Frequently Asked Questions
Q. Do creditors always accept reduced payment offers?
A. Although creditors do not have to accept any offer below the contracted minimum amount, the relationship we have developed over the last 10 years with over 7,500 creditors more than often results in a positive outcome.
Q. Will my creditors still hassle me?
A. Initially they may continue to contact you but just pass all of their correspondence onto us and we will speak to them on your behalf! Once you have been on your plan for a few months you will find that most, if not all, contact stops in relation to the re-payment of your debt as they will simply call us!
Q. Will my future credit rating be affected by Debt Management?
A. The fact that you are on a Debt Management Plan is likely to affect your credit rating. Please see our
Terms & Conditions for full details.
Q. Do I have to be in full time employment?
A. No. You only need to have some money available each month after you have paid your household bills that can make monthly payments to your creditors.
Q. Can I take out a plan if I am a not a homeowner?
A. Yes, it makes no difference if you are a tenant or homeowner or even still living with parents.
Q. Is the Debt Management Plan confidential?
A. Yes - Churchwood Financial is registered under the Data Protection Act 1998 and licensed under the Consumer Credit Act 1974. We appreciate the sensitive, personal nature of the information we hold and pride ourselves on the extensive procedures we have implemented to safeguard confidentiality.
Q. What If My Circumstances Change?
A. A Debt Management Plan is an informal arrangement. Churchwood Financial constantly review your account and circumstances and will advise if changes are necessary which can even include replacing it with an alternative solution if that becomes more appropriate at a later date.
Rescheduling debt over a longer term may affect your credit record and may lead to an increase in the total sum to be repaid.
