If you are in a position where you feel your debts are growing out of control, speak to us for help. We will help you organise your debts, usually by devising a repayment plan tailored to suit your needs.
Your individual debt management repayment plan will take into account how much you earn as your salary and your essential expenditure. Taking these factors into consideration, they will work out a monthly amount that you can afford to repay to clear your debts over a given period of time.
Bear in mind, however, that you will only be eligible for a debt management plan if you have taken out an unsecured loan such as credit card loans, store card loans and other personal loans. Unfortunately, if you have a secured loan including your mortgage, you will not be able to use a debt management plan to help resolve your debt problems.
A good debt management plan is realistic and achievable. In order for your debt management plan to work, you in turn have to work hard to keep within the financial budgets set for you.
Advantages of a Debt Management Plan
- Plan is easy and quick to set up
- Pay what you can afford – allows you to budget better
- No fixed term so you can cancel at any time
- One payment that is shared between all creditors
- We deal with all letters and calls from your creditors
Disadvantages of a Debt Management Plan
- Creditors do not have to respond as they would have to with an IVA or Bankruptcy
- Creditors may continue to add interest and charges, although with regular payments this can usually be frozen within 6 months
- Doesnt stop legal action
- Initial set up cost
- Take take longer to clear debts
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