Debt Management FAQ
What debts can be included in a Debt Management Plan?
Unsecured debts, bank loans, overdrafts, credit cards and store cards.
How much will I have to pay?
With you, we complete a comprehensive budget planner, ensuring we account for all of your essential outgoings and priority
debts. The surplus income is offered to your creditors, so you only make one affordable payment each month.
How does debt management affect my credit file?
Normally if you are struggling your credit file will already be affected. Debt Management is the friendliest debt solution to your credit rating compared to IVAs and Bankruptcy, however you may struggle to obtain credit for the forseeable future.
Do the creditors have to accept the offer?
We supply the creditor with a comprehensive budget planner and details of the outstanding creditors and the percentage of your monthly payment payable to each individual company. They are not legally obliged to accept the offer however most accept right away.
How much will my creditors receive?
This will depend on the amount of money left after paying your living expenses and how much is owed to each creditor.
How do I pay my plan?
Cheque or Standing Order.
How long does the Debt Management Plan last?
From 3 months to 5 years depending on your financial circumstances. Some plans may last longer.
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