are a married couple who required a tailored solution to ease their credit problems.
Both David and Julie had good jobs bringing in around £1,990 per month after tax. Their mortgage, food, utilities and other regular expenses came to £1,250 per month and their credit costs were £639 per month. Although things were a little tight they were fine at this point. But then Julie became ill and could not work. At this point their income dropped to £1,650 per month leaving them well short of the amount required to service their debt. A debt management plan with Sterling Green reduced their credit payments from £639 per month to an affordable £350 and once again things are manageable and running within budget.
How do I know that Debt Management is right for me?
As you will see throughout this site, the debt management process with Sterling Green is personal to you and very hands on. Your advisor and personal financial manager will always be there to guide you through the life of your debt management plan. We do not leave you to guess at the correct solution, we carefully assess your situation before making a recommendation. As a general rule most of our new debt management clients will fit some, if not all, of the circumstances below.
- Overdrawn at the bank.
- Using loans or credit cards to pay bills.
- Credit cards approaching or past their limits.
- Missing or struggling to make payments.
- Falling behind with utility bills or council tax.
- Missing mortgage or rent payments.
- Using catalogue credit to buy clothes.
- Using credit regularly, i.e. clothes or supermarket shopping.
- Using credit by necessity rather than choice.
- Any UK resident with two or more creditors who is paying out over £150 per month.
If one or more of the above applies to you then the greater the likelihood that you need help now and can benefit from a debt management plan.
Who can apply for Debt Management?
If you answer “yes” to the following questions then provisionally we can accept you for our debt management plan.
- If you have two or more creditors.
- If your monthly credit spend is over £150 per month.
- If you can afford at least £125 per month instead of your current repayment.
- Any UK resident with two or more creditors who is paying out over £150 per month.
If you apply for a Debt Management Plan, our advisers will guide you through the process by telephone, giving you professional advice on whether Debt Management is the right course of action for you. Remember, with Sterling Green we will always listen to your problem fully. If you apply for Debt Management but there is a better solution for your particular problem, we will explain why and make sure you are aware of the best course of action.
How will I benefit?
- Calls from angry creditors should stop.
- Red letters from your creditors will drastically reduce.
- We will deal directly with your creditors for you.
- We will base your payment on your income and expenditure.
- You will pay what you can afford, not what your creditors ask for.
- In the main your creditors may freeze or reduce interest payments.
- You will not be locked into a fixed term contract.
- You regain control of your finances and gain peace of mind