A Debt Management Plan is specially designed for those who are unable to meet their unsecured debt repayments. A debt management plan allows you to make a reduced monthly repayment to your unsecured lenders or creditors. The monthly repayment will be tailored to your unique circumstances, dependant on the amount you can afford after your income and expenditure have been taken into consideration.
There are number of key debt management benefits which you may want to consider when deciding upon a debt solution. These include:
1. One reduced monthly payment to make: The two main key debt management benefits is that a) you lower the amount you need to repay to your debt, and b) your unsecured debts are all consolidated into this lower monthly payment. This means that you don’t have to worry about making payments to multiple creditors at different times in the month; all your unsecured creditors can be paid with your debt management plan.
2. We will deal with your creditors: One of the most stressful things about falling behind with your debt repayments is the constant flow of calls and letters from your creditors demanding payments which, realistically, you cannot afford. A debt management plan removes this worry as we will deal with your creditors on your behalf.
3: Better budget management: A debt management plan allows to to handle your budget much more effectively. You will know exactly how much you will have to pay towards your debt management plan and the amount which is due. This allows you to effectively budget your spend and, as the debt management plan has been tailored to your personal financial circumstances, it will be affordable.