4 MAJOR ADVANTAGES OF GOOD DEBT MANAGEMENT PLANS

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4 MAJOR ADVANTAGES OF GOOD DEBT MANAGEMENT PLANS

• Slater Byrne Recoveries debt collection agency in
  Brisbane, Melbourne, and, Sydney Australia

OUR SERVICES
OFFICE LOCATION
CONTACT US

• Business Health Check Report
• Credit Consultancy
• Debt Advice
• Debt Collection
• Deed of Settlement
• Debt Financing
• Free Letter of Demand

• We cater our services throughout Australia and we
  have offices in the following locations.
• Brisbane
• Melbourne
• Sydney

Slater Byrne Recoveries 4/239 George Street,
Brisbane QLD 4000, Australia
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All businessesfrom small start-ups to large
corporationshave their own share of financial
liabilities. But what often distinguishes a
successful and profitable organization is how it
deals with its debts.This is where debt
management plans come in. Also known as DMP, this
plan offers a debt restructuring solution that
allows business owners to slowly settle their
liabilities without crippling company cash
flow.In addition, a good debt management plan
offers many benefits that business owners can
enjoy
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• Lesser Monthly Payments
• When you enroll in a debt management plan, you
  will be able to consolidate all your unsecured
  debt so you will only need to make one payment
  every month. This effectively eliminates the
  hassle of having to juggle multiple bills and
  keep track of several due dates.
• There are also some plans that allow you to set
  up automatic payments to make sure your bill is
  always paid on time.

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• Reduced Interest Rates
• By using a DMP, you are showing your willingness
  and intention to pay off all of your debt. This
  reassures many creditors and in return, they are
  often prepared to reduce interest ratesbetween
  6 and 10
• Some creditors are even willing to mark your
  overdue accounts as current after they have
  accepted your DMP and have received three
  consecutive debt payments.

• Eliminate Late Payment Penalties
• Aside from cutting down interest rates, using a
  debt management plan can also help you eliminate
  penalty fees. Your credit counsellor can
  negotiate with your creditors and convince them
  to waive any additional charges put on your
  account due to late or missed payments.
• This way, you can focus only on paying the amount
  that you actually owe and get out of debt faster.

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• Improved Credit Scores
• Although financial situations differ from one
  business to another, good debt management plans
  can usually help your credit rating. When you
  enroll in a DMP, the debts you include can no
  longer be penalised on your credit report.
• This means that if include all your debt in the
  DMP and ensure your payments are on time, your
  credit score will cease to decline. Plus, once
  you successfully complete all your DMP payments,
  you will be able to build a positive credit
  history and potentially increase your overall
  credit score.

Theres no doubt about it, debt management plans
are one of the most effective tools you can use
to eliminate debt and ensure a better financial
future for your business. For more effective
debt management tips, check out this article on
our blog.