Is Debt Management right for me?

If you feel as though an IVA is not suitable for your financial circumstances and are still considering your IVA alternatives, then a Debt Management Plan could be one of the debt solutions you are thinking of.

Like an IVA, a Debt Management Plan is not suitable for everyone, so we would always advise that you get expert advice first. Contact one of our professional Debt and IVA advisors on 0800 048 1766 who will be able to offer you further information.

Debt Management Criteria

1: You have unsecured debts of over £5,000  - Unsecured debts include: Credit Cards, Store Cards, Catalogue debt and Unsecured Loans.

You may not think that you have £5,000 of unsecured debt, but if you have not been making your full monthly repayments to any one of your unsecured debts, interest and charges will have been added, which means your debt could well have grown to over £5,000 today.

2. You have a stable income -  A Debt Management Plan is a debt repayment plan and you would need to commit to paying a fixed but affordable sum each month to your creditors.

3: Your debts are unaffordable – If you cannot afford to meet your current credit repayment obligations and are struggling with your finances, then chances are a debt management plan could be right for you as it will reduce the amount that you are required to pay to your unsecured creditors.

4: Your debts are unsecured – A Debt Management Plan can only look after your unsecured and non-priority debts. Therefore secured loans, mortgages and priority debts cannot be included.

These simple criteria represent a generalisation and we would need to speak to you to determine whether you are eligible for a Debt Management Plan. Call one of our expert advisors on 0800 048 1766 or take the 1 Minute Debt Test.