Common Questions on Debt Management

Can anyone take out a debt management plan?

Usually there would be certain criteria that would have to be met in order to take out a debt management plan which could include having debts over a certain amount with a minimum of 3 different creditors and being able to pay a minimum amount each month which would be split between your creditors.

Does the company take any of the money I pay?

A no-fee company offering a debt management plan would not take any of the money you were paying each month for them to split between your creditors. Therefore every penny you payout goes towards being one step closer to becoming debt free.

What if I have difficulties while in the agreement?

We would assign you a case officer who will work with you throughout your agreement. If you should have any problems you should contact them immediately. Your debt management plan will also be reviewed at intervals throughout the agreement to ensure that it still meets your circumstances.

How long will a debt management plan last?

Your debt management plan would continue until you had cleared your debts. However if your circumstances altered during this time you could talk with your case officer and you could resume normal repayments or even payoff your debt if you had the means to do so at this time.