Debt management

There are more ways of solving your debt problems than just another loan. Loans are often not the 'right' solution for people experiencing financial difficulty, and Debt Management Solutions can offer many of the benefits of a loan but without some of the less desirable elements, such as compounded interest (interest on interest).

A Debt Management Plan with Gemstone will provide you with the benefit of one single monthly payment for all of your unsecured debts. Due to a DMP being at a level that the customer can afford, it will usually result in a lengthening of the repayment period and possibly increase the total sum to be repaid. You should also note that any delay in payments to creditors, such as when paying our Plan setup fee can result in your accounts going further into arrears. For customers who pay into their Debt Management Plan regularly, we have a good record of gaining concessions from creditors such as suspension or reduction of interest and relief from further charges, though creditors are under no obligation to do this and may impose further charges. Should your DMP run for longer than originally projected, for instance due to debt levels being higher than expected or a change in your circumstances, you will of course incur further monthly DMP fees.

At Gemstone, we employ credit professionals and trained advisers whose aim is to help you become debt free. All Debt Management Plan customers will have a personal Account Manager who will handle their case for them.