For people struggling with debt, both a management plan and a consolidation loan can be effective in helping to make those debts more manageable.

It’s always a good idea to speak to a professional debt adviser before deciding which debt solution is right for you. However, here is a short guide to how each solution could help you.

Debt management plan

A debt management plan can help you to reduce the amount you pay towards your debts each month. It is an informal arrangement between you and your creditors in which you will agree to repay your full debts at a more manageable pace than your original terms.

It’s possible to arrange a management plan by yourself, but since this can be time-consuming, many people prefer to let a professional company do the work on their behalf. If you choose to do this, you will usually make a single payment to your debt adviser each month, who will then divide the money amongst your creditors.

As well as lower monthly payments, it may be possible to negotiate a freeze on interest and other charges, which can help to prevent your debts from increasing.

Best for: People who are struggling with multiple debts, and would benefit from repaying them over a longer period.

Debt consolidation loan

A debt consolidation loan is a new loan taken out to pay off your existing debts, essentially ‘consolidating’ several debts into one. As well as simplifying your finances and making them easier to manage, it can also reduce your monthly outgoings.

Many people who take out a debt consolidation loan choose to spread their repayments over a longer period than the original debts, meaning each monthly payment is lower than if they had kept the same repayment duration. However, if you decide to do this, you may also pay interest for longer.

However, if the interest rate on your loan is lower than the combined APR on your original debts, you may still end up paying less interest overall (compared with the original debts). If you’re unsure, an adviser can help you to establish whether it is the most appropriate option for your circumstances.

Best for: People who either want to ‘put their eggs in one basket’ – i.e. simplify their finances – or who want to reduce their debt repayments to make them more affordable.

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