Debt Management
What is a Debt Management Plan?
A Debt Management Plan also referred to as a DMP is a debt solution offered to people who cannot afford to keep up with their debt repayments. A Debt Management Plan is an informal agreement between you and the credit companies that you owe money too were you agree to repay your debts at a lower rate each month which is affordable to you. We can organize and manage your debt management plan for you. We can speak directly to your creditors on your behalf and work out the terms of your debt management plan agreement for you. We aim to get your debts reduced as low as we can and freeze interest and charges so that you only have one manageable monthly payment each month.
In a Debt Management Plan you will only have one affordable monthly payment. This is paid directly to the debt management company who will distribute your monthly payment amongst your creditors.
A debt management plan is a great debt solution for people who are struggling to make their debt repayments every month. If you have debts between 2 and 15 thousand Euros a Debt Management Plan could be a good solution for you. Read on to see the advantages and disadvantages of being in a debt management plan.
Benefits of a Debt Management Plan?
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A DMP is an Informal Arrangement, so you have complete control over it
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You can regain control of your finances
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You will only have one single affordable monthly payment
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You can take control of your debts without taking out another loan
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We can reduce or freeze the interest and charges
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Demands and harassment from creditors will stop
Disadvantages of a Debt Management Plan
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A DMP is informal and not a legally binding so you or the creditors can opt out at any time. If your creditors feel that you are not sticking to the terms of the agreement they can end if at any time.
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It can last for a very long, years maybe, as you will have to pay back all of your debt
How long does a Debt Management Plan last?
How long a Debt Management Plan will lasts depends on:
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How much debt you have to repay
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What your monthly payments are
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How long your circumstances will remain the same.
You may want to remain in the plan until the debt is cleared, or you may see it as a temporary measure. You may want to clear your debts as soon possible, every situation is different.
Am I eligible for a Debt Management Plan?
If you are considering entering into a Debt Management Plan and want to know if you qualify contact us now and speak to one of our friendly financial experts. They will be able to tell you what options are available to you regarding your individual situation. All of our advice is free and we will help you achieve your best possible solution. We strive to help you no matter what your debt situation is. Visit our contact page now to see the various means of getting in contact with us. Alternatively fill out the form on the top right of this page and we will call you back asap. All of our debt advice and help is totally free and confidential.
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