Making the decision to compare debt management companies is a wise one which is going to ensure that you get the best plan out there for you. You compare prices on other things like your shopping and house insurance, so why not debt management too?
There are many companies offering debt management solutions - but they don't all offer the same level of service. Some companies may offer more detailed debt help and more rigorous counselling.
The current economic situation combined with the spiralling cost of living has made it all the more important to work with a reputable and trustworthy company.
Were happy to say that all of the firms featured on this site have excellent standards of transparency and customer service. All of the companies comply with strict guidelines set out by the OFT (Office of Fair Trading) so you can be assured that you are getting the best deal from a reputable firm.
What You Should Be Looking For
When you compare
debt management companies, you should keep in mind the advantages and disadvantages of debt management.
Advantages
- You're not borrowing yet more money from another creditor - a debt management plan is not another loan so it's not going to make your situation worse;
- Your less likely to miss payments, as you are only required to pay a single monthly sum
- No need to comply with strict repayment terms it is a flexible agreement
- Letters and calls will be dealt with for you
Disadvantages
- Missing repayments can show up on your credit file, effecting your ability to get credit in the future;
- Making lower monthly repayments means it’s going to take a greater period of time to completely repay your debts;
- Secured debts that you have such as mortgages cannot be dealt with using a debt management plan.
Remember when you compare
debt management companies that it is a non-legally binding agreement which means you are able to withdraw at any time.