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Debt Management - Getting Back in Control
Debt Management - putting you back in control of your debts
Debt management can be an excellent solution to your debts, but it will depend on your individual situation. For example, an IVA (Individual Voluntary Arrangement) or another debt solution may be of more help.
When considering debt management, you should also be aware that unlike an IVA (Individual Voluntary Arrangement), it is not a legally binding agreement. There may be other debt solutions available that are more suitable for your debt.
How debt management works
With debt management, you agree to pay a regular amount each month to a debt management company. This company then negotiates new repayments with your creditors, usually at lower repayments but over a longer period. The key thing is to be sure that you can afford the new repayment levels so that you don't just add to your problems.
Best Advice Model
ABefore you take any course of action, you need to take a detailed look at your individual situation. You need to use the RIGHT solution for your particular case. Whether this is an IVA, consolidation loan, management plan, remortgage or, as a last resort, bankruptcy, the course of action you take needs to be based upon good, solid information.
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