Important Aspects of Debt Management to Consider | Finance Blog

Posted by admin on Aug 29th, 2011 in Financial markets

There is no doubt that a debt management plan is a fantastic solution to most debt problems of today. Even so, there are still several important aspects that need to be considered when you want to use debt management plan to help you repay your existing debts. What are those important aspects to look into?

First of all, you need to understand that debt advice is an informal agreement and not a legally binding court order. This means your lenders don?t have to submit to the agreement you are offering. Whether the lenders will agree to the debt management plan formulated depends almost entirely on the efforts of your debt counseling agency. With this in mind, it is critical that you work with the best debt counseling agency to achieve the most beneficial outcome.

A good benefit offered by debt management plan ? and not by other debt repayment solutions such as IVA or bankruptcy ? is that your assets are not a factor considered. Even when you have only ?10,000 while owning ?150,000 worth of assets, you can still enter a debt management plan with a monthly payment of ?100. This gives you the advantage of being able to manage your debts without risking your assets.

Source: http://www.1financeonline.com/important-aspects-of-debt-management-to-consider/

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