"I just wanted to say a big thank you to you and your Debt Management Team. I am glad that I spoke to you and had the courage to open up to you. You have taken a great burden off my shoulders, and above all given me the peace of mind that I needed."
Angela, Derby
Debt Management FAQs
- What happens when I contact Debt Free Helpline?
- How long does the Debt Management Plan last?
- What happens if my circumstances change?
- How does Debt Management affect my credit rating?
- Will you deal with all of my debts?
- Will I be charged if I decide to leave the Debt Management Plan?
“What happens when I contact Debt Free Helpline? How long does it take?”
Once you have completed the online contact form, a Debt adviser will call you at your preferred time to talk about your situation. Our sympathetic advisers are trained to listen carefully to your problems and answer any questions that you have about starting a Debt Management Plan. The call usually takes no more than 40 minutes and you will be under no obligation to go further if you choose not to.Our advice is always free of charge.
“How long does the Debt Management Plan last?”
It depends on how much you owe and the amount you can realistically afford to pay your creditors each month. We’ll estimate the likely length of the debt management plan before you start, but the exact length of the plan depends on:
- If your creditors agree to freeze interest and other charges on your accounts (they will normally agree this after you have successfully made a number of payments on time)
- If your circumstances change during the Plan, and you need to change the amount you repay each month.
“What happens if my circumstances change?”
Please let us know immediately. Depending on your situation, we will be able to negotiate a revised repayment plan with your creditors.
“How does debt management affect my credit rating?”
If you already have a debt problem, it’s likely that your credit rating has already been affected. Should you fail to meet the original contracted terms of your credit agreement, your creditors will register that you are in default. This will be recorded on your credit file and will normally be retained on your file for 6 years.
“Will you deal with all of my debts?”
We will deal with all of your unsecured credit and non-priority debts. This includes personal loans, credit cards, overdrafts, catalogue debts, etc. When we assess your financial situation, taking into account that you need to keep paying off your priority debts (mortgage, council tax, secured loans, etc.) and your day-to-day living costs. From that, we calculate how much you can afford to pay towards your other creditors in the Debt Management Plan.
"Will I be charged if I decide to leave the Debt Management Plan?”
There is no charge for leaving our Debt Management Plan, but we do ask for two weeks’ written notice. This gives us time to inform your creditors and ensure a smooth transition of your debt repayments back to you.
Find out more about:
Further Debt Help and Advice
