A Debt Management Plan is designed to help you reduce the payments you need to make to your unsecured creditors on a monthly basis. It allows you to reduce your outgoings to a level that is affordable to you.
When calling a debt management helpline, such as Debt Helpline, you should be advised about all the solutions of debt help available. Typically a debt management plan is best suited to those with debt under £12,000 who feel as though they are struggling to make their current payments.
It is important to note that a debt management plan offers you no debt relief and you will have to pay back all of the debt that you owe. If your debt is over £12,000 then you may want to explore an IVA as an option as this allows you only to pay back the debt which is affordable over a 60 month term and, on successful completion, you will be debt free after this time.
If you want help with debt management, the Debt Helpline can call you to discuss your options. Contact us on 0800 0481 778.
There are other alternative solutions to a debt management plan which might be better suited to your circumstances. Take our Debt Helpline Test to see some of the potential options.
For personalised debt management help, please speak to one of our Debt Helpline advisors on 0800 0481 778.