One clear benefit of formulating a Debt Management Plan (DMP) with the assistance of a debt management agency is that you can expect continual support and advice from a carefully assembled team of specially trained debt counsellors. Of course, if you’re hoping for the boost of a relatively low interest rate and a consolidated payment, then a low interest consolidation loan may be just the ticket for you. However, most consumers struggling with debt feel that they require a bit of extra support to kill off their old habits and fully apply their new objectives. Also if you have missed payments recently it may also make a loan unobtainable. That’s why a DMP usually makes the most sense.
Any debtor with more credit card debt than they can easily manage can potentially benefit from a DMP-type arrangement. In most cases, it’s simply a question of reaching a decision as to whether or not the main advantages of a DMP meet your precise needs. If you suspect a DMP is the right course of action for your situation, begin by talking to a debt management agency. Remember, though, that there is almost no feasible repayment plan that will work if you lack any form of income whatsoever. When a debt management agency administers a DMP, they must ensure that the plan is genuinely affordable and can be integrated into a balanced budget.
If you are lacking the income necessary to cover the basics of day-to-day living (food, utilities and shelter), then debt repayment should not be your emphasis at this stage of the journey. A DMP may eventually work for you, but you’ll need to work on increasing your income first. Contact Debt Support Service today and we’ll figure out the correct solution for you.