So what is a Debt Management Plan?

By taking out a Debt Management Plan you pay back the debts you owe to your creditors in agreed, regular instalments; you make only one payment directly to a Debt Management Company which will then divide the payment fairly between all your creditors. An additional advantage of this method is that you don't have to speak to your creditors yourself to arrange the plan; the Debt Management Company does it for you.

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Is a Debt Management Plan right for me?

A Debt Management Plan is a good option if you can afford to make regular payments to your creditors and you want an organised, simple way to pay. It can be the best option if you:

• simply need a short term solution to your debts
• have unsecured debts that you can't afford to repay
• have significant equity in property but prefer not to remortgage or take out a secured loan
• owe money to only one or two different companies
• do not qualify for an Individual Voluntary Arrangement ( IVA )
• do not want your wife, husband, partner or spouse to find out about your debt
• prefer to use a third party to deal with your debts
• could pay your debts in full but don't want to change your lifestyle.