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How does a
debt management plan work?
A debt management plan is an agreement between you and your creditors for a lower monthly payment that is more affordable (If you are unemployed or have a low income then a debt relief order maybe more suitable). Although a debt management plan is not legally binding the majority of companies do decide to stop further interest charges saving you money in the process. A debt management plan is based on how much you can afford to repay each month. There are many reasons why people get a debt management plan.
If your debts are under £15000 and you are struggling and cannot refinance at an affordable monthly payment then this is a great option to lower your monthly payments and help you to get out of debt and become debt free (If your debts are greater than £15,000 then an Individual Voluntary Arrangement would be more suitable).
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