A debt management plan is designed to make your debts manageable to you. The monthly payment you make is supposed to be affordable for you based on your income and reasonable for your creditors based on what is owed to them.
Change of Circumstance During Debt Management
We know that situations can change though! You might lose your job, switch positions or even get a promotion!! All sorts of things can change that means your income changes and, ultimately, that your debt management plan may need to change to reflect this.
As soon as you are aware of any changes to your income, you should let your debt management plan provider know as soon as possible. It could be that your regular monthly payments need to be adjusted to account for the changes.
One of the major benefits of this type of plan is the flexibility. Your regular payments do not necessarily have to stay the same for the entire duration of the plan. Things can change and this plan can often be tailored accordingly.
If you’re struggling with debts, contact MoneySolve today for confidential advice.