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FAQ
How much will I have to pay into my debt management programme?
It depends on your circumstances. We will work out an affordable monthly payment, based on your earnings and expenditure.
How long will the programme last?
As part of our initial consultation with you, we will provide you with an estimate of the likely time you will be on plan.
Will this affect my credit rating?
Because coming on plan will result in you not making contracted repayments on your unsecured debts, you should expect that your credit rating will be adversely affected. However, your credit rating may already be poor if you have arrears or a history of missed or late payments.
Will my creditors/lenders definitely accept your proposed debt management plan?
Creditors and lenders do not have to accept our proposals, but most are willing to accept them if we can prove it is beneficial and agreeable to both parties.
Is this a loan?
No. We neither lend you money nor pay off your debts. Your payment plan is a solution that allows you to repay your creditors at a monthly rate that you can afford.
Will I be credit checked before acceptance?
No. Since we do not lend you any money, we do not need to credit check you.
Can I come on plan if I already have CCJs against me?
Yes. You can even use the plan to make payments against any existing CCJs that you have.
Does it make a difference if I am a homeowner or tenant?
No. It makes no difference whether you are a tenant or homeowner or even if you are still living with your parents.
Do I have to be in full time employment?
No. To be accepted onto debt management, you only need to have a surplus of income above what you need to live on.
Will you be dealing with every company I owe money to?
No. Some of your debts may be regarded as priority debts due to serious consequences if payments are not made. An example is your mortgage or utility bills.
What if my creditors continue to pursue me for payments?
Certainly in the short term, your creditors will continue to take action to recover your debts. Do not ignore them. Deal with calls politely, informing creditors that you have appointed ourselves to act on your behalf. You should forward any letters to us to deal with on your behalf.
What if my circumstances change?
Because a Debt Management Plan is an informal arrangement, it is easy to change it as your personal circumstances change, and even to replace it with an alternative arrangement if that becomes more appropriate at a later date.
My bank says they will not deal with you and will take me to court if I use you. What do I do?
A creditor cannot refuse payments from a debt management company and then take you to court for non-payment. Some credit companies may prefer not to deal with us so they can apply more pressure to you, however you have a legal right to have anyone you wish deal with your finances.
My bank says you have not written to them, but you say you have. Why?
Employees of a creditor's collections unit have one job, to try to get you to pay money. Unfortunately, some will do this any way they can. Once they acknowledge we are dealing with the account, they know they have to negotiate through us. If they tell you they have not heard from us then they have more leverage. If they make you think we are not doing our job properly, they will convince you to cancel the agreement with us, and then they can use any tactics they like to get the money from you. If this happens inform them that we are dealing with your affairs, contact us immediately and we will then issue a further copy of correspondence to them.
My bank has said they are going to send a bailiff round to collect their money, can they do this?
No. A bailiff can only be instructed and sent by a County Court or Sheriffs office, this means a bailiff can only call if you default on a court order. A debt collector may try to trick you by saying, “if you don’t pay this bill, we could send a bailiff round” this is not true unless you’ve defaulted on an earlier court order.
Can I cancel my plan at any time?
Yes. All you have to do is give us 1 months written notice of cancellation
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Samuel Debt Consultancy |
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Company Registration No: 01234567, Registered Office: |
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