A common concern with those considering entering a debt management plan is whether or not this will have an impact on the length of time it takes them to repay their debts in full.
A debt management plan is not designed as a means of speeding up your repayment process. It’s designed to make your debts manageable and affordable and as a plan that will enable you to pay off the debts at a realistic pace.
This means it can end up taking you longer to repay the debts than it would without a debt management plan. However, by the same token, it means that you can actually realistically afford the repayments and are therefore more likely to actually be able to repay the debt.
It’s also possible that your total debts could end up being reduced, however, and certainly interest and charges stopped, which is obviously beneficial.
A debt management plan is not something to which you are contracted either. If your circumstances change during the plan (either positively or negatively) simply get in touch with us and let us know. You are not tied into anything.