Q. How much would my monthly payment be?

A. Your disposable income is what you pay to your Debt Management Plan. It must be affordable and also factors your houshold budget. If your financial situation changes, then there is some flexibility to either increase/decrease the monthly payments to suit your requirements.

Q. Is Debt Management a loan?

A. No. You do not borrow any money. Debt management consolidates all your debts into a more affordable form that allows you to pay it back on more your own terms.

Q. What if I'm a homeowner?

A. There are no caveats for being a homeowner in entering a Debt Management Plan. It is an informal agreement that is not legally binding which means there is no obligation. But, it may be suggested to pay back some of your debt using what equity you may have in your property.

Q. Is Debt Management a private agreement?

A. Yes. It is an informal agreement between only you and your creditors.

Q. How long does a Debt Management Plan last for?

A. There is no definitive timeframe to pay the debt back. The informal agreement allows you to change the monthly payment amounts to suit your changing financial situation. Put simply, the faster you pay the debt back the faster you will become debt free.

Q. Can I stop my Debt Management Plan anytime I want?

A. Yes. It is an informal agreement between you and your creditors and is not legally binding. But you would lose the protection a debt mangement plan offers.

Q. Will a Debt Management Plan affect my credit rating?

A. It will not show up on your credit rating. But changing original terms agreed with your creditors will go against you. However, if you are currently missing payments or making late payments, then it is likely your credit rating has already been negatively affected.

Q. Would I lose my bank accounts?

A. In short, no. You will need a bank account with a Debt Management Plan. Your bank accounts will remain open and secure if you do not owe any money to those banks. If you do owe money, then you may want to consider a banking rule named 'rule to offset'. This is where a bank has the right to reclaim debts without permission to return what is owed. But, the bank is only allowed to do that under accounts held within their institution. This rule is non-transferable between institutions.

Q. What happens if my financial situation changes?

A. A Debt Management Plan is reviewed every 6 months and can be altered at any time considering changes to your current financial situation. This could be increasing monthly payments if you can afford to pay off more debt or decreasing monthly payments if you can't.

Q. Do I have to deal with creditors?

A. You do not have to deal with creditors directly when you are within a Debt Management Plan. The aim is to stop creditors hassling you by all forms of communication.

Q. How do I apply?

A. Please contact us by phone, e-mail or write to us.