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Debt management allows you to make a lower monthly payment towards your unsecured debt.
You repay the full balance of what you owe but at a more affordable payment and over a longer period of time. Creditors will often agree to freeze interest and charges even though they aren’t legally obliged to.
A debt management plan rolls all your debts in to one single monthly payment helping to make your finances more manageable.
As part of this plan your debt management company can request your creditors to have your interest and charges frozen, although they are not obliged to.
As long as your lenders see your plan working they are likely to stop all debt recovery action against you.
Your debt management company will deal with the creditors for you saving you the hassle and stress. If you need to know something about your plan then you speak to them
In some case you have your own Personal Account Manager who you will talk to about everything to do with your plan.
You make your monthly payment straight to your debt management company and they distribute it amongst your creditors on a pro rata basis. Fee charging debt management companies take their monthly management fee directly from your payment, paying a fee for help will add to the overall amount you pay back.
The cost of Debt Management depends if you decide to opt for a free service such as a charity like Step Change or Payplan. If you decide to opt for a paid service then we can refer you to one of our approved partners who can talk you through the costs involved before making your decision.