Wednesday 25th of November 2009
People who are currently able to keep up with their credit card and loan commitments could find that they need to research debt management plan options should this situation change.
According to lovemoney.com’s Samantha Downes, a debt collector recently contacted her asking for her to repay half of a £600 debt that she did not realise she had.
It turned out that the firm had taken over some debts of Abbey and she owed money from a credit card taken out in 1993 - meaning she found it difficult to discover whether or not she did in fact owe the amount stated.
Britons who believe to be debt free but are contacted by a company who claims otherwise - and this can be proven - may decide to use a debt management plan to repay their debts, especially if these are reasonably small but too large to be immediately repaid.
"You may - like me - be quite happy to pay for any debts you’ve run up, but you should be 100 per cent sure you did actually run up those debts before you pay anything," she advises.
With such a financial surprise, a debt management plan can reduce interest on the repayment, which could take some of the burden off this unexpected expenditure.
By Mark Waterman
