Debt Management Plan
NTF Financial Solutions are an Insolvency Practice licensed by the Institute of Chartered Accountants in England and Wales to provide insolvency solutions and are not authorised to give advice on and/or manage a Debt Management Plan.
A Debt Management Plan is an informal way of restructuring your debts so you pay a lower, but affordable payment every month over a longer period of time until you have paid everything you owe or until you can resume normal payments again. Some Debt Management Companies charge fees for this service, however, there are companies in the market who can provide this service for free. Creditors are also often willing to freeze the interest, charges and fees on your debt to stop it spiralling and give you the breathing space to make serious inroads into becoming debt-free.
We will look at all of your finances as whole – what you earn, spend and owe – and assess what you can realistically afford to pay to creditors every month. If after considering your options you consider a Debt Management Plan most suitable to your circumstances we would recommend you contact the Money Advice Service.
However like all debt solutions, DMPs have their advantages and disadvantages that have to weighed up carefully before you decide to go ahead: