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Debt Management Plans: Find the right one for you

Lotus > Blog > Debt Management Plans: Find the right one for you

Debt Management Plan

If your outstanding debt payments have gotten out of control, then there is an instant need to get it under control. Debt management plan can be the right strategy for you to manage your debt. Under Debt management plan, there is an agreement between you and your creditors to set one monthly payment for outstanding debt. However, this monthly payment is decided by analyzing your financial ability to pay.

Basically, Debt management in Dubai aims at paying off your debt at a rate, which you can afford. This rate is being decided through financial planning and budgeting. DMP providers, who negotiate with your creditors in your place, manage these plans.

Benefits of debt management plan

Since, getting your outstanding debt under control is really important for you. Then a debt management plan is the right option for you. The primary benefits of working with debt management plan are-

Professional guidance by certified counselor

If you opt for Debt management in Dubai, then you can get professional guidance with your certified counselors. Their counseling can help you manage your debt and eliminate it fully.

Lower monthly payments

Your counselor will deal with your creditors to lower the interest on your outstanding debt. This way you will be able to pay lower monthly payment as much as you can afford.

Eliminate debt faster

Your DMP providers can guide you for strategies to eliminate your debt fully and avail financial freedom. This way you will be free from your debt burden.

Points of Understanding of Debt Management Plan

There are certain points which you keep in mind also for debt management plan in UAE, and they are-

It includes only certain debts

DMP includes only certain kinds of unsecured debts such as personal loans, credit card debts etc. It does not include secured debts such as student loans, medical debts etc.

Fees need to be paid

Since the DMP providers are offering you their services, they charge a specific fee for their services being offered.

Does a Debt Management Plan affect credit?

Debt management plan Dubai does not directly affect your credit score, but indirectly, there is impact. However, if you’re using a Debt management plan, it will be added to your credit report. Also, it can just help you to just reduce interest rates.

Getting started with a DMP

Certified DMP providers are managing debt management plans. So you need to begin by discovering your best DMP provider. You can arrange a meeting with them either personally or virtually. Then your credit counselor will analyze your financial situation and will find the right debt management plan for you.

How lotus debt management can help

Lotus Debt Management offers you with professor counseling services provided by our certified counselors. We can help you find out the right debt management plan for you to eliminate your debt. We can allow you to enjoy financial freedom by clearing off all your debts.

To live a debt free life, please connect with us on the following numbers:

+971 50 308 3722 / +971 50 797 9051 / +971 56 159 1000 / +971 55 1098039

gauravbhalla@lotusadvisoryuae.com, gauravchopra@lotusadvisoryuae.com

 

 

 

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