Debt management is an effective short term solution to your debt problems. When you take out a debt management plan your financial situation is reviewed in order to establish the most affordable repayment scheme, which still satisfies your creditors.

By signing up to a debt management plan your repayment terms for each party you owe money to are negotiated on your behalf so that you personally don’t have to deal with creditors, bailiffs or anyone else demanding money anymore.

Being in debt causes enough stress without the situation being made worse by these demands. By entering into a debt management plan you are given the opportunity to relieve yourself of the stress and responsibility of contact between yourself and your creditors. This will mean that you will not be contacted, or hassled, for any of your debts as long as you stick to the debt management plan.

Usually, an agreement based on these negotiations is made between you and your creditors. This will involve freezing your interest rates and arranging a more realistic repayment scheme that considers your current financial standing. Your creditors also have to agree not to make any further demands for money from you.