Consumer Money Worries - Personal Debt
Browse our support and services for consumers who are struggling with personal debt
Debt Management is a term used to manage your debts, either personally or via a fee-charging service or free service.
The objective is to restructure your finances, understand where your money is going, and make cutbacks where possible.
When you feel you have made all the necessary cutbacks on non-essential spending, if you still think maintaining contractual payments is unsustainable, we would urge you to get some professional advice.
Managing your debts is critical to becoming debt-free and ensuring that you do not accumulate further debts.
The key is to maintain monthly payments that fit into your budget, request the creditor’s freeze interest and charges, and overpay where possible.
You can either complete this process yourself or with Consumer Money Worries team’s help and support.
Using a third party to manage your debts can be beneficial; this would enable you to make one monthly payment as a pose to several payments to each creditor.
The third party you choose will deal with everything from negotiations to dealing with creditor contact and distributing monthly payments on your behalf.
Again, a regulated firm must assess all solutions before committing to anything.
Where you enter into any financial management that results In you making reduced payments or missed/late payments for three months, your credit file will be impacted for six years.
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