A debt consolidation program or debt management plan offers you a convenient means of making repayments against debts you owe. You will typically be afforded lower repayments as well as a more convenient single, monthly payment. You will also no longer need to deal with creditors by phone or post and you will be given a date when you will officially become debt free and worry free.
Repaying multiple debts every single month can be difficult to manage. With multiple debt payments due to multiple companies, and combined with your mortgage or rent and utility bills that are necessary monthly payments, it is not uncommon to find that your wages simply do not stretch far enough. You can try to make arrangements with creditors yourself but at this stage they will be inclined to try and claim the full amount that you owe.
By using a debt consolidation program, you are indicating to creditors that you are in trouble but you are trying to remedy the situation. They will be more likely to deal with your debt consolidation company than directly with you and your debt consolidation company should have a greater understanding of the type of arrangement that creditors are looking for. This means that you will often find that creditors will be willing to agree to lower repayments when they deal with a debt management service or debt consolidation company.
It is also more convenient for you to deal with a debt consolidation company when compared to trying to go it alone. You will agree to a single monthly repayment amount with your consolidation company and this means that you won’t have to remember numerous dates throughout the month.
Making a single payment, typically taken on the date of your payday, also means that you will not have to worry about a single missed payment bringing your plan down to its knees. Missing one of your monthly debt repayments can mean having to find extra cash that you simply don’t have but when you are in a debt consolidation program, it is done to your debt management company to make those payments on your behalf so you needn’t miss a payment again.
Contact DebtAdviceUnit.co.uk today to discuss your debt problems. We can help draw up a debt consolidation program so that you become debt free quicker.
