Frequently Asked Questions
Debt Management Plan
Will my creditors still contact me?
If the plan is set up correctly creditors should remove you from their collection dialer and not make calls to stimulate greater payments from you. They do however reserve the right to contact you every quarter to see if your circumstances have changed. Depending on the debt management company you use it is therefore possible that you may continue to get calls if sufficient communication does not occur between your debt management provider and your different creditors.
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?