Do you lend me money to pay back debts?
No – Our appointed firm of debt managers instead negotiate a longer repayment term with all your creditors to combine them into one manageable monthly repayment. You then make this monthly repayment to them and they make proportionate payments to all of your creditors on your behalf.
Can I incorporate any County Court Judgments (CCJs) in the plan?
Yes - Any payments you are currently making against any applicable CCJs, can be incorporated into the plan.
Does it matter whether I rent my property or own it?
No – Anyone whether renting, buying or even living with parents can have one providing their circumstances qualifies them.
Do I have to be in full time work?
No, the only requirement is that you should have a surplus of income after deducting the money you need to live on.
Can all debts be amalgamated under a debt management plan?
No, A debt management plan will only cover unsecured debts and arrears, not a secured loan, hire purchase or mortgage
Will the repayment plan you arrange prevent my creditors taking further action?
No Although our debt management company would negotiate for this on your behalf, a debt management plan is not legally binding on any creditor and they can seek further action at anytime.
What happens if my creditors continue to pursue me for payments?
Do not ignore them, but providing our debt managers are arranging a debt management plan for you, inform them and forward any such letters etc to them.
How long does the plan last?
This will depend on the amount you can afford to repay, the size of your debts and whether or not your creditors agree to freeze any further interest. Our appointed debt management firm will provide you with an estimate of the time it will take once they have negotiated with your creditors and the likely cost. Should you feel this is too long and that your circumstances could improve shortly , it may be possible to short tern this or even apply for full and final settlement with a lump sum
What if my circumstances change?
As a Debt Management plan is an informal arrangement, if your circumstances change then our debt managers should be able to change any agreed payment but it will have a corresponding effect on how long it will take to finalise.
How do you safeguard my money until it is distributed to my creditors?
All monies received by our debt management firm to distribute to creditors will be held in a client account.
