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Being in overwhelming debt situation is hard, mostly when we do not know how to manage our debts properly. The first think many of us are thinking about is fining in an IVA or bankruptcy. Unfortunately not everyone can qualify for these options and in this case people think the only help they will get is by qualifying for a debt consolidation loan. These options are beneficial, but there are high risks connected to them, like credit report damage, increased drop of credit score, or if taking a secured loan to consolidate debt, the chance of losing your home.

There is one debt management method, which can be adopted by everyone and that is a debt management programme. This method will help you avoid having to file for an IVA or bankruptcy, and working together with a trustworthy debt management company negotiating reduced payments will also help you freeze the high interests and creditor harassments.

A debt management programme takes more time than an IVA or bankruptcy, but will help you pay off debts by being able to consolidate all of your debts into one payment that you can manage. If you are dealing with extensive sickness or between jobs and do not have a regular income, you will not have to stay in the debt management programme until the debts are paid off. After your income becomes stabile again and you are willing to face creditors and manage debts alone, without help, you can step out of the debt management programme, but giving a 2 weeks’ notice of the plan cancellation to the debt management company you are coping with is advisory.

The debt management plan you will be using is based on the amount of your income. The company you will be working with will negotiate with your creditors and make an affordable payment agreement on debt; and more, unlike bankruptcy, this programme will not leave you broke or without money for emergencies. Everything will be done by the debt management company, you just have to give them the money and they will give it to your creditors.

Many of us are thinking that a debt management plan is a loan to help you pay off your debt. Well, it is not. This plan is getting all your debts and develops a plan, which will be affordable and you will pay to your agency that will make agreements with creditors. Not everyone agrees to a debt management plan and there are cases, when creditors do not accept the agreements made by a debt management company, but in every case it is better to start with a debt management plan before filing for bankruptcy and getting a debt consolidation loan you might not be able to pay back.