Debt Management Information
Debt management can be a good solution when dealing with your debts. The Credit Hospital as a company, do not offer this particular service, however The Credit Hospital can explain in an un-biased way how this solution works. In cases where you have debt of a low amount it is an option that can be considered, however you need to understand how this solution works.
Debt management can be a good temporary solution but if you have a large amount of debt this agreement may not be ideal as it would continue for quite some time. If you pay £100 per month you are probably reducing your debt by around £1000 per year. Most debt management companies will charge a fee to administer this service unless you use a charity to assist you.
If you do wish to set up a debt management agreement we would advise that you speak with StepChange as they are an FCA regulated charity that will not change you a fee to administer your debt management program.
If your creditors do not freeze the interest the debt can still continue to increase through charges, fees and interest. Your creditors may continue to write to you requesting the debt to be cleared and your credit will be affected by entering into debt management.
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