Debt Management

Debt management is only one of many solutions that could assist you should you be unable to meet your regular payments.

Debt management plan relates to a number of people whereby their borrowings cannot be met in full from their current income thus a plan is formulated to reduce the payments in line with income and expenditure, otherwise known as disposable income.

This option involves informal talks with creditors to see if one can reduce your debt repayments to a level you can comfortably afford. Some times it is possible to freeze income and obtain early settlement agreements.

The main objective is to freeze interest, stop repayment penalties or extend the loan repayment terms.

They are voluntary arrangements negotiated on your behalf with your creditors, thus it is a private agreement.

The main advantage is to allow you to make an affordable monthly payment with your creditors and if accepted this will stop creditors hassle.

You will be required to complete an Income & Expenditure so one can evaluate your disposable income, once this has been achieved one would be in a position to make an offer to one or various creditors alike.

One should not look at matters as "Doom & Gloom" but as taking the first step to resolving your financial difficulties.

Further information can be obtained by contacting the relevant office.

Please note Debt Direct Ltd does not advise on Debt Management programmes but can refer you to a licensed I.P. who can give assistance should you require.