Sometimes you may just be looking for simple ways to manage debts, maybecause you are not sure if a professional debt management solution would be right for you or you are just looking at ways of how to tighten your own financial management skills.
Getting into debt can happen for a number of different reasons, such as loss of job or breakdown of a relationship. But no matter what the reason why you are struggling with your finances, it is important that you take control of your debts as soon as …

If your debts are unaffordable and you are struggling making repayments to your unsecured creditors, then a Debt Management Plan could be a debt solution open to you. Always get professional debt advice as there are a number of potential debt solutions available.
Sadly, not all debts can be included in a Debt Management Plan as it can only deal with unsecured debts. Unsecured debts include overdrafts, store cards, credit cards and unsecured loans.
What Debts Can I NOT Include in a Debt Management Plan?
Examples of debts which cannot be included in …

A debts management plan is an informal agreement between you and your unsecured creditors, where you agree to make a smaller monthly payment towards your debts. The amount you need to pay is based on what you can reasonably afford after deducting your essential outgoings.
As well benefiting from making reduced monthly payments, some creditors will agree to a reduction, or even freeze, interest and other charges, which can stop your debts from increasing – ensuring that each payment made decreases the balance on your debt. However, this cannot be guaranteed.
How …

If your debts are unaffordable and you are struggling making repayments to your unsecured creditors, then a Debt Management Plan could be a debt solution open to you. Always get professional debt advice as there are a number of potential debt solutions available.
Sadly, not all debts can be included in a Debt Management Plan as it can only deal with unsecured debts. This means that any debts which are secured to goods or property, such a secured debt consolidation loan or a mortgage, cannot be included in your Debt Management …

How Long Will it Take to Pay Off Debts with a Debt Management Plan?
There are no set rules regarding how long it will take to pay off debts with a debt management plan. Unlike an IVA which typically lasts for 60 months, the timeframe of a debt management plan is dependant on a number of factors.
Everyone is different, as your level of debt and personal financial situation will not be the same as anyone else.
For example, even if two people have the same amount of debt, you may both have …