We offer a wide range of debt solutions and services to suit every situation. You can read more about our services:
1. Debt- free Solution.
2. Stop harassment from the recovery agents.
4. Legal services.
One of the most popular solutions that SingleDebt has to offer is a payment plan that allows you to pay off all of your unsecured debts at one affordable rate. This is known as a Debt Management Plan (DMP) which SingleDebt will set up and manage for you with all of your creditors.
This plan allows us to systematically pay off each one of your creditors at a rate you can afford and get you on the road to becoming debt-free. Our Debt Management Plan can only be used for unsecured debts, these are debts that have not been secured against any property or asset. Typical examples of unsecured debts are personal loans, credit cards, education loans and bank overdrafts.
Once SingleDebt has set up all relevant payments with your creditors, your regular monthly payment to us will be distributed to your creditors. Our aim will be to reduce as many of your accounts as possible within the shortest time possible, getting you debt free and stress free in a timely manner.
You’ll only pay what you can afford each month.
We’ll reduce your monthly repayments to an affordable level.
You’ll only repay your debt to multiple creditors with a single, comfortable monthly payment.
Whatever your situation is, we can help you.
In some cases interest will be frozen
We will deal with your lenders on your behalf and start paying off one creditor at a time, so that you become debt-free.
You won’t have to deal with creditors, we do that for you.
We handle all sort of communication such as legalizing the documents and verbal communication with your creditors on your behalf.
We can help you become debt-free so that you can get your life back on track.
The term for your Debt Management Plan will depend on your debt level and what you can afford to pay towards the debt plan. You will be assigned a SingleDebt Advocate and account manager that will manage your plan for you and will support you every step of the way.
RBI advises people who are struggling with debt to seek professional help from Credit Counselling Centers. SingleDebt specialises in these services, which is free debt counselling, financial education, and debt solutions. RBI defines a Debt Management Plan (DMP) as – “negotiating with the creditors to establish a reduced payment plan (EMI) and request a reduction in the interest charged. This is the process of restructuring debts so that borrowers gradually overcome their debt burden and improve their money management skills”
With our debt management plan, your credit score may dip in the beginning as you close down your accounts. However, credit score is temporary and can be improved by timely payment.
The debt management plan itself is unlikely to be reflected on your credit report. Some creditors may report that an account is being paid through a managed repayment plan, though most will not. This notation should not have any impact on your score.