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Debt management

Debt management is the debt solution where a specialist debt management company acts as an intermediary between you and your creditors. It means you don't have to negotiate with your creditors as someone else does it for you. If this is the right option for you, we can help you arrange it.

The process starts with a close look at your finances. The next step is to put together an affordable payment plan that is agreed between you and your creditors. You might also reach agreement on freezing interest charges and preventing further creditor action.

You then pay one affordable monthly payment. Part of this payment covers a fee for the debt management service. The rest is distributed among your creditors.

There are some key points to consider with debt management. Debt management agreements are informal arrangements. They are not legally binding and your creditors can change their minds about the terms of the agreement at a later stage.

Debt management plans can also increase the size of your debt as interest may continue to build. There is also the issue of final settlement. Debt management plans don't always offer this and you can find yourself paying off debts for longer than you want.

More often, debt management plans are useful as a short term measure. They can be a temporary solution, for example, while you arrange a final settlement solution such as an IVA.

For all these reasons, it's vital to find out if debt management is the right solution to your debt problem. We can tell you right now. Take the 60 second test and discover the best way to secure your future.

Which debt solution is best for you? Find out now with our 60 second test.

What about debt consolidation?
What about debt management?
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