The level of personal debts acquired before people start to struggle is dependant on the individual. If you are struggling to manage low levels of personal debts then a Debt Management Plan could be the best way to deal with them.
Struggling with personal debts does not automatically mean that you have to declare bankruptcy or commit yourself to a 5 year IVA. A Debt Management Plan is suitable if you have lower levels of debt, typically under £12,000.
One Advice will negotiate with your creditors to offer you a lower monthly payment that you can afford. When asking yourself “Is Debt Management Right for Me?”, it is important that you are aware of the advantages, as well as any debt management disadvantages.
A debt management plan helps you to deal with your personal debts by offering you to swap your multiple creditor payments for one lower monthly payment. You make the payment to us and we will fairly distribute this between your creditors. Although you will benefit from lower monthly payments, it does mean that you will probably be paying your debts back over a longer term.
This site goes further to provide you with debt management advice but one of the best things to do is to get in contact with our team of debt advisors. They will go through your personal finances to help see if you can deal with your personals debts through a debt management plan.
Call our personal debts debt management plan advisors today on freephone 0800 048 1752.