There are a number of debt solutions on the market; each has its benefits and its drawbacks depending on the personal, financial circumstances of the individual facing the problem of mounting debt. Of course, as everyone’s financial circumstances are different, they will face different debt problems and the most suitable solution to those problems will differ from person to person. Some facing the most severe financial situations could find that bankruptcy is the best route to freedom from debt. Others could find that an Individual Voluntary Arrangement (IVA) is the best answer to their debt problem. Likewise, it could be that your debt woes are best solved by a Debt Management Plan. Each has their benefits and drawbacks depending on your level of debt. Talk to one of the specialist debt advisors at Debtsolver for assistance in finding the solution that will work best for you.
Here are 5 key benefits of a Debt Management Plan.
- Make a reduced monthly payment.
Once you’ve worked out a reasonable budget, only pay what you can afford. We understand that there will be essential items, like food and rent, which cannot be put off and need to be factored in to any repayment plan. You’ll only make one payment each month so it’s easier for you to keep track of your expenditure. You don’t have to deal with all of those creditors either. You simply make one payment which will then be distributed amongst your creditors.
- The negotiating is done for you.
You’ll have the peace of mind that comes from having a dedicated, experienced professional handle the negotiations on your behalf. Your creditors are not obliged to agree to the offer that we’ll propose on your behalf but they can’t refuse any payment which you make towards settling your debt. Debtsolver will handle all correspondence too; you can pass on all letters and phone calls to our team and we’ll manage the situation for you.
- The Debt Management Plan can be flexible.
Having a dedicated debt specialist assigned to your case gives you the security of knowing that, should your circumstances change, you can talk to an advisor that knows your case and can act accordingly. This could mean increasing your payments in order to pay off the debt quicker, or reducing your payments to make them easier to service.
- Aim to freeze interest rates and charges
In addition to the assistance you’ll receive in drawing up the plan, the negotiation we’ll carry out on your behalf and the support you’ll receive throughout the plan’s execution, Debtsolver will make every effort to freeze interest rates and charges on your debts.
- A Debt Management Plan is an informal arrangement.
A Debt Management Plan is an informal arrangement between you and your creditors which is brokered by Debtsolver. With this in mind, you’re not tied into any formal contract so there’s no cancellation fee and your creditors benefit as they don’t have to pay for expensive legal proceedings or fees to debt collectors.
Visit www.debtsolver.co.uk for more information on the benefits that a Debt Management Plan can have on your financial situation and a more detailed understanding of the different debt solutions on the market.