Debt Management Plan
Free debt counselling, debt adjusting and providing of credit
information services is available. You can find out more by contacting MoneyHelper
A Debt Management Plan is an informal arrangement between yourself and your creditors if you are experiencing difficulty with debts totalling £2,000 or more. You will make a consolidated monthly payment of what you can afford which is split among creditors in turn reducing creditor contact and giving you space to breathe.
Pros
• One manageable monthly payment to all creditors
• Credit rating will increase over time with payments made
• A clear, established budget
• Reduced creditor contact
• No need to release home equity
Cons
• Only Unsecured debts can be included
• Creditors can agree to stop interest and charges but they don’t have to
• Will affect credit rating before improving
• Cannot guarantee creditor contact will stop
• Reduced payments can result in a longer term
• Your debt must be paid back in full
Every time you borrow money, you’re
robbing your future self.
Argyll Limited is registered in Scotland. Registered Office: 0/1, 5 Lapwing Drive, Renfrew PA4 8FX, Company Number: SC816086
Argyll Limited does not charge fees for the
information provided. Although we may receive a referral fee. Argyll Limited has no
upfront or arrangement fees.