Debt Management

Debt management is a scheme by which the debtor makes payments to a debt management company who then shares out the money to their creditors. Functionally a little like an IVA, but without the legally binding aspect, it is a way that creditors can be kept at bay without having to pay back huge sums.

A trained advisor helps the debtor to arrive at a repayment sum that is actually affordable, they then make repayments of that sum to the debt management programme who have negotiated with the creditors how much they will receive. The debt management company makes a repayment proposal to the creditors expressing how much they will receive on a monthly basis and over what period of time. The company that presents the proposal then administers the programme over the period of its life. The creditors are not obliged in any way to accept this, but when a team of experienced professionals puts the debtor's situation to them, they are more likely to negotiate.

It is the responsibility of the debtor to make sure that payments are met on a monthly basis. If they fail to meet the monthly repayments, they will essentially default on their credit agreement and this means the creditors could then ask for repayment in full.

The debt management company will continue to maintain and monitor the individual debtor's programme, seeking any opportunity that the creditor would accept for an early settlement. If the period of repayment is likely to be more than five years, it may be better for you to consider an IVA or Individual Voluntary Arrangement.

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