| |
A Debt Management Plan is a way to pay all of your creditors in one monthly payment.
For instance, if your total debt is £10,000 and you can afford £100 per month then you would be on the Debt Management Plan for at least 8.3 years.
A Debt Management Plan is especially useful if you only need a short term solution; for example, if you’re selling your house shortly and will be in a position to pay off all of your debt in the near future. Other than being used as a short term solution, a Debt Management Plan is useful for people who can pay off their debt if they push themselves, but don’t want to change their lifestyle.
A Debt Management Plan is effective if:
- You are unable to meet your current monthly debt repayments.
- Your situation is not serious enough for bankruptcy.
- Every month, you can afford to pay £100 towards your unsecured debt repayments.
- For people who have lots of equity in their properties but do not want to remortgage or take out a secured loan.
- For people that owe money to only one or two different companies.
- For people who do not want their wives, husbands, partners or spouses to find out about their debts.
If your debt problem is a little more serious then you should consider another option.
What do you need to do?
Seeking professional advice is the best way forward. You can complete an enquiry form and one of our advisors will call you back. Alternatively you can contact us directly.
|
|
