Churchwood Finance offers a wide range of debt solutions including Debt Management Plans, Individual Voluntary Arrangements, Protected Trust Deeds and Bankruptcy.
We have talked to more than 550,000 people about getting their finances back on track. With over 175 staff who have managed over £942 million of debt we are a well established company who has the expertise and existing relationships with your lenders that makes the difference. On average, through Debt Management, we have reduced monthly outgoings for our customers by £284.79* per month.
If you want to find out more about our debt management programmes, call us on 0800 977 4040 and speak to one of our trained advisors about the best debt management solution for you.
PLEASE REMEMBER IF YOU ARE RESCHEDULING DEBT OVER A LONGER TERM IT MAY AFFECT YOUR CREDIT RECORD AND MAY LEAD TO AN INCREASE IN THE TOTAL SUM TO BE REPAID
The Money Advice Service is a free service set up by the Government to help people make the most of their money. Follow the link below to learn more about what they do, and the free-to-consumer debt advice and debt management services that are available.
The Insolvency Service, part of the Department for Business, Innovation and Skills, has issued a publication 'In Debt - Dealing with your creditors' which has been produced to help consumers by providing a source of reliable and impartial information. It is aimed at helping consumers to understand the range of debt remedy solutions available.
Click on the following link which will take you to the BIS website where you can download or read the guide 'In Debt – Dealing with Your Creditors': http://www.bis.gov.uk/assets/insolvency/docs/publication-word/12-1368-in-debt-dealing-with-your-creditors.doc
We do not charge a separate set-up fee for arranging your plan. We charge a monthly management fee of £54.99 per month or 49% of your monthly payment, whichever is the lower. The fee is deducted from your monthly payment and distributions are paid to your creditors from month one of the plan.
The monthly management fee covers the following work:
Please note that as you are paying less than the contracted repayments to your creditors, you will go into (or further into) arrears which may affect your credit rating.
Steve was struggling with combined debts of £15,000. He owed the following sums:
- Virgin - £6,589 (Contractual payment of £237.20 per month)
- HSBC - £2,992 (Contractual payment of £74.20 per month)
- Barclays - £5,419 (Contractual payment of £113.80 per month)
Steve was unable to keep up his combined minimum payments of £425.20 per month. When paying only what he could afford, he was incurring interest and missed payment charges on each of his accounts and it would have taken him over 11 years to clear his debts. Steve contacted Churchwood Financial and we were able to help him draw up a budget which showed he could afford to repay around £350 per month after payment of his essential outgoings.
We agreed the following payments:
- Monthly payments of £350 to Churchwood Financial Limited.
- From the monthly payments, £54.99 per month is retained as our monthly management fee for the provision of our service and the distribution of payments of £295.01 per month to Steve's lenders, divided pro-rata between them as follows:
- £129.59 to Virgin
- £58.84 to HSBC
- £106.58 to Barclays
We negotiated with the creditors on Steve's behalf and they agreed to freeze interest and charges which means that these debts will now be cleared in less than four years three months providing the reduced payments are met each month.
In total Steve will pay:
£15,000 to his creditors
£2,798 in fees
Total payments £17,798
What if I change my mind?
If, having decided to enter into a debt management plan, you then change your mind, we provide you with a cooling off period of 14 days from the day after you receive a copy of our terms and conditions. If you cancel the agreement within that cancellation period, you will receive a full refund of all the fees you have paid to us.
If you change your mind after the cooling off period has expired, you will still be able to withdraw from the plan, but you will not be entitled to receive a refund of the fees paid for the work we have undertaken.