Debts Management » Debts Management FAQs

Can I keep my bank account?

admin — Fri, 25 Sep 2009 10:00:50 +0000

Yes, you will be able to keep your current bank account with a Debt Management Plan. Although if you owe money to the company that you bank with, then it is often advised that you move bank accounts first.

We could help you get a bank account. All we need if proof of ID and address and we can guarantee you a bank account. For further information please get in touch with one of our debt advisors.

Will I accumulate interest and charges on my debts?

admin — Wed, 23 Sep 2009 10:12:06 +0000

With a Debt Management Plan, creditors are sometimes willing to freeze any additional interest and charges on your debt, but this cannot be guaranteed.

Can I get turned down because of my credit history?

admin — Sun, 20 Sep 2009 09:50:31 +0000

No, as a Debt Management Plan does not involve lending you any money, we will not need to credit check you.

Will a debts management plan include all of my creditors?

admin — Tue, 15 Sep 2009 09:47:05 +0000

A Debts Management Plan is able to include most of your debts, but there are those which cannot be included. These are called “priority debts”, meaning that if they are not paid then there will be serious consequences. An example of this is your mortgage payment.

If you have any questions about whether a debt can be included in your plan then please call our advisors free on 0800 0481 777.

What if my circumstances change?

admin — Fri, 11 Sep 2009 09:44:21 +0000

A Debt Management Plan allows a degree of flexibility. Therefore, if you find yourself in a situation where you are able to pay off more than you were previously, we could update your plan to reflect this.

Is a debts management plan a loan?

admin — Wed, 09 Sep 2009 07:41:53 +0000

No, a Debts Management Plan is not a loan. Instead it is a way of consolidating your repayments into one affordable monthly payment without any further borrowing.

Do I have to tell my partner?

admin — Mon, 07 Sep 2009 09:41:00 +0000

There is no public record of a Debts Management Plan, so it is up to you who you choose to tell.

Will my credit rating be affected?

admin — Fri, 04 Sep 2009 09:39:22 +0000

Yes, your credit rating will be affected in a Debt Management Plan as you will be breaking the original terms and agreements with your creditors. But if you have been missing your monthly payments or have defaults against you then you will already have a poor credit rating.

What is the difference between secured and unsecured debt?

admin — Sat, 29 Aug 2009 13:36:54 +0000

Secured debt works against the assets that you own, so if you fail to keep up on repayments then these may be at risk. Unsecured debt includes credit cards, store cards and personal loans.

A Debt Management Plan can only include unsecured debts. If you are unsure whether or not your debt is secured, please get in contact as one of our debt advisors will be more than happy to see if you can include it in a Debt Management Plan.

Am I eligible for a debt management plan?

admin — Sat, 22 Aug 2009 09:35:01 +0000

The best way to find out if you are eligible for a debt management plan is to call our expert debt advisors on 0800 0481 777. Here are some of the basic debt management criteria, as used by DebtsManagement.co.uk:

You are struggling to make repayments.
You have debts less than £15,000.
You have three or more creditors.
You can commit to making a reduced payment.