Frequently Asked Questions
Debt Management Plan
How will the plan affect my credit rating?
This all depends on what your credit rating looks like right now. It is likely that if you have been struggling with your finances you already have some arrears or late payments noted on your credit file. Depending on how long it has been since you last made a payment to a lender it is possible that you may have a default on your file. If you already have a default no change in your status will occur. By organizing a debt management plan you will still have the arrears noted on your file but the key thing to avoid is a default notice.
Which debts can't be included in a debt management plan?
What is the main benefit of a Debt Management Plan?
How will the plan affect my credit rating?
Will my lenders freeze the interest to make the debt management plan attractive?
What happens if I can't keep up with the reduced payments?
Will my creditors still contact me?
What is a typical time period for a debt management plan?
What is the difference between fee free and fee charging advisers?