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Debt Management Process

 

If you are able to accrue extra money each month after paying your priority creditors and living costs than you may want to look at debt management.

A debt management plan starts with an arrangement with your creditors that will allow you to begin paying off your debts in regular instalments.

One of the main advantages of using a debt management company is that you only have to make one payment. The company will then divide that payment between all of your creditors, which means you don’t have to contact them directly.

The disadvantages of a debt management company are that sometimes their upfront fee can be quite high. This can leave you with less money to pay off your debts, which is counterproductive to the intent of paying off your debts quickly.

If you use a debt management company make sure they are trustworthy and also make sure to review the agreement very carefully before signing anything. One thing we suggest is that there is a clause that allows you to cancel at any time if you are unhappy with the service. The debt management company should also provide an overview of the fees involved. Sometimes they will be unable to deal with all of your creditors so make sure you know which ones you may still need to contact.

If you need advice about using a debt management company then you should call us today to speak to one of our experienced advisers.


Are you eligible for Debt Management ?

Try our simple debt solution calculator to find out.