1. Will all debt be dealt with?
Mostly yes – debt such as personal unsecured loans, credit cards, store cards, overdrafts and catalogues will all be covered.
2. Will I end up paying the debt back for longer?
Your debt will take longer to repay as you’re paying less. This kind of debt solution is only for people who cannot afford to pay their existing debt – so this helps make it affordable. It will be assessed what you can afford to pay.
3. Will I have to pay a fee?
You might be charged a management fee to put the Debt Management Plan in place and for the negotiations with your creditors – but this will be discussed with you before you agree to anything.
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More information about debt management and advice:
Write off all the debt you cannot afford and avoid legal action. Government legislation that helps you clear your debt in 60 months.
Lower your monthly payments on your existing debt with one affordable monthly payment plan. Hassle free and flexible plans for if your situation changes.
Bankruptcy is a consideration if you simply cannot pay debts that you owe and you have already considered
Debt Management and an
IVA.
A Trust Deed is a legal process only available to residents in Scotland and offers an alternative to bankruptcy.