Debt Management Advantages
A Debt Management Plan is most suitable for those with debts under £15,000 and struggle to make payments to your creditors. All Clear Finance can offer you free, confidential advice. To find out more, call today on 0808 131 0038.
Debt Management Advantages
- You make just one payment per month.
- The monthly payment is worked out on what you can realistically afford - no matter how many creditors you have.
- It is an informal arrangement between you and your creditors, meaning that you can avoid legal insolvency procedures.
- Your creditors may be willing to suspend any legal action against you, and freeze or reduce any additional interest.
- We will deal with all your creditors phone calls and letters, meaning less stress and worry for you.
- It is a more flexible repayment scheme than an IVA.
- It is not noted on a public record, so no one needs to know that you are on a Debt Management Plan.
Entering into an IVA may adversely affect your
credit rating for up to six years from the date of approval.
Your property will be protected within an
IVA but you may be required to release all or part of any equity during the
period of the arrangement.
Failure to complete the term of an IVA can
result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)