Debt management

A debt management plan can be put in place if an individual has debts that they are unable to repay on time. A debt consolidation plan can help to organise your debts and finances and come to agreement with individual creditors to form a plan that allows the consumer to repay the debt at a more manageable level.

With a debt management plan you can manage your finances and debt problems under a tailored policy offering a single affordable monthly repayment option, lower interest rates and without the hassle of dealing with various creditors.

There are a wide variety of companies that offer debt assistance but some are better than others so it is important to check the background of any company that you intend to use.

	OFT cracks down on debt management companies The Office of Fair Trading (OFT) has announced that, following an investigation, some 35 debt management companies have lost their Consumer Credit licenses.
	Brits ‘caught in payday loans downward spiral of debt trap' Consumers relying on payday loans are getting trapped in a downward spiral of debt caused by exorbitant penalty charges, new research reveals.
	Derbyshire BS cuts personal loan rate to 5.1 per cent The Derbyshire Building Society has cut the rate on its personal loans between £7,500 and £10,000 to just 5.1 per cent taking it back to the top of the best-buy tables along with the Clydesdale.
	Debt management shake-up needed Thousands of people face financial misery unless the UK debt management system is reformed.
	OFT warns debt management firms over cold calls The Office of Fair Trading (OFT) has warned six debt management firms to stop cold-calling consumers or face enforcement action.