Are you struggling with your monthly repayments? Or have you been turned down for a debt Consolidation loan? A debt management plan may still be able to help.
A Debt Management or Financial Management Plan is coordinated by a specialist company on your behalf and provides a structured repayment schedule for your unsecured debts. NOTE: rescheduling debts will usually lead to an increase in the total amount to be repaid and may have an adverse affect on your credit rating.The amount that you repay each month is based entirely on what you can afford. It is paid by you to the debt management company and then divided fairly between your creditors. This is intended to have the effect that the creditors will stop contacting you and that interest and charges on your debts may be frozen so that any money that is repaid goes directly towards paying off your debts rather than to the lender, it is worth noting that creditors are not bound by law to adhere to this.
Any UK resident with two or more creditors and over £1000 of unsecured debt can apply. If you apply for a Debt Management Plan, our advisers will guide you through the process by telephone, giving you professional advice on whether Debt Management is the right course of action for you.
There was an increase in the number of people looking for debt management advice from Citizen's Advice Bureaux in the first three month of 2010.
Filing for bankruptcy in cases of financial difficulty may not necessarily always be the easy option.
Homelessness in Scotland may be being caused by poor debt management, with a recent study showing a number of cases are due to mortgage arrears.
Debt management could affect pensioners, with living costs and inflation rising
Those going to university should make sure they draw up a monthly budget to avoid finding themselves with debt management problems, it has been advised.
If interest rates were not at an historic low, there would be more people struggling with debt management, one expert has said.
Thousands of new debt management cases are being seen by Citizen's Advice Bureaus every day, it has been revealed.
One organisation has called for further regulation of the debt management advice industry.
Debt management has become the focus for many Brits as reports warn of a risk of a double-dip recession, a study has found.
Debt management should be en vogue as UK shopaholics rack up £13 billion in unsecured borrowing, says uSwitch.com.