{"id":14750,"date":"2023-06-07T09:26:36","date_gmt":"2023-06-07T09:26:36","guid":{"rendered":"https:\/\/bankruptcyservices.co.uk\/?page_id=14750"},"modified":"2023-11-20T06:28:23","modified_gmt":"2023-11-20T06:28:23","slug":"debt-management-plan-pros-and-cons","status":"publish","type":"page","link":"https:\/\/bankruptcyservices.co.uk\/index.php\/debt-management-plan-pros-and-cons\/","title":{"rendered":"Debt Management Plan Pros and Cons"},"content":{"rendered":"
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Advantages<\/h2>\n<\/div>
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  • We do allthe work of writing letter and contacting allyour creditors for you and you don\u2019t have to worry about a thing.<\/li>\n
  • There is one single payment to make every montth \u2013 this will be to the Debt Management Organisation \u2013 and the company that makes payments to each creditor.<\/li>\n
  • You don\u2019t have to pay different companies. Only a single payment will be made.<\/li>\n
  • If we organise the DM plan properly there will be no more Interest or charges.<\/li>\n
  • You only pay what you can afford than you will have enough to enjoy a normal life.<\/li>\n
  • In order for the debt to be paid down you won\u2019t have speak to creditors we do that for you.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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    Disadvantages<\/h2>\n<\/div>
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    • A lot of debt information is needed.<\/li>\n
    • Debt Management Plans have\u00a0no<\/strong>\u00a0legal standing.<\/li>\n
    • If your monthly payment is low and your debts are high them you will most likely be in a plan for the rest of your life.<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      Debt that is not included<\/h2>\n<\/div>
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      Other types of debt that are not included are:<\/p>\n

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      • Secured loans<\/li>\n
      • Leases (property)<\/li>\n
      • Hire purchase<\/li>\n
      • CSA \/ Maintenance arrears<\/li>\n
      • Car loans (if secured against the car)<\/li>\n
      • Rent<\/li>\n
      • Council Tax arrears<\/li>\n
      • Student Loan repayments.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div><\/div>\n
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