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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.


 




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