How Debt Management Monthly Plans Work

by David Jenyns on February 29, 2012

Debt Management Advice

Customers whose debts are spread over a number of different creditors may find controlling their finances difficult. Possibly multiple debts will add up to a higher amount than they can repay, or they may struggle to keep track of a number of different repayment dates, making it hard to keep on top of their debts. If you are struggling to keep up with your payments, or keep enough money aside at the right time of the month, then the problem may be exacerbated by bank charges when creditors ask for money you donít have. If your debts are getting out of hand then it might be time to consider debt management. Monthly plans are an option to help you manage your money by paying less per month and repaying the total sum owed over a longer period of time. advice about debt If you opt for debt management, monthly plans are created to fit your personal situation, negotiated on your behalf by a debt management provider. The result is a single repayment to the provider once a month, which covers a number of your previous repayment commitments. This can make managing your money much less stressful while reducing your monthly outgoings. credit and debt management
When you show willing to
manage your money by accepting this kind of plan, your creditors may also help out by agreeing to freeze the interest on what you owe. independent debt advice Debt management is a realistic solution for people whose debts are relatively low (under £12,000), and whose disposable income is high enough to repay all the debts covered by the plan within a reasonable time. A reasonable time is generally considered to be around 10 years. It is therefore a good idea to seek advice from an independent financial advisor to see if monthly plans are the right solution for you.

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