Help with debt

Will the companies I owe money actually accept a a Debt Management Plan?

In order to get help with debt we need information. The main drawback of debt management plans is that creditors are not legally obliged to accept their terms.

Under the Debt management plan the money is sent based on what you the client can comfortable afford.

Please note that for consumers considering an Debt Management Plan (DMP); do not be misled by any claim that implies a guaranteed outcome favourable for the consumer in negotiations with creditors until the DMP has been successfully completed, subject to creditor’s approval.

Please note that for consumers considering Debt Management Plan (DMP); do not be misled by any claim that implies that when the consumer is on the plan, creditors will no longer contact them. Whilst the debt management company can be appointed to act on behalf of the debtor, creditors are still entitled to contact them if they wish to do so.

Please note that for consumers considering a Debt Management Plan (DMP); a DMP is not legally binding creditors therefore may continue to request further payments or take enforcement action against them. A debt management company can not guarantee that there will be no further contact from the creditor.

Please note that for consumers considering an Individual Voluntary Arrangement (IVA) or Protected Trust Deed (PTD), beware of any claim that implies that when the consumer is on an IVA/PTD creditors will no longer contact them. Whilst an IVA/PTD is legally binding and creditors are refrained from contacting the debtor regarding payment of the debt they may still contact the debtor in cases of promotional material and/or certain other circumstances.

The winning formula of the service is our money advisers have a unified format for drawing up financial statements and this can make it easy for creditors to deal with repayment offers in a consistent way. For example, collections staff are often unclear about what expenditure is included under a particular heading. This can result in the need for banks to contact advisers with queries and a consequent delay in resolving the debt problem.

All the creditors are assured that our system work very well. When they receive a financial statement compiled using our approach they can be confident that a proven and consistent method has been used by our advisers in helping their clients to make a repayment proposal.

The figures that are used in proposals have been compiled to help banks identify monthly levels of expenditure where no explanation or comments are needed. In other words, if expenditure on individual items is at the level or less than the amount in the table, creditors are more likely to accept the repayment offer. The figures for regular living costs have been based largely on data from the Family Expenditure Survey compiled by the Office for National Statistics.

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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