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Debt Management - What Is It?
How Debt Management Works
Debt Management Pros & Cons
Debt Management FAQs
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Debt Management Pros & Cons

 
Pros
  • It gives you relief if you’re experiencing difficulty paying your debts.
  • Everything is negotiated on your behalf so it reduces creditor contact.
  • Flexible payments - you can increase or decrease payment into the plan depending on your financial situation and with agreement from your creditors.
  • Monthly statements so you can see what's being paid out to who.
  • Potentially your interest and charges could be frozen.
  • Creditors see it as a step towards you managing your situation rather than ignoring it.
Cons
  • Your credit rating will be affected making it difficult to acquire more debt, however at this stage your credit rating has probably already been affected and you will struggle to get further credit.
  • Whilst we make every effort to have the interest and charges frozen by your creditors, there is no guarantee they will agree.
  • Further collection action against you is possible as you’ve potentially defaulted on your account.
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