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Terms & Conditions

Debt Specialists Terms and Conditions

Definition of Terms

  • "Agreement" between you and us as subject to these terms and conditions.
  • "Business Conditions" means the terms and conditions set out in this document.
  • "Creditors" all of your creditors whose details you have given us in accordance with these business conditions.
  • "Debt Management Plan" the repayments we have prepared on your behalf to your creditors.
  • "Management fee" the agreed amount of money you pay to us each month for the service we provide.
  • "Services" what we provide you with in accordance with these business conditions.
  • "Set up fee" is your first payment to us, which will cover the cost of setting up your Debt Management Plan and of which no part will be paid to any of your creditors.
  • "Us" "We" and "Our" Debt Specialists Ltd–registered office, Debt Specialists Ltd, Third Floor, Bridge House, Heap Bridge, Bury, BL9 7HT. Registered number 5809220.
  • "You" You the client(s) who is/are named on all official Debt Specialists Limited documentation.

    • Agreement

    1. Our agreement with you will commence from the time we receive your signed client authority and your first payment clears into our bank account.
    2. You agree for us,’ Debt Specialists Ltd’ to act on your behalf to provide you with a service of debt counsellors and negotiators.

    Our bank accounts, fees and your payments.

    1. Due to the fact that most of our work we do for you will be at the beginning of the programme, the first payment you make will be retained by us as a set up fee and instigates your individual/joint management plan with us. This will put you further into arrears with your creditors. This payment is also your acceptance to our terms and conditions.
    2. All future payments will go into our client trust account with the exception of the management fee which will be 17.5% of your calculated monthly disposable income or a minimum fee of £25.00 due to us, which will be transferred into our own account.
    3. Your creditors will not be paid until you have paid your set up fee in full.

    The service we will provide for you

    1. We will scrutinise your income and expenditure to produce a financial statement for you, ensuring you have a suitable amount of money for living costs, and in doing so calculate a repayment figure you can afford.
    2. We will negotiate on your behalf with all your creditors to explain your current financial position and ask that they accept the reduced repayment offer(s). We cannot guarantee that your creditors will agree to do this.
    3. We will negotiate with your creditors to accept the reduced payments and to also try to reduce or freeze interest and charges which they apply, and where applicable to withdraw or not to proceed with any court action taken against you. We cannot guarantee that your creditors will agree to do this, and they may continue to pursue collection actions and possibly default notices.
    4. The information you provide to us will be used to provide you with and to administer a Debt Management plan on your behalf.
    5. We will conduct a six monthly review or earlier if your creditors wish to ensure your repayments are suitable for both you and your creditors.
    6. We cannot deal directly with secured loans or other HP agreements; however we may be able to help you with payment of arrears.
    7. We reserve the right to refuse any debt less than three months old.
    8. We will try to provide you with an accurate duration of time for the management plan; however, this is based on the ability to get the creditors to reduce or freeze the interest and other charges etc.
    9. Whilst negotiations are taking place your debt will increase.
    10. We will try and prevent both defaults and CCJ’s being registered on your credit file, however, in some cases this may not be possible, particularly if you have already missed payments on your debts.

    Your responsibility

    1. To ensure your monthly payment to The Debt Specialist Limited is paid on time each month.
    2. To inform us if your circumstances change so we can do our utmost to assist and support you.
    3. To tell us about all your credit commitments, secured and unsecured.
    4. Not to obtain any further credit while on the debt management plan.
    5. You must provide us with all details of your income, expenditure and credit commitments as required and continue to do so when necessary.
    6. Wherever possible to send us original documentation which clarifies your financial situation.
    7. To allow us to deal with your creditors on your behalf.
    8. To continue to pay your priority debts, such as mortgage, rent, utility bills etc.
    9. Not to ignore any correspondence from your creditors.
    10. To make no further payments to your creditors without our knowledge or consent.
    11. That you have made at least 3 months payments to each of your creditors, unless you have goods on buy now pay later, in which case these goods must have been in your possession for over three months.
    12. The information you give us must be true and accurate to the best of your knowledge.

    If you change your mind

    1. You may cancel this agreement without any liability to us by giving us written notice within seven working days from the time you receive these business conditions.
    2. We shall return any payment in full if a written request is received within seven working days as stated above.
    3. You may cancel this agreement with us in writing at anytime beyond or outside the 7 working day cooling off period by giving us one month notice in writing at the address above.

    When we may terminate our arrangement with you

    1. Should you fail to make your regular monthly payments to us.
    2. Should you breach any of the terms in these terms and conditions.
    3. In all cases of termination, we will give you two weeks notice of cancellation in writing with reasoning.

    Cancellation of agreement by you or us

    1. Once the agreement ends our duties and obligations under this agreement are terminated, and your creditors may resume or begin recovery of outstanding debts or legal proceedings.
    2. It is your responsibility to instruct your bank to cancel your standing order payment to us.

    Data protection and your confidentiality

    1. We agree to keep confidential all information received from you or about you, releasing it only to your creditors in order to negotiate and agree a repayment plan.
    2. We may share information about you within the company and or companies within our group.
    3. We may also use the personal information to provide you with products and services which may be of interest to you.
    4. You may request under the Data Protection Act 1988, for copies of information we hold about you.