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
DISCLAIMER
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.
