Debt Management questions

swayze

Do the Debt management companies pay off all the debt at once, or is it monthly installments?

Who gets the fee of 15-17% - the debt management companies I presume.

How do creditors benefit?

How do debt management companies get their business - is it online or through brokers?

Thanks

MyLastFiver

The short answer - do not sign up to a Debt Management Company that charges a fee. Use a free one, such as Payplan, instead.

swayze

MyLastFiver wrote: »

The short answer - do not sign up to a Debt Management Company that charges a fee. Use a free one, such as Payplan, instead.

I'm not.

My questions are for research purposes for piece of uni work that is due.

Thanks

~Beanie~

swayze wrote: »

Do the Debt management companies pay off all the debt at once, or is it monthly installments?

Who gets the fee of 15-17% - the debt management companies I presume.

How do creditors benefit?

How do debt management companies get their business - is it online or through brokers?

1 - monthly payments
2 - Debt Management Companies (unless you use a Charity that doesn't charge)
3 - No idea, suppose they know they will get something rather than nothing?
4 - Online, brokers, cold calling people who have applied (and been refused) for credit, word of mouth