Debt Management Plan
A debt management plan is an informal arrangement between you and your creditors, planning out how you intend to repay your debts. It’s technically possible to arrange this yourself, but many people prefer the convenience and experience that a professional debt management company can offer.
A debt management plan can allow you to repay your debts at a more manageable pace. You will agree smaller monthly payments to each of your creditors, based on how much you can afford each month, and interest rates and other charges can also be frozen – meaning your debts won’t continue to grow.
Debt consolidation loan
A debt consolidation loan is particularly useful for people with several debts. It is a new loan that allows you to repay your existing debts, after which you will repay your new lender in single monthly payments.
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