Debt management program is an option for a person who incurred huge debt and could not handle monthly payments on time. Debt management program is an agreement between your creditors and you to repay the debt over a period of time, usually the extended amount of time during which the debt will be repaid in full.

Debt management can be done on yourself or you can hire the services of debt management service provider. Choosing a debt management program is a good idea for people who can no longer afford to repay their debts. The debt manager will help you by renegotiating the terms and conditions of the debt such as reduced monthly payments or negotiating for you to pay the debt at pace you can afford.

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The Office of Fair Trading (OFT) is launching a review into the UK debt management industry to ensure that customers are being treated fairly.

After increases in complaints about misleading advertising for debt management companies and also poor advice received from them, the consumer watchdog has decided to put the industry under the spotlight.

The OFT has previously warned the industry against sending misleading information to customers and falsely advertising.

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