Debt Management can put your mind at ease

One of the worst aspects about having serious debts is the feeling of being out of control. Debt Management can be a way of putting you back in control of your finances - and bringing your payments down. But you should check first whether an IVA or another option may be more appropriate. You can do this free by calling the Debt Advice Trust. Because we do not depend on funding from banks or lenders, we can ensure you only get honest impartial advice.

If your debts are not too large and you have a regular income, Debt Management could be an option for you. A provider renegotiates your payments to your creditors on your behalf.Once an agreement is reached, you pay a single regular amount to that provider each month. Debt management usually means lower payments over a longer period and it can include concessions such as freezing interest

Take control of your debts

Regardless of what the right solution is for you to clear your debts, we're here to ensure you are fully advised about all your possible options - from IVA to loans, unbiased and impartial advice means you can make the right decision that best suits your individual situation.

How large are your debts?

When advising you on whether or not Debt Management is for you, we'll need to know how large your debts are and if you have a regular income. If you have serious debts, it's possible that an IVA or bankruptcy will be more appropriate but we will always find out all of the important facts before helping you to decide.

Debt management FAQs

• Q: Does Debt Management still pay off all my debts?

  A: Yes it does, but it usually takes longer as the new payments with your management plan will be lower than your current monthly repayments.

• Q: Will my creditors agree to Debt Management?

  A: That's up to your debt management company to negotiate. But if it looks like this is the only way your creditors will get their money, then they will probably agree.

• Q: What are the advantages of Debt Management?

  A: Monthly payments are affordable and interest is sometimes frozen. Your home will not be at risk if you keep up payments and your friends and family don't have to know. You will not have to deal with your creditors and you'll have access to help if creditors contact you.

• Q: What are the disadvantages of Debt Management?

  A: It isn't legally binding and the creditor payment chasing can continue. A DMP can take a long time to complete and your credit rating is harmed, with many missed payments. Interest can sometimes continue to build up and the debt does not go away and can get worse.

More debt FAQs