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How can we help? > Debt Management
If you are suffering from debt and cannot afford to continue
paying your creditors debt management may be the right solution
for you.
Debt management may be appropriate if your debts are below
£15,000 and you are struggling to make ends meet every
month. It is an informal agreement between you and your creditors
to reduce your monthly payments to an affordable amount (feel
free to use our ‘Help Zone’ to work this out).
The agreement can be negotiated by yourself or through a debt
management company who usually charge a fee for negotiating
with your creditors.
What are the potential drawbacks?
With debt management you will probably still have to pay
off all your debts, often for longer periods thanks to rolled-up
interest. That means you can simply end up owing more and
more.
Debt management is not a recognised procedure and creditors
are not obliged to freeze interest and charges and can still
take legal action against you in respect of the monies you
owe them.
There may be better solutions to your situation. Give one
of our professional debt advisers a call FREE
on 0800 019 9646 to discuss your options.
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