While some types of debt, such as a mortgage, can help you build financial health, too much debt may lead to significant financial problems. If you’re currently struggling to repay your debt, you may wonder if a debt management plan is a good option.
Generally, debt management plans (DMP’s) are meant for people who are significantly in debt. While DMP’s may help people avoid the major credit impact of defaulting on their debt or declaring bankruptcy, debt management plans
If you’re in debt and you are finding it hard to cope, it’s important to deal with the problem straight away – the longer you ignore your debts, the worse the situation becomes.
Basic steps to help you deal with a debt
The basic steps to help you deal with a debt problem are shown below. However, you should get independent advice to help you find the best way to deal with your debt problem.
Step one – make
How a Debt Relief Order works
If you’re struggling with money, you can talk to someone today, online, by phone or face to face. We have specially trained advisers who can help you start sorting out your financial problems.
- suitable if you are on a low income with very few assets
- freezes debt for a year then writes it off completely if your circumstances haven’t changed.
Once a Debt Relief Order is agreed, you make no
Everyone with even a little bit of debt has to manage their debt. If you just have a little debt, you have to keep up your payments and make sure it doesn’t get out of control. On the other hand, when you have a large amount of debt, you have to put more effort into paying off your debt while juggling payments on the debts you’re not currently paying.
Know Who and How Much You Owe
Make a list
What would you be more embarrassed to shout from the rooftops: your weight or your credit score?
According to a recent survey, it is clear that debt shame in the United Kingdom is worse than diet shame. A whopping 37% of people answered that their credit card debt was the most embarrassing, followed by 30% of respondents admitting they wouldn’t want to fess up to their credit score. Weight made only 12% of people sweat, and came in a