Debt Management
What is Debt Management?
Debt management is an informal arrangement between you and your creditors. The debt management company takes details of your debts, income and outgoings, and provide proof to your creditors that you can't afford current repayment levels.You make one affordable payment to the debt management company, which is then distributed to your creditors. Typically, the new payment is half your existing payments, but will depend upon individual circumstances.
Payments are based on disposable income once essential outgoings such as rent and food are budgeted for. Many non-obvious items can be included as essential living expenses.
You can advise your creditors that the debt management company are dealing with your debts and your may refer any correspondence from your creditors to them.
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