A Debt Management Plan is an informal arrangement between you and the companies that you owe money. A debt management plan enables you to pay back your debts to your creditors on a reduced amount, based on affordability over a mutually agreed period of time.
The interest on these debts may be frozen and all legal action and collection procedures stopped. With a debt management plan, you only pay one affordable payment every month to a debt management company who in return makes a distribution to all your creditors.
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