Could a Debt Management Plan be the debt solution you’re looking for?

Personal debt starts to get out of control when you have mounting debts from various sources. A Debt Management Plan can be a way of managing your debts better. But you’ll need to assess this against whether an IVA or another debt solution might be more effective. Why not call the Debt Advice Trust free for some expert, honest and impartial advice.

We’re an organisation that does not depend on funding from lenders or banks and have fully trained Debt Counsellors who are very understanding and will help provide you with explanations of the various debt solutions that may be available to you, including Debt Management Plans.

What is a Debt Management Plan?

With a Debt Management Plan, you agree to pay a regular monthly amount to a Debt Management Company. This company will then be responsible for paying off your creditors. The company does this by negotiating longer repayment times with your creditors. This helps lower your repayments to the Debt Management Company so that your debts become more manageable.

Get advice first

Before you make any decision ask the Debt Advice Trust first for impartial advice. It’s free and will help you assess the benefits of a Debt Management Plan against an IVA or another possible debt solution.

Debt Management Plan FAQs

• Q: How do I know I can rely on my Debt Management Plan to pay off my creditors?

  A: You will need to choose a trustworthy Debt Management company. Ask the Debt Advice Trust for our recommendation.

• Q: How much will I save?

  A: This depends on the terms your Debt Management Company agrees with your creditors. You will then need to assess whether the savings are enough or whether you need another debt solution which is more affordable.

More debt FAQs