Debt Management Solutions

Are you struggling to repay your debts? A debt management plan could be the solution for you as you could:

  • Have a single affordable monthly repayment
  • Reduce or freeze interest on your debts
  • Regain control of your debt situation again

Debt Management can be a good solution for people who have debts that have got out of control. It is an informal arrangement where you are not tied into any contract and you can opt out of the agreement at any time if for example when you are in a better financial situation in the future.

Benefits of a Debt Management Plan

  • It is an informal agreement that can be stopped at any time as your circumstances change (for better or worse).
  • Interest & Charges can be frozen.
  • A single easy monthly payment to cover all unsecured debts.
  • A debt management company will negotiate with creditors on your behalf, so offers are more likely to be accepted and interest frozen than if you try to do this yourself.
  • A debt management company will help you prepare your plan, including agreeing the level of your household and personal spending based on guidelines, which can then be used to put your case to the creditors.

Disadvantages of a Debt Management Plan

  • Debts will be repaid over a longer period of time than if contractual payments were made.
  • Repaying debt over a longer period may increase the total amount to be repaid.
  • Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.

The Products and services promoted here are not part of the Openwork offering and are offered in our own right.  Openwork Limited accept no responsibility for this aspect of our business.