Today in this short post I reveal how I am tackling my debt. The answer is simple and straightforward, A Debt Management Plan.
This Debt Management Plan is managed by myself, rather than an outside organisation acting on my behalf. This means I am not paying anyone for a plan and I don’t get any help with it either.
A quick breakdown on what I think of my Debt Management Plan: –
Is it easy? No, it is a pain. Especially when debts change hands and because of the number of debts I have.
Is it the right choice? No. I should have gone for an Individual Voluntary Arrangement. Would be debt free now if this solution was selected.
Why not just get a free DMP?
You might ask why I don’t just get a free debt management plan with either StepChange or Payplan. The answer is because I don’t need to take up their resources when I can do it myself. Even if it is a bit of work.
At the end of the day, I created this debt and I feel a great responsibility towards it.
Some people end up in debt through no fault of their own. In my case, it was because I was irresponsible, so the most responsible course of action is to take responsibility for once and get it sorted.