Debt Management from Adverse Credit Specialists
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Debt Management Plans
A debt management plan is a financial solution that would allow you to make affordable monthly payments to your creditors, without having to borrow more money. It may be possible to negotiate with your creditors to reduce the monthly payments and freeze interest so that your client will be able to clear their debt faster.
How does Debt Management work?
A debt management plan would enable you to pay one monthly contribution to one company who would then distribute the funds among the creditors.
The plan will continue until your debts are cleared or until you wish to voluntarily end the arrangement. Most common reason leading to ending an arrangement is an improvement in income enabling you to leave the plan and revert to your original monthly payments.
How do I know if I am suitable for a debt management plan?
If you have unsecured debts of at least £5,000 and have a minimum of £100 disposable income each month then a debt management could be an option.
What else do I need to know about debt management?
A debt management plan is not legally binding so you can cancel the arrangement at any time. Also, a debt management plan is not recorded on a credit file so your credit rating may not be adversely affected.
