Debt Management Office

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Reduce your debts quickly
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No more embarassing phone calls
Protection from your creditors
No more threatening letters

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and you could soon be seeing
a brighter future too.

A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

Learn and Get to Know your Debt Management Office

If you’re a resident of UK and one of the local authorities, you can apply for a loan in Debt Management Office (DMO).

The responsibilities DMO UK include cash and debt management for the government. It usually lends to local authorities and manages a few public sector funds including gilt market, money markets, and public authorities. The DMO belongs to the Executive Agency in Her Majesty’s Treasury. It was established on April 1998 and during this time gilt market’s management was transferred to DMO coming from Bank of England. It followed the re-organization made in 1997, wherein the operational responsibility in setting official interest rates in the UK transferred from Her Majesty’s Treasury to Bank of England. These key events are recorded in a DMO chronology.

As executive agency, it operates only at arm’s length from the ministers. The main objective of this office is to minimize long-term financing costs, take account of risk, minimize the cost in offsetting government’s net cash flow, and carrying out other debt management policies of the government.

Gilt Market

These are sterling government bonds that are marketable. It is issued by DMO representing the UK government. These bonds are issued to refinance maturing debt and finance borrowing requirement. This is included in DMO’s debt management responsibilities.

Money Markets

Treasury bill issuance and combining counterparties with bilateral trades (zero-coupon instruments that are still marketable) – this is how Debt Management Office is conducting its operations in cash management through sterling money markets.

Public Authorities

There is a statutory body that is operating within DMO called PWLB (Public Work Loan Board). It is the one responsible for lending the money to prescribed bodies such as local authorities. It is also responsible for collecting the corresponding repayments as well.

Public Sector Funds

DMO also carries out the management and investment of government funds, which are the statutory functions of CRND (Commissioners for Reduction of National Debt).

To deliver these objectives, the DMO adheres to do the following:
1. Maintain a very stable macroeconomic environment that has sound public finances and low inflation according to the Fiscal Stability Code.
2. Promote fair, stable, and efficient financial markets for the economy and their users.
3. Improve the cost-effectiveness and quality of public services.
4. Achieve world-class financial management standards in government.

Although Debt Management office is accredited as “Investor in People,” it does not provide advice on personal debt. If you are looking for personal debt management, you’ve got to contact other debt solution companies to seek for personal debt help. GP

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