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 different amounts of disposable income which will mean that you both pay off different amounts towards your debt. Even if you have the same amount of debt and disposable income, your debts could alter in interest rates therefore the person with the highest level of interest will take longer to pay off debts with a debt management plan.

This is why we tailor the debt management plan to you.

Pay Off Debts with a Debt Management Plan

With a Debt Management Plan, you only pay what is affordable after interest and charges have been deducted. You should be aware that because you are paying off debts with a debt management plan it will take you longer to repay your debts.

The best way to find out how long it will take to pay off debts with a debt management plan is to seek expert debt advice. Please contact one of our DebtsManagement.co.uk debt management advisors on 0800 0481 777.