Confidential debt advice
Who tells the companies I owe money to that I am actually in a Debt Management Plan?
There are two different types of debt management plans:
- The type where you are provided with standard letters and you are in charge of making pro-rata payments. Using this method you are in change and control of dealing with your creditors.
- The type where are third party contacts all your creditors. Using this method your financial situation is illustrated by a set of papers called a common financial statement. You are fully represented by the third party and given 24 hour support. Using this method your creditors are informed by the debt management company.
Helping customers to run their finances smoothly in a complicated world is core business for banks, and this applies in bad as well as good times. When people experience an unexpected change in their circumstances, this can upset their financial plans and make it difficult to pay back money they have borrowed. In this situation, it is important that banks work with customers and their money advisers to help customers through their difficulties.
Our team follow the guideline of the 'common financial statement' to standardise the way our advisers and the creditors communicate with each other about repayment offers.
The essence of this was that where a money adviser sent a bank (on behalf of a customer) a financial statement form, the bank would accept this without further questions where certain areas of expenditure fall between bandings agreed between banks and advisers.
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?
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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...]