DIY Debt Management Plans

Many debt management companies have been trying to cash in on UK citizens that have gone into debt in recent years. There are a number of companies that have a bad reputation for such practices and with good reason. This is one of the reasons why many people choose to start a Do-It-Yourself (DIY) Debt Management plan.

There are a number of other questionable practices involved in the debt management industry. There are as follows:

  • Most companies add up all your debts into one “affordable monthly” payment but they often forget to mention that you will be paying this back for a very long time.

  • They will not mention that your creditors could still take action against you.

  • They also forget to mention that taking on a debt management plan with them will affect your credit score.

  • After signing up, the debt management company also might be unable to convince your creditors to accept reduced payments and you could end up paying more than you originally owed.

There are reliable debt management companies but you have to do your research or go it on your own with a DIY Debt Management Plan.
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Do-It-Yourself Today
Trying to organise and rectify your debts can be a great way to cut out the middle man and to save you some money. For those with financial problems this can often seem an attractive prospect. However the reality is often that you can struggle to keep your spending in check, especially if you have more outgoings then income.

One of the biggest drawbacks to self debt management is that you will be responsible for dealing with your creditors. This can often mean having to deal with an endless stream of phone calls, letters or visits which can be extremely stressful. You may also find that they push you to try and make you pay up or agree to repayments that you cannot make. If you’re debts aren’t very high then you may not have this problem to worry about.

If you think you can be dedicated enough to follow through with the process then a DIY Debt Management could be an excellent way to tackle your debt. Visit our process page or contact one of our debt specialists today for information on other debt solutions.

 


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