Debt counselling UK

How do I know whether a Debt Management Plan is right for me?

A Debt Management Plan at the debt counselling UK team is a debt solution for the following types of people:

• Anyone who has unsecured debts that they can't afford to repay.
• For people who have lots of equity in their properties but do not want to remortgage or take out a secured loan.
• For people who do not qualify for an Individual Voluntary Arrangement (IVA). This would be for people with debts under £12,000.
• For people that owe money to only one or two different companies.
• For people who do not want their wives, husbands, partners or spouses to find out about their debts.
• For people that just need a short term solution to their debts. For example they will be selling their house shortly so can pay off all their debts.
• People, who can, if they really push themselves, pay their debt in full but don't want to change their lifestyle.
• People who just don't want to deal with their debts and would rather use a third party to do it.
• The debt counselling UK team will only recommend debt management for you if you have no other choice.

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
• Advanced Debt Management Solutions
• Association of Debt Management
• Best Debt Management
• Budget Right Debt Management
• Christian Debt Management
• Consumer Debt Management
• Debt Management can help you make a clear start with your debts
• Credit Card Management
• Debt Collection Agency Advice
• Debt on Credit Card
• Debt Management Advice
• Debt Management Agencies
• Debt Management Agency
• Debt Management Articles
• Debt Management Associates
• Debt Management Centre
• Debt Management Companies UK
• Debt Management Company
• Debt Management Consultants
• Debt Management Corp
• Debt Management Corporation
• Debt Management Counselling
• Debt Management Credit Counselling
• Debt Management Group

Disclaimer

Please note that in line with OFT debt management guidance, The UK Insolvency Helpline Debt Advice Service does not provide nor administer debt solutions itself. Instead the service will put you in touch with a licensed professional to arrange the debt solution.

Debt management plans are subject to status. Conditions apply. Repaying the debt over a longer period may increase the total amount to be repaid.

Your ability to obtain credit will be affected in the short term and might be affected in the medium term. Fees are payable for debt management plans.

Telephone calls may be recorded for training and quality purposes.

• Please note that where the first payment goes to the debt management company and not to the creditors (whether as an initial up front fee, as a deposit or for some other reason) that they will miss a payment to their creditors and will therefore go into arrears or further into arrears. A token payment arrangement should be offered in the short term.
• Please note that creditors are not obliged to accept reduced repayments or to freeze interest and that, unless they do so, repaying the same debt over a longer period of time will lead to an increase in the total amount to be paid.
• Please note that debt collection actions, including default notices and litigation, can ensue and that there is no guarantee that any existing or threatened proceedings will be suspended or withdrawn. There possibility of default notices with a dent management plan – including that they may incur costs that are added to the debt.
• Please note that by entering into a debt management plan consumers may not be able to obtain credit in the short term and that there is some likelihood that they will not be able to do so in the medium to long term either.
• Please do not be misled into thinking that credit rating will improve earlier than when the payment of the debts is completed, or even immediately thereafter: records are retained by credit reference agencies for a further six years.
• If you enter into a debt management plan tt is very important to meet debts such as mortgage, rent and utility payments as a priority and consumers are advised not to ignore correspondence or other contact from creditors or those acting on behalf of creditors.
• Think carefully before securing other debts against your home. Consolidating debts in to one loan may cost more in the long term. Your home may be repossessed if you do not keep up repayments on your mortgage.