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Debt Management Plans

37 Helped Today! - 23/06/18

It’s not difficult for people to find themselves in a situation where the amount of debt they have is overwhelming. In these instances, it can be helpful to come up with debt management plans. Our debt management advisors see people from all walks of life, so those who are in financial dire straits should not feel embarrassed about contacting them for help.

debt management plans

What are Debt Management Plans?
Put simply, debt management plans are programs that help consumers make affordable monthly payments to their debtors while also reducing the amount they owe. This can involve negotiating with creditors in order to come up with an arrangement that is more satisfactory while also helping individuals establish a budget. In most cases, a debt management plan can help people wipe out all of their debt in around five years without having to file a bankruptcy petition.

Why are Debt Management Plans Important?
When consumers begin falling behind on debt payments, this can begin a vicious cycle of ever-increasing debt that can be overwhelming in many instances. That’s because some debtors may add late fees or increase interest rates as a result of missed payments. This makes it even more difficult for individuals to make the minimum payment the following month. Consumers can fear losing some of their possessions or might face declining credit scores as a result of over-burdensome debt. Debt counselors help people come up with an affordable plan for paying off their debtors and in some cases can even have interest rates reduced or eliminated altogether.

Who needs Debt Management Plans?

Consumers can end up with unmanageable debt in a number of different ways. For those who have never had difficulty meeting their monthly obligations, it might be difficult to notice the signs that this is occurring. A few things that could indicate debt is out of control include

  • One or more debt payments seem to be late each month
  • Consumers are paying only the minimum amount due on credit cards or other loan payments
  • Individuals find themselves relying on credit cards to pay other bills or buy necessities
  • Consumers look for ways to “put off” paying certain bills so that others won’t lag behind
  • It’s common to pay late fees on mortgages and car payments
  • Individuals have recently taken out one or more cash advance loans
  • Phone calls are being screened and/or avoided because they could be from bill collectors
  • Savings and retirement accounts have been depleted just to “keep the boat afloat”

Those who have experienced some of these situations recently should take action and try to come up with a debt management plan to help them retain their credit and good name before they wind up displaced from their home or have their wages garnished.

Benefits of Debt Management Plans

 debt management plan

Debt management plans work with each individual’s income to find affordable solutions that will allow them to pay off their debt. Consumers will only need to make one monthly payment to their program’s administrator, and then he or she is responsible for ensuring all debts are paid. This can simplify the bill-paying process and also eliminate a great deal of worry. Once the debt management plan is put in place, creditors no longer need to contact individuals about delinquent accounts; in fact, they can even be prohibited by law from doing so. Those who already have poor credit standings are likely to see this figure improve as time goes on.

Many people have successfully used debt counselling to help them during times of economic hardship. While many people find it difficult to ask for help, the truth is that there is actually no shame in asking for assistance in creating debt management plans. In order to get started on a debt management plan and speak to a qualified debt management advisor, simply fill out the form you see above.

Other Services:

At www.Debt-Management-Site.com we do not give advice. On completion of our form, we will introduce you to one of our authorised debt solutions partners. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not www.Debt-Management-Site.com. All solutions are subject to acceptance and eligibility. Further conditions will apply and calls are recorded for your protection. Initial advice is always free but, as commercial companies our partners do charge for on-going services. Debt Write off only applies on completion of the Insolvency Solution and details do appear on a public register. Full details will be discussed prior to entering into an agreement and alternative options may be offered, where considered to be in your best interest. Your ability to obtain credit will be affected for 6 years, even if the solution lasts for less and your assets and property could be at risk.

To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up by the Government to help people manage their money.

All debt solutions should be very carefully considered. www.Debt-Management-Site.com never charge for the advice we give you, but if you enter an Individual Voluntary Arrangement (IVA) or Debt Management Plan with one of our partner companies, then fees will apply and these are made clear by our advisors or in the documentation you receive. Retained payment may place you further into arrears. www.Debt-Management-Site.com partners all comply with the Financial Conduct Authority rules and principles of business and you have the right to a cooling off period of 14 days. It is likely that your ability to obtain credit will be affected for 6 years, even if the solution lasts for less.

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