Advantages of Debt Management

A Debts Management Plan is an informal agreement between your creditors. where you commit to making a set payment each month. The following lists some of the main advantages:

Debts Management Advantages 

• One Payment to your creditors meaning you get greater control over your finances.
• Reduce your monthly outgoings as we will help you come to a payment amount that you can afford after all your living expenses have been met
• Informal agreement which can be changed according to your circumstances.
• Avoid legal insolvency procedures.
• Creditors are sometimes willing to freeze any additional interest and charges.
• Less stress and worry for you, as we will deal with any phone calls or letters from your creditors

Still not sure if a Debts Management Plan is the right solution for you? Take the Debts Test to see your other options.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)