Contact Us

Privacy Policy And Terms Of Use







Is A Debt Management Plan My Only Option?


There are many different ways to take care of unmanageable debts. The one that might be right for you will depend on a number of factors, including how much you owe, how many lenders you owe money to, whether your debts are unsecured, whether you're employed, and so on.

Each debt solution is designed with a different set of circumstances in mind. In the case of a debt management plan, it's designed to help people who can't afford their existing debt repayments, but still have a realistic chance of repaying their unsecured debts in full within a reasonable period of time.

With so many solutions potentially available, a debt management plan may not be the only option available to you. However, deciding on the right debt solution for your individual needs is a different matter. You should always discuss all your options with an expert debt adviser before you commit yourself to anything.

How a debt management plan could help

A debt management plan is an agreement between you and your unsecured lenders which involves reducing your monthly unsecured debt repayments to a level you can afford. Interest on those debts may also be frozen, if your lenders agree to this.

This would normally continue until your situation improves and you're able to make your full payments again, or until you've repaid the debts covered by your debt management plan - whichever comes first.

Your new payments would be based on what you can afford after your other living costs have been covered, to help ensure you don't fall behind on anything important.

How do I know if it's right for me?

Debt management plans are designed to make unaffordable unsecured debt repayments affordable again. However, you must still be able to repay those debts within a reasonable period of time, otherwise your lenders simply won't agree to the arrangement. You must also be able to contribute a reasonable amount each month.

But even if you can do those things, you'll need to talk with an expert debt adviser before you can be sure it's the right solution for your circumstances. There are a number of other debt solutions that may be more appropriate, depending on several factors.

It's also important to consider the disadvantages. A debt management plan involves paying less than you originally agreed each month, which will have an impact on your credit rating. And if your lenders don't agree to freeze interest and/or charges, you could end up paying more in the long run.


 




Friendswood, Des Moines, Golden Valley, Pickerington, Newton, Poughkeepsie, Humble, Lancaster, Lansdowne, Nebraska, Liberal, Mesa, Brooklyn Center, Virgin Islands, Excelsior Springs, Richland, Carthage, Hobbs, Somerville, Longview, Edina, Surprise, Oak Forest, Annapolis, Sarasota, Campbellsville, Marshall, Owosso, Satellite Beach, Delaware, Fairborn, Plymouth, Amarillo, Mount Vernon, Dolton, Dickinson, Watertown, Norwalk, Muncie, Levelland, Providence, Bessemer, Connecticut, Marshalltown, Collinsville, Peoria, Tennessee, Benbrook, Smyrna, North Dakota, West Hollywood, Gainesville, Hickory, New Jersey, Farmington, Oceanside, Newnan, Temple City, Ellensburg, Jasper, Cookeville, Belton, Marysville, Kentwood, Cypress, Moscow, Temecula, Huntington Park, Albany, Mill Valley, Ocoee, Roswell, Vidalia, El Segundo, Cedar Rapids, Blue Island, Griffin, Tarpon Springs, Wyomissing, Colorado, Sumter, Claremore, Oregon City, Medford, Gladstone, Berlin, West Paterson, Mount Pleasant, Utica, Visalia, Ferguson, Rancho Palos Verdes, Clearwater, Libertyville, Oklahoma, Indiana


Can We Still Use a Joint Bank Account If I Do a Debt Management Plan?

By James Falla
If you are planning to start a debt management plan one of the most important things to consider is your bank account. We consider your options if you currently have an account in joint names with someone else. Whether or not you can continue using a joint bank account when you start your debt management plan (DMP) will largely depend on whether there is currently an outstanding overdraft and whether you personally owe anything else to the same bank.
[READ FULL ARTICLE]

Debt Management - The Debt Elimination Lifestyle

By Alan Pavan
There is simply no way that the average person can eliminate debt and start building wealth without making serious changes to his or her lifestyle. Those who don't change how they live won't be able to eliminate debt or build wealth.
[READ FULL ARTICLE]

What is a Specialized Debt Management Program

By Cornie Herring
Normal-traditional debt management program is designed for those people who have debts that are exceeded their repayment capability. Traditional debt management normally works hand-in-hand with credit counseling to help the debtors to resolve their debt issues. But there is another specialized debt management program which dedicated for people who have good credit. Read this article for more information on specialized debt management program.
[READ FULL ARTICLE]

Debt Management - Correct Management Key to Success

By Owais Siddiqui
Financial liabilities create a lot of problems when one has to repay them. For instance in case of secured liabilities like personal loans, the liability holder is always under mental stress.
[READ FULL ARTICLE]

Debt Management Tips - 5 Hot Tips to Get Out of Debt Now!

By Jake Worthington
Your debt is out of control and the stress is eating you alive. You desperately need some debt management tips to keep you from going crazy. Sound familiar?
[READ FULL ARTICLE]

Debt Management | Genus Debt Management | Nustart Debt Management | Crown Financial Services | Dwp Debt Management | Trinity Debt Management | Debt Busters | Online Payday Loans | Debt Management Plan