Debt Management Plan, FAQ's 

 

 

 

 

How long does a DMP last?  

This depends on the level of debt and the amount you can comfortably afford to pay.  

 

 

Is level of debt repayment fixed throughout?  

No. Flexibility is one of the great advantages of a Debt Management Plan. If your income reduces, we can renegotiate to reduce your payments. Or, if your income increases, you may wish to pay off your debts more quickly.  

 

Your Debt Management Plan will be regularly reviewed to check that it meets your needs.  

 

 

How do I know when my creditors will be paid?  

You will receive regular statements showing exactly what has been paid to each creditor and how much debt is left to pay.   

 

 

Will Debt Management harm my credit rating?  

Debt Management is the friendliest debt solution to your credit rating compared to IVAs or Bankruptcy. It does not have the same stigma. Having said that, if you have not been making the full contractual payments to your lenders then it is likely that your credit rating has already suffered. Once your debts have been repaid, your credit rating will start to heal itself.  

 

 

Will creditors stop charging me interest?  

We receive excellent co-operation from many creditors in reducing or freezing interest charges. This can help greatly in your ability to pay of your debts. However, some creditors may continue to charge interest.  

 

 

Do my creditors have to accept the offers being made?  

They are not legally obliged to, but most accept right away. We draw up a Financial Statement showing that the offer being made is the most you can reasonably afford to give them. We can also send them details of the payments being made to your other creditors so they can feel assured that they are being dealt with fairly. 

 

Providing local Debt Management advice, help and solutions covering Cornwall, Plymouth, Torquay, Exeter, Taunton, Bristol and surrounding areas. Mydebtssolved.com offer personalised solutions to help you overcome problems with credit & debt. With considerable expertise, we offer a completely confidential service that will get you back on track and help you regain control of your finances. Mydebtssolved.com is a trading style of Assured Direct Homeloans Ltd company registration number 5940124. Licensed under the consumer credit act 1974. Authorised and regulated by the Financial Services Authority (FSA).  

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