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Debt Management - FAQ
Thu/12/18

Can I borrow money from either ‘Debt-Helper’ or ‘1StopCredit’ to pay off my debts?

We do not pay off your debts for you in the form of ‘another’ loan. Our financial management plan allows you to pay off your debts at an affordable rate.


Will I need to inform my creditors that I am on a financial management programme?

No, once we have all your latest account information and statements we will be able to deal with your creditors directly for you. We will contact your creditors and verify with them that the information you have given us is correct and from that point they will be aware that your finances are now under management.


Who can I contact if I have any questions concerning my finances?


Each of our clients will have their own designated Personal Account Manager. Whenever you have any questions you will be able to discuss matters with them personally.


By how much will my monthly repayments be reduced?

Your monthly repayment will be tailored entirely to your individual needs. It is based solely around how much you can afford.


What happens if I start to struggle with the restructured payments?

If you encounter a change in your personal circumstances and you find that your monthly repayment becomes too costly for you, we can reduce it further, dependant on your circumstances.


How will I know my creditors are being paid?


You will receive a fully itemised statement each month. This will clearly itemise your monthly payment and how much each creditor has been paid on your behalf. You will normally continue to receive statements from your creditors as well.


Will this affect my credit rating?

If you are currently experiencing debt problems it is a possibility that one or more of your creditors may record information with credit reference agencies such as Equifax or Experian. Details may already be on your credit file if you are, or ever have been, behind with your payments.


What happens if a creditor contacts me?

Just forward all correspondence onto us. Any calls or letters that you would normally receive off your creditors will usually cease once a regular payment system has been established.


What happens if I want to stop my finances being under management?


If you chose to stop your management programme you could lose all of the advantages the program provides, including a single monthly payment, lowering or eliminating interest, lowering your total monthly payments and avoiding unpleasant collection calls.

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