Debt Management - Where To Get The Best Debt Management
Debt Management is where your creditors agree that you may repay your total debt in more affordable installments over an agreed period of time.
Because they are informal arrangements, there are no solicitors or Insolvency Practitioners involved. However, this informality can come at a cost as it’s possible for creditors to change their minds. Generally this is unlikely.
Some Facts About Debt and Debt Management
- There are 3.4 million UK adults in serious debt
- The average debt is £25,115, although 9% of people have debts of over £60,000
- 91% are paying off credit card debt
- Women are even more affected by serious debt than men, with 75% saying they are not sleeping because of debt-stress, compared to 61% of men
- Despite these high levels of stress, 15% of people still have not talked to anyone about their debt problems
- Almost 48% of people in serious debt pay for their debt solution, although there are lots of free alternatives
- A fifth of people in a debt management program will take more than 10 years to pay them off
- Over 10 years, average charges add almost 20% to the cost and nearly 2 years to the repayment period
- The suffering caused by debt stress and the unnecessary fees often paid can be avoided
Our Mission Is To Find You The Best Debt Management
- To stop those in debt waiting months or years before talking to a trusted professional advisor
- To stop those in debt being sold expensive debt management plans and instead helping them obtain access to free alternatives. The best debt management in the UK
- To get anyone struggling with debt to Talk About Debt and not suffer unnecessarily
To ensure that you get the right advice, we provide free access to free charity debt advisors who provide unbiased debt advice. This helps those in serious debt to avoid advisors who charge excessive fees or feel it is reasonable to extend the period individuals are in debt beyond what is reasonable and logical.
Join Our Campaign To Make Debt Management FREE
- There are free debt management plans available - we know because we help people start them
- Most debt management companies do not declare their fee structure upfront and certainly don't tell you that there are free alternatives
Proposing A Debt Management Solution
When proposing debt management solutions to your creditors you always ask them to stop the interest and charges on your debts (and they often do), however, they are not obliged to do so. You may even have a situation where some freeze interest and charges and some don't.
If you want professional help to negotiate a Debt Management Plan, and we suggest you do, you have a couple of options:
- Paid-for debt management plans - Debt management companies arrange them and earn fees often equivalent to about 15% of the monthly repayment. It takes longer to repay your debts if you opt for a paid for debt management plan.
- Free debt management - With free debt management plans there are no set-up or ongoing fees, 100% of your repayment goes to paying off your debt. This means you become debt free faster.
We can help if you're looking for a free debt management plan.
Why a free debt management is best for you
If you want to become debt free you want 100% of the money you repay to go towards paying off your debts. There are lots of different ways paid-for debt management companies make their money, but you'll normally find it works out at about 15% commission. If you repaid £25,000 at £450 a month, you'd be paying £67.50 a month to the debt management company and it would take 10 months longer to repay your debt!
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