Debt Management
Debt Management Plans have grown in popularity as more people have needed to seek alternative solutions to solve their debts. A Debt Management Plan works by creditors agreeing with us to accept reduce payments over a period of time. Multiple unsecured balances are gathered in to a single monthly payment, which simplifies finances and makes them easier to manage.
As part of our service, we will also renegotiate payments to a more affordable level and seek to re-schedule payments over a longer period of time making finances more affordable.
We may also be able to get the charges and interest on your balances stopped. Whilst only unsecured debts can be included the budgeting and debt advice you receive can ensure that you maintain payments towards your secured debts and council tax or utility arrears.
Debt Management Plans are classed as a flexible solution, as they enable changes to be made to repayments if your circumstances alter - so if you receive a reduced income through illness or after losing your job, you can reduce payments accordingly to ensure the plan is still affordable to you.
Likewise, if you receive a pay increase or promotion you can increase your payments and repay your debts quicker. There are no contracts on a debt management plan either, so if you no longer need the arrangement you are free to cancel whenever you wish. This means that if you need to regain control of your finances whilst still repaying your debts, you could opt for a Debt Management Plan to help you through the difficult financial period.
