What is Debt Management?
Debt Management is a process by which we negotiate with your creditors to obtain the lowest monthly obligation needed to satisfy all of your current accounts.
What are the advantages of Debt Management?
- Free initial advice.
- No obligation to take up our services.
- Monthly fees become affordable relieving you of some of the pressure.
- Having Debt Specialists working on your behalf with the creditor, allows for a less challenging negotiation improving the potential to gain successful repayment terms
- Our extensive experience in this field allows us to properly assess each individual situation and to be able to recommend an appropriate debt management strategy
- We act on your behalf throughout the execution of our professional service
- Constant reviewing of your circumstances to ensure the current strategy remains the best strategy
- Debt Specialists deal with every stage of your enquiry with strict confidentiality
What are the disadvantages of Debt Management?
- If your debt value is likely to be higher than £15,000 we will advise you on an IVA. This is a more formal type of agreement. This is largely due to the fact that with higher debt volumes, your credit companies may not freeze the interest payments that are currently being charged on your debts because of late or reduced payments, which could lead to a never ending debt situation with larger debt cases.
- It will take longer to pay back your credit due to the fact that you are paying less back to your creditors each month.
- Your ability to obtain credit will be affected for 6 years.
To find out if you qualify for a Debt Management solution call us today or fill in our online form.
If you are still unsure about the Debt Management solution, then please read our frequently asked questions about Debt Management.
In addition further debt guidance can be obtained from the following link Insolvency Service Debtor Guide