A debt management plan is for unsecured debts between £5,000 and £10,000 or for short term debt problems. The aim is to try to persuade creditors on your behalf to lower your monthly repayments, this is usually for a fee that you have to pay.

The problem with using debt management companies is you can quite simply end up paying more. Creditors will often continue to charge interest and charges and as a result your debt will increase. As a result you will be paying off your debt for a much longer period of time that you ever had previously thought.

Debt management does give you the opportunity to take control of your financial position but should not be viewed as the final long term solution. If our debt solution model does identify debt management as the most suitable short term solution we will refer you to an ethical organisation for the necessary support and service.