Debt facts
Will I receive a regular report to inform me that my debts are actually going down?
A report will be sent to you monthly will confirm all of your payments dates and amounts.
The UK Insolvency Debt Advice Service would like anyone considering a debt management plan to note if interest and charges continue to apply then there will be an increase in the total amount of debt to be repaid and that due to lower monthly payments it is very likely that the debt will have to be repaid over a longer period of time.
Occasionally creditors may sell you debts on to other companies or pass you on to a debt collection solicitor. If this happens you may be contacted again. You should immediately contact the debt management team and this will be resolved.
It is a criminal offence for a creditor to needlessly upset you to get you to repay.
Harassment includes:
- threatening you with a criminal prosecution when you can't be prosecuted;
- pretending to be a court official;
- sending letters which look like court forms; and
- telling other people, such as neighbours and your employer, about your debt to force you to pay.
If you are being harassed, keep a record of exactly what happened and when, and report it to your local trading standards department at the Council. A creditor could have their credit licence taken away, if they are found guilty of harassing you.
If the creditor ends up taking you to court to get you to repay, you can tell the court about the harassment then. This could reduce the court costs you may have to pay. Some types of harassment may also break the Human Rights Act.
Listed below are some of the frequently asked questions on Debt Management Plans
- How do I know whether a Debt Management Plan is right for me?
- What are the advantages of a Debt Management Plan?
- What are the disadvantages of a Debt Management Plan?
- Is a Debt Management Plan a type of loan?
- How long will I have to pay a Debt Management Plan before I am debt free?
- How much does a Debt Management Plan cost?
- How much money will actually go to the companies I owe money to under a Debt Management Plan?
- How do I make the payments?
- If I have a change of circumstance can I stop the Debt Management Plan?
- Who tells the companies I owe money to that I am actually in a Debt Management Plan?
- Will the companies I owe money actually accept a a Debt Management Plan?
- How a will Debt Management Plan affect my credit status with Experian, Equifax and Callcredit, the three main credit reference agencies
- Will a Debt Management Plan stop all the companies that I owe money to constantly telephoning me and sending me letters?
- Will I receive a regular report to inform me that my debts are actually going down?
- After the Debt Management Plan is set will I receive be able to get any additional help and advice?
- After the Debt Management Plan is set up can I still use a credit card or apply for car finance if I budget for it?
- Once the Debt Management Plan has been set up does it mean that I will have to keep paying interest and bank charges?
- Can I include secured loans in a Debt Management Plan, such as car finance or mortgage?
- Can the companies that I owe money to threaten to take my house or flat once that I am in a Debt Management Plan?
- Can I include all my debts in a Debt Management Plan?
- Debt Management Programme
- DWP Debt Management
- Credit Card Debt Management
- Advanced Debt Management Plans
- About Card Debt Management
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- Association of Debt Management
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- Budget Right Debt Management
- Christian Debt Management
- Consumer Debt Management
- Debt Management can help you make a clear start with your debts
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]