Debt Management Questions

What will I have to pay ?
It depends on your circumstances. It's really important to keep up with your regular monthly payment, or your creditors may cancel the agreements we have made on your behalf. So we will work out an affordable monthly payment, based on your earnings and expenditure. Minimun payments are £120 per month.

How long will the programme last ?
Until all debts have been paid in full. Due to the reduced payment levels, this will be longer than the terms of original credit agreements and may incur addition interest payments as the term of the credit agreement is extended.

How do I know I'm getting the best advice ?
If your circumstances are not best served by a Debt Management programme, we will advise accordingly. As we offer all type of debt solutions we are able to offer impartial advice as to the best course of action.

How do I know my debts are being paid ?
Once up to date balances from your creditors have been received, your monthly payment between them are pre portioned based on how much each is owed. A statement showing how much each creditor will receive will be issued. This remains fixed unless your circumstances change. You will be issued a quarterly statement showing all transactions on your account. In addition to this, you will still receive statements from your creditors.

Will this affect my credit rating ?
When entering into a debt management agreement, you will be breaking the terms of your initial repayment agreement with your lender. This may have an adverse effect on your credit record. Due to time required arranging and distributing payments to creditors and delays in making first payment into the programme from clients, contractual payments to creditors may be missed.

Can you guarantee a reduction in payments ?
No. It depends on your ability to make your current repayment and is at the discretion of the individual creditor.

What do you charge for this service ?
So that we can initially set up your programme and negotiate with your creditors, your first month's payment covers our implementation costs. After that, our ongoing administration charge is 17.625%. This is included in your monthly payments - not added on.