FAILING DEBT MANAGEMENT FIRMS DUE TO LEAVE CONSUMERS STRANDED
In recent times, tough economic conditions in the UK have seen many people fall into debt. In some cases individuals have seen their debts spiral to such an extent they either couldn’t afford to repay them or they’ve struggled to manage repayments to multiple creditors.
In response to this a number of firms came into being, offering to help these individuals manage their debts. These are generally known as debt management companies (DMCs).
DMCs and DMPs explained
Generally the way the relationship works is that the DMC would take on the role of managing an individual’s debts.
