A debt management plan is an informal agreement which allows you to manage your finances by making one single affordable monthly payment to us which we then distribute amongst your creditors.
Benefits:
- Invocas Financial will act as an agent between you and your creditors. We’ll contact your creditors on your behalf, arrange a repayment plan and deal with any correspondence
- You'll pay a single monthly payment making money management easier
- In some cases, we can negotiate frozen or reduced interest payments
- There are no penalties for cancelling the debt management plan at any time
Things you need to know:
- A debt management plan lasts until all of your debt is clear
- If you choose to cancel the arrangement, your creditors may revoke their commitment to reducing/freezing interest, therefore increasing the amount you owe
For more information on debt management plans, read our questions and answers.