This post looks at where you can get a Debt Management Plan, provides information on Debt Management Plans and discusses the merits of one.
A Debt Management Plan can be a useful way of taking control of your debts. There are several options available to you. You can either: –
- Set up your own Debt Management Plan. A lot of work but something you can do if you have the time.
- Use a paid for Debt Management Plan provider. Read more about Debt Management Companies and making the right choice.
- Get a Free Debt Management Plan from StepChange or Payplan. I have written a review on StepChange.
Why would you choose a Debt Management Plan
You might choose a Debt Management Plan because you are in a position to pay off your debt in a short space of time. It may also be that you want to avoid more formal solutions such as Bankruptcy or an IVA.
Debt Management Plans are not a formal solution which does mean that a creditor can choose to refuse your payment offer. However most creditors will so it all depends on who you owe the money to.
The other thing about a debt management plan is that you may find you are still charged interest by the creditor. This makes repaying what you owe take longer. Again most creditors will be reasonable and freeze interest and charges after a short amount of time. However there are some that may not.
Do you have any more information about Debt Management Plans?
I recently wrote a list of all the posts containing information about Debt Management Plans. There is a lot of useful information that should assist you. These posts cover everything from the pros and cons to how to set up your own debt management plan.
- Read more about Debt Management Plans.
Get help with your Debts
Ready to take action and start sorting out your debts? Visit the Debt Help page to find the details for Payplan and StepChange Debt Charity. Remember that these organisations are there to help you, not to make money from you. There will be no pressure at all.
Good luck with sorting out your debts.