Is a Debt Managemen
Is a Debt Management Plan right for you?
A Debt Management Plan can be a way of paying all of your creditors using a single monthly payment.
If for instance your debts around £11,000 and you could afford to pay £110 per calendar month then theDebt Management Plan would last for aproximately 8.3 years.
A Debt Management Plan is can be very helpful if you need only a solution for short term ; e.g , if you are going selling your house in few months and then will be able to pay off the majority of your debt in the months to come. Other than being a short term solution, a Debt Management Plan can be useful for anyone who can pay their debt by changing their budget priorities, but wish to keep the same lifestyle.
A Debt Management Plan is effective if:
- You are unable to meet your current monthly debt repayments.
- Your situation is not serious enough for bankruptcy.
- Every month, you can afford to pay £100 towards your unsecured debt repayments.
- For people who have lots of equity in their properties but do not want to remortgage or take out a secured loan.
- For people that owe money to only one or two different companies.
- For people who do not want their wives, husbands, partners or spouses to find out about their debts.