Debt Management FAQ

How do I know my debts are being paid ?

We will apportion any payments received from you (less our monthly management charges) between your creditors proportionately, based on how much each is owed, and will issue a statement to you showing how much is paid to each creditor. This remains fixed unless your circumstances change. We will also issue a quarterly statement showing all transactions on your account. In addition to this, you will still receive your statements from your creditors.

Will this affect my credit rating?

When entering into a Debt Management Plan or agreement, you will be breaking the original terms and conditions of your initial repayment agreement with your lender. Due to time required to arrange and distribute initial payments to your creditors, contractual payments to creditors may be missed. This may have an adverse effect on your credit record.