A Debts Management Plan is a financial agreement with your creditors, and there are some disadvantages which need to be considered. For more information about whether a Debts Management Plan is the right debt solution for you, call our expert debt team free on 0800 0481 777.

Debts Management Disadvantages

• Creditors may not accept your offer.
• It will take you longer to repay your debt, although it will be more affordable on a monthly basis.
• Your credit rating will be damaged which means that you may find it harder to get accepted for credit in the future.
• Interest and charges may still be added to your debts.
• No amount of your unsecured debt can be written off. However if you qualify for an IVA then you will be able to write off any unsecured debt that you cannot afford.

Remember, as with any financial agreement there are advantages which need to be considered too. Our debt advisors can offer you free guidance about your debt problem. We will go through your finances and try and find the debt solution that is right for you.

If you are looking at alternatives to Debts Management then call now to disocver some of your options.

Terms and Conditions apply. Debt Management Plans are for unsecured debts only, and the main benefit of this plan is the capability to only repay an affordable monthly amount, meaning it will take longer to repay your debts. You will receive allowances to pay Secured/Priority debts. Whilst you pay our initial fee, monies are not distributed to your creditors. Where contractual payments are missed your debt and repayment term could increase.