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How can you pay off debt and cover ongoing costs?

It can be stressful owing a company money when your costs keep going up.

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At Ophelos, we’re trying to remove as much of that stress as possible. One of the ways that we’re doing that is by allowing customers to pay their ongoing costs to a company as well as pay down their debt entirely through our platform.

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How does this work?

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If you choose to set up a payment plan, we will break up the debt and combine it with your monthly costs to the creditor.

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You pay us both the debt and your monthly costs for the duration of the plan, not your creditor. 100% of what you pay goes towards your usage and debt. We let your creditor know about the arrangement so you don't have to.

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For example, say your ongoing costs average Β£80 a month and you have a debt of Β£120.

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This debt could be broken down into 6 instalments of Β£20 and added to 6 average ongoing monthly payments. This means that you will pay Β£100 for 6 months.

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Once you have paid off the entire debt, your usual monthly costs will resume as normal with the creditor.

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You can set up a plan by clicking here and entering your reference code found in any communication that we've sent you.

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What if my monthly costs change each month?

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In the case that you do not have a set monthly payment, your company will take a predicted monthly average. They then pass this information on to us.

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If by the time you finish your plan you have overpaid, the company will normally either reimburse you or knock the payments off your next bill.

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If you have underpaid, your plan will be extended and you can continue to pay down the debt until you are debt-free.

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What if I am struggling to cover the ongoing costs, let alone the debt?

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We know how hard it can be to feel constantly behind on payments. Just know that there is help out there and there are steps you can take to make things easier.

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The first thing you should do is contact your creditor to tell them that you are struggling. This will give you a chance to come to an agreement that works for both of you and prevent potential further escalation.

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You might be surprised at how much they will be able to help you. They might put you on a different plan or send you some helpful links.

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From there, it might be a good idea to look into ways that you can either increase your income or decrease your living costs.

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Useful links:

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Citizens Advice - Help with debt

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Where to find help if you’re worried about energy bills

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Citizens Advice - What to do if you’re struggling to pay your energy bills

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Charis Grants - For information on available grants and how to apply

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StepChange - For help with managing debt and free, independent debt advice

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68 Hanbury St
London,
E1 5JL
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