How To Choose The Right Debt Management Company

It has been reported by the National Consumer Council that one in four of us are fighting a losing battle with the menace that is debt

. There are, however, numerous solutions and it is crucial that one be aware of what they entail so that you make an informed and appropriate choice.

Debt is a big issue for the UK at this time. Meeting financial obligation isn't easy the best of times but when you have debt issues to boot, it adds unneeded pressures. Quick out of the woodwork, debt management companies have risen and grown, blowing the horn of salvation to debt-riddled Britains. But when dealing with a debt management company, one shouldn't be so easy to either accept or dismiss. There is certainly some groundwork that must be covered before selecting your chosen debt saviour.

With that in mind, let's look at what separates the good from the bad and just what you should be looking for when going down this route.

A good-guy debt management company will focus on arranging for you, a repayment plan which you can afford. In this case, your interest is also frozen. One main thing to look for is a company licensed by the OFT (Office of Fair Trading) and whom practices abiding by their guidelines. Another is how much they charge you. It's usually 15% but there can be additional admin costs which can take the fees so high that they prevent taking out a plan with the company from being a viable option. You'll also want them to, at least partly, have your interests at heart; they should aim for you to have your debts cleared as quickly as possible not eating away at you for years on end, no matter how much the monthly repayments are reduced.

On point that you must consider is that your credit card report cannot be just erased. Any information held about you in this file will remain there for six years. A debt management company claiming they can do this are not a company that should be deemed trustworthy so steer away from such a company.

by: James Robinson.

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