The Pros and Cons of Debt Management Plans

Debt Solver is a member of DRF (Debt Resolution Forum). The Debt Resolution Forum promotes professional standards for resolving debtors' financial problems, focussed on the quality of advice provided to consumer debtors by all DRF members.

"Mike owed £15,040... He's now paying £255 a month instead of £500."
Mike

"Neil owed £30,526... He's now paying £255 a month instead of £908."
Neil

"Jessica owed £38,510.86... She's now paying £492 a month instead of £1272."
Jessica

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.

Request a call back from one of our consultants

First name

Last name

Home phone number

Mobile number

Postcode

Email address

Total unsecured debt

Are you a home owner?
yes No

Equity amount

When should we call you:

I accept the Privacy Policy

7 Card Tricks to Deal with your Debt
yourself of bad debt isn t going to happen by magic There s no quick fix ...

Financial Fallout – See the Signs
are the ten early warning signs that point to impending debt disaster Be sure to look ...

The Five-Step Plan to Clear Debts
this five-step plan from the dedicated financial advisors at Debtsolver and make the year you free ...

Lack of debt help ‘forced’ Dannii Minogue to strip for Playboy
Minogue has recently revealed that the pressure of her severe debt problems forced her into posing ...

Remortgage and Save!
vast majority of households in Britain will find that their single highest expenditure is their mortgage ...