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What is Debt Management?
It is a simple but effective method of repaying your unsecured creditors through one affordable payment.

What are Debt Management Companies (DMCs)?
Professional independent organisations providing practical advice and support to those experiencing financial difficulty. DMCs deal with the creditors acting on your behalf for as long as you require assistance. They use an income & expenditure declaration to compile a debt management plan, thereafter issuing financial statements and re-negotiating payment terms - ensuring your legal rights are acknowledged and your funds paid are distributed fairly. DMCs are not to be confused with the Citizens Advice Bureaux who offer an advice only service.

How does it work?
Your debt management plan allows for your living expenses (mortgage / rent, utility bills, council tax, food etc.) with the money you have left going towards repaying your unsecured debts.

How long does it last?
This will depend on the amount you owe and are able to pay into the plan. Unlike loans, your payments are linked directly to your ability to pay. Accordingly, if your situation worsens then it can take longer, as less is being repaid to your debts. Alternatively if your circumstances improve the plan will become shorter. It also allows for lump sum payments if is this possible (e.g. an annual bonus, inheritance). The length of time is also affected by whether your DMC gains concessions, for example interest suspension.