Personal Debt | Debt Management
What is a Debt Management Plan?
A Debt Management Plan is an Informal Agreeement between you and your creditors where you pay back your debts at a monthly rate that is affordable for you.
The plan is flexible and your debt repayments are gathered into one flexible monthly payment and paid out to your creditors on a pro rata basis. You can arrange a debt management plan yourself or with an appropriate Debt Management Company who will be responsible for all correspondence and payments between you and your creditors.
Due to the informality of a Debt Management Plan you or your creditors can opt out of it at any time. You can arrange it as a temporary debt solution until you get back on your feet financially or you can aim to have it as a more long term debt solution and continue it until your debts are paid in full.
How do I arrange a Debt Management Plan?
By speaking to us at Business Debt Advice, we will determine whether or not a Debt Management Plan is the most suitable Debt Solution for your circumstances. We will do a detailed analysis of your incomings and outgoings (daily living expenses) in order to determine what the best monthly payment would be for you to your creditors if you were to enter into a Debt Management Plan. The payments are then negotiated with your creditors and the Debt Management Plan is set in place.
Benefits of a Debt Management Plan
- Your monthly outgoings will be reduced.
- You will be given a specific date for your Debt Freedom.
- We can negotiate with your creditors to get interest and charges frozen.
- You will have just one easy monthly payment.
- We can set up your debt management plan quickly and efficiently .
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