Frequently Asked Questions
Debt Management Plan
What is the main benefit of a Debt Management Plan?
Debt Management plans are a good short term fix. There main benefit is that they are able to equalize the income you get with the expenditure you have to make. By starting from what you can afford not what you need to pay it is possible to ensure your finances are brought into balance. Therefore if all you can afford is £100 per month after paying for all your living expenses then this is the ceiling which can be offered to your creditors.
Which debts can't be included in a debt management plan?
What is the main benefit of a Debt Management Plan?
How will the plan affect my credit rating?
Will my lenders freeze the interest to make the debt management plan attractive?
What happens if I can't keep up with the reduced payments?
Will my creditors still contact me?
What is a typical time period for a debt management plan?
What is the difference between fee free and fee charging advisers?