When faced with a tough financial situation – whether over-indebtedness or the threat thereof – it is important for consumers to understand the debt management solutions open to them, and the pros and cons of these solutions for each. Obviously, different solutions will fit different circumstances, and consumers should ensure they choose the debt management solutions best suited to their specific situation.
Debt management solutions can come in many forms and from many different places, but one thing they all have in common is the benefit they provide to those who take advantage of them.
Unsure of what debt management solutions can do for you?
If you are currently struggling with debt and are unsure of what steps to take next, debt management solutions can help you. Debt Management Solutions – also known as Debt Management Plans – are when you reach an agreement with your creditors to repay your debts at a lower rate; one that is more affordable to you.
This agreement is informal, unlike and IVA or Trust Deed and is a good solution for people who have debts that have got out of control. As the arrangement is informal, you are not tied into any contract and you can opt out of the agreement at any time, such as when you are in a better financial situation.
You can organize debt management solutions yourself or have a Debt Management company handle it for you. The company would then also handle all contact with your creditors and you would only have to speak with us regarding your arrangement.