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Debt Management - Pros and Cons


  • Aim to freeze all interest and charges
  • Negotiate reduced repayment plans with your unsecured creditors on your behalf
  • Reduce monthly payment to an affordable amount based on your circumstances
  • We deal with your creditors and handling all creditor correspondence for you
  • Constant support for the life of your plan
  • Regularly review your situation to ensure you are aware of all solutions available to you
  • Piece of mind that knowing your debts are being managed Informal arrangement meaning should your situation change you can leave the plan at any time (all you would need to do is send in a written letter of cancellation)
  • Consolidation of unsecured debt repayments to one affordable monthly payment
  • Your monthly payment will be passed onto creditors within 5 working days
  • Fair and open way of sharing payments, widely understood by creditors
  • Individually tailored to each person's financial circumstances
  • You do not have sell any of your assets such as a house or car


  • Credit rating may be affected resulting in creditors placing defaults upon your credit file which may make it difficult to obtain credit in the future
  • As your plan is informal, creditors can choose to withdraw from the agreement at any time
  • It may take longer to clear your unsecured debt as you are now making lower repayments
  • Creditors are not obliged to enter into agreements however it is seen as advantageous in securing a return on the outstanding unsecured debt
  • Creditors can still look to take further action whilst you are in a Debt Management plan
  • There are fees involved in running a Debt Management plan meaning you may pay more back than what you initially owed
  • Creditors may still contact you especially in the initial setting up stage of the plan
  • You are unable to include priority debts within a Debt Management plan

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