Pros & Cons of Debt Management

Like all financial plans, there are both Ups and Downs of starting a Debt Management Programme. We believe that our customers should chose the right decision for them, for information on what plan is right for you please call us free on 0800 048 1774, or fill your details in the 1  Minute Loan Test to view some of your options.

Debt Management Pros 

• It allows you to regain control of your finances without the need for any extra borrowing.
• Your monthly payments will be reduced.
• Creditors are sometimes willing to freeze any interest and charges.
• It is an informal arrangement, so you are not legally bound to the plan which offers you more flexibility.

Debt Management Cons

• The length of time that you are paying back your debts is likely to increase.
• Creditors are under no legal obligation to accept the offer.
• You will have a poor credit rating as you are breaking the original terms of your contract with creditors.

Need Credit is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd. Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.