Hearing the phone ring isn't exactly a joy when serious debt problems exist. Dealing with creditor harassment is unpleasant and stressful. Don't let financial difficulties and stress continue indefinitely as a debt management plan can change things for the better.

What is a Debt Management Plan?

A minimum of £100 is contributed towards the arrangement each month. The debt management company takes their 15% fee and the remainder is paid to creditors on a pro rata basis. Unlike an Individual Voluntary Arrangement, a debt management plan is only a voluntary agreement and is not legally binding on creditors.

Budget Preparation and the Necessary Paperwork

Put together a personal budget statement documenting all sources of income and expenditure. This should include a full list of creditors, their addresses, account numbers and how much is paid to them each month.

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