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2007-11-01 21:03:10
How Does a Debt Management Company Operate?
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 You may be curious as to how exactly a debt management company, and the debt manager that would be assigned to you, operates. This article will fully break down the process so that you know what is going to happen ahead of time.
First off, the debt manager will normally come to your house (or you go to their office) and they will do a full assessment of your financial situation. They will help you to figure out exactly how much your crucial monthly expenses are and how much money that you owe to creditors.
Then, the debt manager prepares a financial statement, in which they are able to determine how much money you could pay back to your creditors on a monthly basis.
Your debt manager will then approach your creditors with a payment plan. Normally this will involve reduced monthly payments, but the creditors are usually happy with this because at least they will be getting paid. Normally this is a five year plan, and after five years, your creditors will be paid off.
If the creditors sign off on the plan, then you will make one monthly payment to your credit manager, who will then disperse your payment to your creditors.
Usually the debt management firm will take a small % of your monthly payment for their services.
If all goes well, your debts will be paid off within 5 years. At any time, you are able to exit the program if you decide that you can resume making the full payments to your creditors.
You don't sign a contract, so you are not obligated to continue dealing with the debt management firm if you don't want to.
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There is NO FEE and you are under NO OBLIGATION!
Fill out our call-back form and you will be contacted by one of our experienced advisors who will work with you to help you reduce your debt and monthly payments.
* Save Money on Interest Rates
* Avoid bankruptcy
* Keep your home
* Clear unsecured debts
* There is no obligation
* Pay what you can afford
* Be Financially Free
* This is a No Fee service
Applicants must have a minimum of £5k of total debt excluding mortgages and/or secured loans.
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