If you have a regular income but are experiencing short-term difficulties, you may be eligible for the Low and Grow Debt Arrangement Scheme. Your money adviser will make a proposal to creditors if they believe you can afford to pay the lower of:
5 per cent of the total debt during the Low and Grow period
A minimum of £35 per month
In some circumstances a token payment can be put forward to creditors – if a debtor is waiting for an imminent and guaranteed payment, for example, or is about to commence work for a new employer.
Creditors included in the debt payment plan will be more likely to sanction a lower payment such as this if clear evidence is provided of the debtor’s ability to increase their payments in the near future.