A Debt Management Plan is an informal agreement between the debtor and their creditors. This type of plan offers the debtor to make reduced payments to their debt. The debtor makes one low payment to a debt management company, and the funds are evenly distributed.
If you find that you are struggling to make your monthly payments and you have been refused a loan in the past, then a debt management plan might be an ideal debt solution.
As it is an informal agreement, it allows you much more flexibility with your payments, so if your circumstances change then the plan can change accordingly.
For advice and information about Debt Management Plan, call Refused A Loan free on 0800 048 1769.