debt management program service solution company uk

Debt Management Program

Debt Consolidation Loans Informal Repayment Plan Individual Voluntary Agreement Bankruptcy

Introduction - there are different ways to deal with debt. Which solution best suits you will depend on the details of your debt. Once you have looked at the different possible debt management program solutions available to you, you must take further advice from a reputable debt advisory service to ensure that you are making the right decision. In addition, you will require their assistance in order to implement practical solutions. There are two main types of debt solution – Formal and Informal....

Formal solutions - These solutions will be legally binding on both you and your creditors. An agreement is made with your creditors to repay the debt in full or at an agreed lower amount over an agreed period of time. Both Individual Voluntary Arrangement and Bankruptcy are formal solutions.

Informal solutions - These solutions are not legally binding on your or your creditors. Normally an agreement with your creditors to reduce the amount you pay each month to fit within your available budget. As they not legally binding creditors can change their minds and pull out of the agreement at any time. A debt repayment plan is an informal solution. Here debt counselling and debt consolidation have a role to play.

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