Existing Customers: 0161 228 6194
New Customers: 0161 228 6055

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My financial situation is sorted, and I can move forward in my life.

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Monday
8:00am – 8pm
Tuesday
8:00am – 8pm
Wednesday
8:00am – 8pm
Thursday
8:00am – 8pm
Friday
8:00am – 4pm
Saturday
9am – 1pm

About Us

DFH have been helping people with their debts for over 15 years and are currently helping around 5,500 people manage their debt. We pride ourselves on a high level of customer service and expertly advising on a range of debt management solutions. DFH is regulated and authorised by the Financial Conduct Authority for commercial consumer credit related activities.

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Debt Management Plan

A Debt Management Plan is an informal agreement designed to allow someone who is struggling to meet their monthly debt repayments. It can only be used on unsecured debts, but is designed to move all your payments into one new affordable monthly payment.

Debt Management offers you a layer of protection between you and your creditors. By taking away the potential strain of dealing with your debts direct as this will be handled by DFH’s customer service teams. They will also handle all of your creditor post and any negotiations regarding your offers of payment.

Before any offer of payment is made, a full income and expenditure assessment is conducted to arrive at an affordable monthly repayment. This is based on your disposable income after all of your essential expenses are considered. Our teams will always make sure a reasonable standard of living is reached and money to pay your existing household costs each month. DFH will negotiate offers with your creditors on a pro-rata basis from your payment in to the plan after the monthly management fee has been deducted.

Where possible, DFH will try to freeze or reduce interest and charges and the creditor liaison team will regularly monitor this during the term of the Plan.

Reviews will be completed to ensure the payment continues to be affordable and also to maintain arrangements with the creditors, as well as notifying you of any alternative debt solutions that may be more beneficial following a change in circumstances.

Who may be suitable?

  • Lives in the UK
  • Unable to meet their contractual payments
  • Debt level – £1500 or more
  • Disposable income – £100 or more
  • At least 2 or more unsecured creditors
  • Unable to repay debts in under 12 months

Risks and considerations

Failure to maintain repayments under the terms of your credit agreements or hire agreements may result in the loss of services or assets and may have a sever effect on your future credit rating.

Failure to continue to pay taxes, fines, child support payments and other certain debts could result in the loss of access to essential goods or services or repossession of, or eviction from your home.

There is expenditure restrictions placed on a person who is entering into an IVA.
Ignoring contact or correspondence from your creditors could result in them pursuing further collections activity against you so it is important to maintain contact and let DFH know if you receive any letters or phone calls from your creditors.

A failure to maintain contractual payments to your creditors could result in further recovery action from your creditors which may increase your debt to that creditor as any costs they incur may be added to the debt.
By entering in to a debt management plan, there is no guarantee that any current recovery or legal action will be suspended or withdrawn. DFH’s creditor liaison team will however, negotiate with these creditors on your behalf and you should notify them at your earliest opportunity should you have concerns about this sort of activity from your creditors.

Important to note

Repaying your debt over a longer period of time may increase the amount you pay. Joining a debt management programme won’t always show up on your credit report, but it could still affect your ability to obtain credit – making a new repayment agreement with your creditors does mean you’re not following the original agreement.

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Frequently Asked Questions

Will a debt management plan effect my credit rating?

If you have already missed payments it is likely your creditors have recorded the information on your credit file. Your ability to obtain credit will be affected in the short term and may be affected in the medium to long term. However, it is very important that you do not take out credit while you are on the debt management plan as this could affect arrangements already in place.

Does DFH cancel all my payments with creditors or do I need to do it?

DFH will negotiate with your creditors on your behalf and set up a new affordable singular monthly payment that we will distribute to your debts. However the initial cancelation will need to come from yourself and can usually be done over the telephone within minutes with your bank. The reason DFH are unable to do this on your behalf is that we only set up arrangements with your creditors, but if you are having any difficulties, then DFH can help. After this has been completed DFH can take over the management for you with your new monthly amount.

Why do I need to do an annual review

Once you are on a Debt Management Plan, we need to carry out an annual review. This is designed to make sure that your payments are still affordable. Some lucky people do get pay rise which means they are able to increase payments and finish their plans sooner. However, it also allows us to reduce your payments if your circumstances have changed, such as going on maternity pay, reduced hours at work, a change in benefits or a child leaving full time education.

What should I do if my creditors contact me?

If your creditors contact you by telephone the following is a list of information you should provide them with:

  1. Tell them DFH are looking after your accounts
  2. Give them your DFH 6-digit reference
  3. Request that your account is put on hold for a minimum of 30 days
  4. Advise them that DFH have already sent them documentation and to await further instruction.

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Existing Customers
0161 228 6194
New Customers
0800 881 8722

Registered Office Bridgewater House. 58-60 Whitworth Street, Manchester, M1 6LT Registration ZA084901. Company Registration 7556890. Registered in England and Wales. Bridgewater Support Solutions Ltd is authorised and regulated by the Financial Conduct Authority(FCA), firm reference number 669218. DFH and 'DFH Financial Solutions' are trading names of Bridgewater Support Solutions Ltd. The guidance and/or advice contained within the website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers in the UK.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details on the FOS can be found on its website at www.financial-ombudsman.org.uk.