A Debt Management Plan (DMP) enables you to make reduced repayments to your creditors over a number of years. A debt management company will negotiate the payments with your creditors on your behalf.
Program developed by banks to assist consumers in repayment of their debts.
A process to reduce, and eventually erase, outstanding debt by managing assets and dealing with creditors. This can be created with the help of a Credit Counselor.
The process of taking disciplined and controlled steps in to reduce the amount of debt owed to lenders and creditors.
This is a process by which, through negotiation between creditors and debtors, agreement can be reached regarding obtaining a reduction in repayment of an outstanding debt or debts.
Debt management involves taking the help of experts in finding a proper solution towards debts.
An informal process of negotiation with unsecured creditors to obtain a reduction in the contractual repayment and / or a reduction in the interest / charges being levied by the creditor. The negotiation process involves providing proof to the creditor that the individual has insufficient income to meet all their contractual liabilities.
Debt management companies will help you to manage your debt payments and deal with your creditors.
Organising repayment of multiple debts owed to creditors on orderly and regular terms agreed by all parties - often with the assistance of an adviser and usually by facilitating a plan for repayment by instalments which is calculated according to the debtor’s means and debts’ relative priority.
The management of an organisation's liabilities so as to minimise the cost of borrowing for an agreed level of risk.
