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Advantages of Debt

Not a lot it must be said. Except of course for the pleasure we might have enjoyed when we incurred the debt. It might have been a loan to fund a holiday or to purchase a new car or a suite of furniture.

When we run into financial difficulties in addressing our debt we can say some good things about a Debt Management Plan. It is an informal and flexible arrangement between us and our creditors. Payments can be tailor made to suit our individual needs. We may not have to release equity in our property. We will eventually repay all of our debts and become debt free. Creditors often prefer a Debt Management Plan to other financial solutions. The details of our Debt Management Plan will not be put on an official register. A Debt Management Plan will address all of our unsecured debts. Employers will not know about our Debt Management Plan.

There are some downsides to a Debt Management Plan as well. The duration of the Debt Management Plan could be long since all debts are to be paid in full. All creditors may not agree to freeze interest and suspend penalties. If we engage the services of a Debt Management Company there will be monthly management fees to pay. It is possible although unlikely that it could affect our credit rating negatively.

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info. Please note: From time to time we may refer you to other services providers or charities such as the CAB.

MoneyHelper

If you’d like more information on other sources of free debt help and advice you can visit MoneyHelper – an organisation, backed by government and set up to offer free and impartial advice to those in debt. - Click here to visit MoneyHelper