A iva-glossary/debt” class=”kblinker” title=”More about debt »”>debt management plan is an informal (not legally binding) arrangement between a borrower »”>borrower and their unsecured creditor »”>creditors that involves reorganising how their debts will be repaid. The aim is to allow the borrower to repay their debts at an affordable rate, making sure they can afford their repayments towards their unsecured debts as well as their essential costs of living. Repaying debts over a longer period of time, however, may increase the overall cost of the debt (due to interest). The new a
Continue here:
Who are Debt Management Plans Suitable For?
