The concept of Debt Management is still relatively new.
The Debt Management bandwagon has attracted many new companies into the market. Its lack of requirement to be Licensed Insolvency Practitioners means a relatively lower setup and skill costs have attracted many without qualification or experience in the personal insolvency sector.
Debt Management is a relatively short term solution that can allow time to catch up with payments where the cause of the financial difficulties has now been resolved, for example a period of unemployment coming to an end.
Debt Management will look to achieve low, affordable monthly payments below the usual minimum level required by creditors. These payments are unlikely to significantly affect the overall level of money outstanding but will create a delay in when full repayment is due allowing time for circumstances to change for the better.