Compare Debt Management Services
Look forward to living a debt free life with a Debt Management Plan but make sure it is the right debt solution for you.
Debt management plans are a popular solution for people looking to get out of a debt situation.
A debt management plan is an agreement with your creditors to repay what you owe in instalments. Debt management plans will help you budget more effectively because usually your monthly payments are reduced over a period of time, often extending when you debt has to be repaid.
What are the benefits of a Debt Management Plan?
With a debt management plan it is possible to get your creditors to freeze interest charges which can help you clear your debts faster. However, please note that your creditors to not have to agree to any such proposals. As they will deal with all correspondence from your creditors this is ideal for people are being constantly hassled.
When you take out a debt management plan you will work with people who are debt experts and have often helped thousands of people get out of debt. Not only will you be offered a non-judgemental and professional service but you can depend on support and assistance whenever you need it.
What are the drawbacks?
As debt management plans do not have a set lifespan they can take a long time to complete depending on how much you can comfortably afford to pay each month and the level of your debt.
Remember that if your creditors do not agree to have the interest on your debt reduced you could find that smaller monthly payments will mean that your debt can take a longer time to pay back which can cost you more in the long run.
Finding the right debt solution for you
A debt management plan is just one way to deal with your debts. You should look into all the debt solutions available to you including Individual Voluntary Arrangements and Consolation Loans before you make a decision.
Remember that some debt managements companies can charge a fee for their service which will be included in the repayments you make. However there are free services available but you might not get as much assistance and support if you do not pay.
Use the table above to compare different debt management plans.
Who can apply for a debt management plan?
If you have more than £1000 in debt then you can get a debt plan. Ensure that you check what the minimum debt requirements are from a debt management company as it might be more than £1,000. You will also need to prove that you have more than two creditors and you will need to be over a certain age.
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There are thousands of people in the UK who are struggling to deal with debt problems so don't worry you are not alone. Debt management plans come in all shapes and sizes. The companies that offer these services will look at your individual circumstances and find the best solution to you debt problems.