Debt management plans can have you debt free by making one monthly payment to one company each month and attempting to get your interest and charges frozen.
Debt Support Trust is a free debt advice charity helping people with their debt problems via the telephone and internet.
A debt management plan is a unique debt solution which is suitable for some people with debt which they can’t afford to repay. The debt management plan will enable you to repay your debt over a longer than originally agreed period and you could even have your interest and charges frozen.
Best Debt Management Plan
There are different debt management plans offered by lots of companies but we believe the best debt management plan is the free debt management. The level of service is excellent and it will have you debt free quicker than other options.
If a debt management plan is suitable for you then you’ll be asked to make a monthly payment to one company. The company offering a debt management plan will attempt to get your interest and charges frozen so that when you make your monthly payments you’re paying off your debt.
To check if a debt management plan is right for you take our debt analyser test for a quick answer.
Or, you can call us on 0800 085 0226 for free, confidential advice.
Different Debt Management Plan Options
There are different debt management plan options: free or for-profit. As a charity we always recommend the free debt management options as they will have you debt free quicker than the for profit debt management plans.
A for profit debt management plan would charge you a fee for managing the debt solution, whereas there are free options which don’t charge you. Instead, the free debt management company would get their money from your creditors for managing your debt solution.
If you would like to check whether you qualify for a debt management plan then complete our debt analyser today for quick advice.
Quick Facts about Debt Management
There are positives and negatives to the debt management solution which you should consider before entering the solution but a qualified debt advisor within Debt Support Trust can help you understand these.
Some facts on debt management are below to help you:
- A debt management plan lasts until all of the debt is repaid
- Your house or other assets are no considered
- If you have debt over £5,000 you could enter a debt management plan
- A debt management plan would affect your credit file for 6 years
Debt Advice Debt Management
Debt management is just one available solution to debt. There are others like a Trust Deed, bankruptcy, IVA and debt arrangement scheme. There may even be a couple of debt solutions available too.
At Debt Support Trust we give you all your options so you can make an informed decision.
Call us today for free advice on 0800 085 0226.