Debt Management

Hold on! Before you get started, have you checked if your debt is statute-barred? Don’t proceed any further without checking here! If your debt is over six years old and you haven’t communicated with the creditor or debt collector about your debt or made any payments in the last six years, you might be able to resolve your issue with just one letter. If not, let’s continue.

Take my stress away

Juggling a full-time job, children, and everyday life can be overwhelming without dealing with a spiralling debt issue. This kind of ongoing pressure can lead people to make drastic decisions.

“If only someone else could handle the debt issue, I have enough on my plate. "

Like a genie from a lamp, out pops a Debt Management Plan. You may not have heard of Debt Management before; however, if you haven't been making your monthly payments as per your agreement, the suggestion of Debt Management Companies would have appeared in some of the chaser letters you receive.

Are Debt Management Plans Free? Understanding the Costs

Firstly, it’s crucial to recognise that although a debt management plan might seem like a perfect solution for addressing your debt problems (and it might well be), it’s essential to understand what the Debt Management Companies gain from it. There’s very little in life that comes without a cost.

Debt management companies will earn money from you directly or indirectly. Like any other profit-making business, managing your debts is in their interest. Because of this, it’s also essential to know that if there is not enough money to be made from managing your debts, they may refuse to help you. Check out the article in the purple box below to fully understand debt management, how the companies make money, and what you need to know to make a fully informed decision. Then head straight back here; we have much to discuss.

What Does StepChange Do? A Closer Look

By now, you should be well-informed about debt management. You know what you are getting into and whether it is right for you. You must take an even closer look and consider logically, “what’s in it for them?” Be sure to thoroughly research the companies you plan to engage with, including charities, to understand their motivations.

StepChange Debt Charity is an example of a debt management company. Even a debt charity like StepChange has something to gain from managing your debt, and we cover this in detail in the article linked below. As we always say, we are here to provide you with the facts; that way, you can decide clearly where you stand.

Reduce Debt Repayments with Token Payments

The key to successfully handling a financial difficulty is to gain as much knowledge as possible and maintain a calm mind. We’ve got you covered on both counts.

We have no affiliations with creditors or debt collectors, so you can be confident that our information contains all the pros and cons: no bending or twisting of information.

Debt management may be perfect for you, or you may feel ready to tackle your situation yourself after reading our articles, such as Token Payments UK: Reduce Debt Repayments When You Can't Afford to Pay. We have your back; remember, you’re not alone.

Our community is also here for you should you need that extra support. We’ve compiled some articles below to help you through this challenging time.