What is a Debt Management Plan?
A debt management plan is generally set up by a third party. A financial advisor checks your financial status including your outgoings, and incomings as well as an affordable monthly payment that you can pay to cover your debts. Apart from this, a financial advisor proposes the freezing of the interests and charges associated with your debts.
Debt management is also known as credit counseling in which you pay a single monthly payment to a debt management company. While the company distributes a set amount to your creditors on your behalf, at affordable interest rates. This helps you to pay your debts faster and easier. This plan may take 3-5 years and you can pay debts, interests as well as service fees.
Are you Worried About the Following Debts?
We help you to deal with different types of debts such as-
- Payday loans
- Credit cards
- Personal loans
- Store cards
- Business debt
- Lines of credit