We understand the impact of debt and that everyone's circumstances are different. You might have heard of a debt consolidation loan, but there are other options which could help to reduce or clear your debts, including Debt Management Plans, Individual Voluntary Arrangements (IVAs), Trust Deeds and Bankruptcy.
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This example is for a new client who approached us in March 2014 for debt advice. From the first month of the client's debt management plan, 74.4% of their monthly contributions were distributed to their creditors. The duration of the plan and the savings are dependent on any changes to the client's circumstances as the plan progresses, and may be longer or shorter than the 48 months quoted.
If you were to enter into a debt management plan the duration and any savings would depend on your personal circumstances and your creditors.
If you choose to restructure your debt over a longer term it could affect your credit rating.
There are a range of debt solutions available that can help reduce or clear your debts, such as Debt Management Plans, Individual Voluntary Arrangements, Trust Deeds and Bankruptcy. Your individual circumstances will determine which product might be right for you.
Lenders do not have to freeze charges however, many mainstream lenders are signed up to the 'Lending Code' which is a set of standards that financial institutions can choose to follow. The interpretation of these standards may see lenders stop interest and charges to help a customer in financial difficulty, especially if it will help them to repay their debt. Other lenders may choose to reduce interest rather than freeze it. It is at the discretion of the lender.
If you choose to sign up to a Debt Management Plan this will not show up on your credit file - however the impact of reducing your contractual payments to creditors will affect your credit rating because you will not be complying with the original terms of the credit agreement. However, if you are struggling with debt and have been missing payments then your credit rating is likely to have already been affected by this.
If you are interested in enquiring about our services we have an expert team of advisors who will be able to help you with any questions you may have about our range of solutions.
At Churchwood we provide a management service from the start to end of your plan. Once you have signed up to a Debt Management Plan we will assign you to a dedicated member of our team who will be responsible for all your correspondence and any questions you may have.
There are a number of ways we can help you with your creditors. We will set up a payment plan to help you repay or clear your debts and you will no longer have to deal with your creditors, we will do this all on your behalf.