If you have debts from loans, credit cards or overdrafts a debt management plan could help you overcome your financial difficulties. Ignoring you debts will not make them go away so why not take action today? With a management plan your debt situation will be assessed and providers will work with you to find a tailor made solution to managing your debt. The companies we list are experts in helping people overcome their debt. You can compare the best debt management offers currently available in South Africa below to find the most secure and convenient loan to help you clear your debts and get you back on track. Please make sure that you read the terms and conditions to ensure that you fully understand your financial obligations regarding debt management plans.
Compare Debt Management Services
Looking for a way out of debt? Consider a debt management plan to help you get there
Is debt management a good idea?
Being in debt is a common problem for many. There are many people in South Africa who are experiencing a debt problem so do not worry you are not alone. A debt problem can be a stressful and troubling time. The most important thing is that you take action as soon as possible. Simply ignoring the situation will not make it go away and the longer you leave it the more in debt you will fall.
There are a variety of debt solutions that you can consider and a debt management plan is a popular option. Remember that the right solution will depend on your personal and financial circumstances so you need to make an informed decision before you decide which one will work best for you.
How can a Debt Management Plan help you?
Debt management plans can be a way forward. They are informal agreements to repay your debt over a period of time, often extending when your debt has to be repaid and reducing your monthly payments. This helps you budget your monthly outgoings more effectively.
As there are no legal contracts with a debt management plan you can walk away at any time. Debt management plans are very flexible and can be easily adapted if your circumstances change. For example, if you can afford to pay off more of your debt the plan can be adjusted accordingly.
Work with debt management experts
When you work with a debt management company you will work with people who are experts in getting customers out of debt. They will be there to offer support and advice whenever you needs.
Debt management plan providers will deal with all correspondence from your creditors so you donít have to. They can even negotiate for reduced payments and have the interest rates on your debt frozen. However, your creditors do not have to agree to this.
What you need to know
Depending on the level of your debt and how much you can afford to pay each month. bear in mind that debt management plans can take a long time to complete. Also if your creditors do not agree to have the interest on your debt reduced you could find that smaller monthly payments will mean that your debt can take a longer time to pay back which can cost you more in the long run. Some people might decide to go with a consolidation loan as a debt solution but it could be considered unwise to take out another loan on top of what you already owe.
Choosing a Debt Management Plan
Take the time to find the debt management plan that can work best for you. Donít be afraid to speak to the companies before you apply to discuss your options. If the plan you go for does charge a fee make sure you know exactly what you are paying for.
Use the table above to compare different debt management plans.
06 June 2013
What can a debt management plan do for you?
27 June 2012 17:00
Have you got yourself into situation where you are stuck over how to handle your debts? Well if so then the solution could well be a Debt management plan (DMP)
27 April 2012 11:00am
Thousands of people across South Africa will go into debt at one time or another. The main advantage of a debt management plan is that ultimately you debts will be cleared and that you can have peace of mind that you will no longer be contacted by your creditors or debt collectors.
11 April 2012 15:30
If you are struggling to deal with multiple debts each month, a consolidation loan can help.main advantage is that you can stay on top of your monthly outgoings and know exactly how much you debt is costing you and when you will pay.
22 March 2012 13:30
If you are struggling to cope with mounting debt you can get the help you need with a debt management plan.