How does it work?
If you’re finding it impossible to pay the full amount of your bills and debts, you may be able to arrange a Token Payment Plan with your creditors – in which you pay a smaller amount that you can more easily afford.
The first step is for you to figure out your budget and see how much you can realistically manage to pay each month. You don’t want to over-promise anything, or leave yourself short of money for your rent, mortgage or daily essentials.
Even if you can only spare a pound or two, it’s worth paying this money to your creditors to show that you’re trying your best. But they’re under no obligation to reduce the interest and charges on your debt and may decide not to do you any financial favours.
In addition, making reduced payments towards a debt can sometimes impact your credit record, meaning it may be difficult for you to take out more credit in the future. So before you do anything towards a Temporary Repayment Plan, it’s a good idea to get advice from a free, independent and expert service like ours.
Get in touch with our team today by calling 0808 164 2480 or filling in our short assessment form.
What to expect
- We’ll use the information you’ve given us on the phone or in your assessment form to establish the nature and urgency of your debt.
- We’ll book you in for a face-to-face appointment at your nearest centre – or a telephone advice session if required – so we can give you a detailed analysis of the help available to you.
- We’ll discuss your options and talk through the pros and cons of each.
- We’ll establish the best possible solution and help you to resolve your debt – whether that’s by means of advocacy, representation or negotiation on your behalf, or by helping you write letters and supporting you throughout the process.
Every year, we help thousands of people to become debt-free.
Debt Free London is a partnership of 26 debt charities led by Toynbee Hall, which provides free, trustworthy advice sessions across London. Our service is funded by the Single Finance Guidance Body (previously Money Advice Service) and we’re authorised and regulated by the Financial Conduct Authority.