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It can be stressful owing money. Let alone owing money when your costs keep going up.
One thing we hear from customers often is, ‘I don’t know if I can afford to pay off my debt and cover my outgoings’. So if you’re in this boat, firstly, know that you’re not alone.
At Ophelos, we’re trying to make paying off debt stress-free (or as stress-free as possible). That’s why with us you can pay off your debt and cover any ongoing payments you might have with the same creditor.
For example, you might be in debt with your energy provider but still need to pay your monthly usage cost.
Through our online platform, you can set up a plan to pay off your debt and pay your ongoing monthly payments, all in one go.
How does this work?
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.
This means you’ll pay Ophelos:
- a monthly payment towards your debt
- a monthly payment to cover your ongoing costs.
You’ll pay us both payments, not your creditor until your plan is complete. Rest assured, 100% goes towards your monthly costs and debt. Plus, we let your creditor know about the arrangement, so you don't have to.
For example:
- Sally has an ongoing monthly payment of £80 to her energy provider.
- Sally also has £120 worth of debt to pay her energy provider.
- With Ophelos, Sally breaks down her debt into 6 instalments of £20.
- Sally adds this to the £80 she owes each month, paying a total of £100 a month for 6 months.
- When the debt is paid off, Sally returns to paying her energy provider her usual £80 a month.
You can set up a plan by clicking here and entering your 6-digit reference code, found on any message we’ve sent you.
What if my monthly costs change each month?
Even if you don’t have a set monthly payment, you can still pay your debt and ongoing payments through us.
Your creditor will send us a predicted monthly average for your ongoing payment. We’ll combine this with your debt payment so you’ll pay the same amount each month for the duration of your plan.
By the time you finish your plan, if you’ve overpaid, your creditor will either reimburse you or knock the payments off your next bill.
If you’ve underpaid, your plan will be extended and you can continue to pay down the debt until you are debt-free.
What if I’m struggling to cover the ongoing costs, let alone the debt?
Firstly, this is really common. It’s hard feeling constantly behind on payments, but we want you to know that there’s help available.
Here are a few things you can try.
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. 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 resources.
Increase your income
There are lots of ways to increase your income, some you might be surprised to hear about. From finding a budgeting style that works for you, to decreasing your living costs with a few savvy spending tips and tricks, it might become easier to prioritise your debt than you think.
Ready to get started?
Set up a plan by clicking here and entering your 6-digit reference code, found on any message we’ve sent you.
