If you are looking for a simpler way to manage your debt and you are struggling to strike a balance between your outgoings and keeping up with repayments, then a Debt Management Plan might be the perfect debt solution for you.

How Can a Debt Management Plan Help?

A Debt Management Plan can help you manage your debt by offering you one low monthly payment to all your unsecured creditors. Debts Management will work on your behalf to negotiate with your creditors to offer you a smaller monthly payment and perhaps get further interest or charges on your debt frozen.

This Debt Plan will help you manage your debts as you only make one payment to service your debt, regardless of how many creditors you have. As the payments to your unsecured debt will be reduced, you should feel less of a struggle paying your secured debt, such as mortgage payment or your unsecured priority debts such as your rent.

If you are eligible for a debts management plan, it can be an ideal way for you to regain control of your finances and reduce the stress from creditors who are asking for payments that you cannot afford.

Is there Another Way to Manage My Debt?

Although a debts management plan is a good way to get your finances back in order, it is not suitable for everybody. Debts Management have access to a number of leading debt solutions and we are confidence that we can find a way to help you manage your debt.

If you feel as though a debt management plan is not the right debt solution and you have debts over £15,000, then an IVA could be the best way to deal with debt. Not only will you benefit from reduced monthly payments, any unaffordable debt will be written off on completion of your IVA.  An IVA is only suitable for residents of England, Wales and Northern Ireland, but the Scottish equivalent is a Trust Deed.

If you are struggling to manage your debt then you might be thinking about bankruptcy as a solution to your debt problems. However you should always explore possible debt solutions before declaring yourself bankrupt, as there are long-term consequences which cannot be avoided.

Not sure if a debt management plan is the best way to manage your debt? Call our Debts Management team on freephone 0800 0481 777 for advice about our range of debt solutions.