Q
Is a debt management solution right for me?
A
Whether a debt management solution is right for you depends on a number of important factors:
- How long will it take to pay off your debts in full under the revised terms? It’s a little more complicated than it might seem at first glance as Debt Management advisors will usually assume all of your creditors will agree to freeze interest. In reality, this is unlikely and you should be prepared for your plan to last longer than the initial estimates.
- Are your creditors likely to accept your proposal (some creditors are more cooperative than others)?
- Are there more appropriate solutions for your circumstances? If your Debt Management solution is estimated to last more than 7 years then the chances are that an IVA, Debt Relief Order or even Bankruptcy may be better solutions for you.
You can read more about Debt Management and whether it is suitable for your situation in our Debt Management section.
Debt Advice Foundation is a registered UK charity offering free, confidential support and advice on any aspect of debt, including Debt Management. If you need to talk to someone about Debt Management or would like to discuss the alternatives, please call to speak to an adviser.
