Frequently Asked Questions
Debt Management Plan
Why don't I just negotiate with my creditor directly?
If you are able to negotiate directly with your creditors this is a good idea. You may be able to negotiate a similar level of payment that a debt management company will do on your behalf. The only downside will be that depending on the number of creditors you have you may have a lot of negotiation to do. Also you may find it harder to get the interest frozen on your account than would be the case with a debt management provider.
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?