What is a Debt Management Plan?
It is possible for an individual to organise their own debt management plan with their creditors. However, if you have more than one unsecured creditor, it is advisable to approach a legitimate, licensed debt management/consolidation company. Their relationship with the creditors will ensure the best deal for the debtor.
Debt management is simply organising a single, reduced monthly payment to clear off all of your debts. The amount that you pay is dictated by what you can afford. This is a flexible amount that can change based on your circumstances. There is no set time period that a debt managment plan can last. Some last for two years, some for fifteen. In most cases, interest and charges are frozen.