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Debt Consolidation & Management Plans
If you are struggling to afford to repay the debts you owe to your creditors, debt management plans or credit card bills our consolidation could give you the opportunity you need to get back into the black.
At JMW, our team of solicitors are able to explain in clear terms the benefits and disadvantages of the various solutions available to you and offer guidance as to the service that is best for you.
To speak with our team, call 0345 872 6666 or fill in our enquiry form at the side of the page and we will get back to you.
What is Debt Consolidation?
Debt consolidation is the process of combining all of your unsecured debts into one monthly repayment, which is usually more affordable and manageable than trying to pay a wide range of creditors every month.
Methods of consolidating debts include debt management plans, IVAs and debt consolidation loans, all of which our experts can explain to you.
What are Debt Management Plans?
A debt management plan is one way of consolidating your debts and allows you to make a set monthly payment to your creditors for unsecured debts (i.e. debts not secured against your property, such as credit cards and personal loans). This often gives people more control over their finances and creditors will sometimes freeze the interest occurring on the money you owe.
By starting a management plan, you agree to repay your debts in full. However, creditors do not have to agree to your proposed plan. These plans are managed by third party firms, which will negotiate with creditors on your behalf and through which your payments will be sent. We can ensure that you are referred to an appropriate provider.