Is a Debt Management Plan right for you?

Are you in a Debt Management Plan?

If you are, have you looked at the alternatives which could be better for you?

Research estimates that more than 2 million people are in a Debt Management Plan – and 35% of them were not told that there are other ways to deal with debts.

“Debt management companies: why to avoid them?”

Which? published this article saying:

“Commercial debt management companies (DMCs) have a bad reputation. And rightly so in many cases. Here are 10 good reasons why you should avoid paying for debt advice from one of these firms.”

So, if you are in a Debt Management Plan, be very careful which company you are using.

Is a Debt Management Plan right for you?

A Debt Management Plan can be good if you need breathing space for just a few months.

However, it is not a long term solution to debt problems because:

  • Your debts will not be written off
  • Your debts will have to be repaid in full
  • Your creditors do not have to enter it – so they may still demand immediate repayment
  • Your creditors do not have to freeze any interest on the amount you owe
  • The Plan could last for the rest of your life
  • The Plan could be passed on to your next of kin in the event of your death

A Debt Management Plan is merely a way of postponing the problem.

It won’t bring your debt problems to an end once and for all.

Other solutions such as an Individual Voluntary Arrangement or Bankruptcy will.

(A Debt Relief Order could also be suitable for you, but you would need to discuss this with an ‘approved intermediary’ as detailed on the link.)

For more information

You can call us on

0161 907 4044

0800 195 6768

Or email us at [email protected]

Or fill in our Contact Form

How we can help you

We can review your plan (for FREE) to ensure that it is the best option for you.

Here is how we helped a client come out of a Debt Management Plan and into an Arrangement which suited them better.

  • We were able to calculate the couple’s monthly payments so that they could realistically afford to pay them.
  • They now know that by the end of the five-year period of the IVA, their debts will all have been paid off.

Our client told us:
“Finally, we are in a position which will get us out of this horrible debt-trap we found ourselves in.
We are so grateful to Clarke Bell for their advice, kindness and help which they gave us throughout this process.”

MVLs

MVLs

Our MVL was handled in a timely manner and I was kept informed of progress throughout.

Insolvency

Insolvency

Thanks to the help I received from Clarke Bell, I am able to pay off my debts in a reasonable and realistic manner.

Business Debt

Business Debt

Thank you for all your help with the liquidation matters. You were a joy to deal with.

Complete the form for your FREE expert advice

Your Name:

Your Email:

Phone Number:

Enquiry

CALL 0161 907 4044