What is Debt Management?

There are no quick fixes for people in debt. Many people wrongly assume that going bankrupt is the only way out of debt, but it isn't. Bankruptcy has long term affect and repercussions and is not something that should be entered into without considering all the options. Also, only the most extreme circumstances call for bankruptcy, many problems can be addressed by Debt Management or an IVA.

With our debt management plan, you could:

• Consolidate you debt into one
• Your monthly repayment would be reduced significantly †
• Stop interest and charges ** †
• Stop creditor hassle

If you have problem debts and you are unable to meet the full repayments each month, it is likely that without some assistance you will never be able to repay these debts. The consequences of this can be serious and can include CCJs, reduced credit rating resulting in problems gaining future credit and property seizure from bailiffs. You can do something about your debts now. If you apply for debt management, typically you can be debt free in 36 to 60 months.

A Debt Management plan is an informal agreement between you and your creditors, which allows you to make regular contributions, at a rate you know you can afford. Debt management plans are not legally binding, unlike IVAs, and as such, creditors are not bound by the terms of the agreement.

So, What Next?

† Creditors are not legally bound to such an agreement