Frequently Asked Questions
Debt Management Plan
Which debts can't be included in a debt management plan?
A debt Management plan is organised to support your credit cards, store card, loans, bank overdraft, mobile phone bill etc. The debts which you cannot include in any arrangement include:
- Your mortgage.
- Secured loans or second charges secured on your property.
- Debtor creditor supplier agreements such as a Hire Purchase agreement.
- Lease hire arrangements.
- Council tax bills.
- Water, gas and electricity bills.
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?