FrequentlyAskedQuestions Debt Management

How does it work? Your creditors are approached by a well established financial management company. Negotiations are made and lower installments are paid to them on your behalf. A single, affordable monthly payment is calculated for you based on your individual financial circumstances. This payment is then distributed by the financial management company to each of your creditors. . By how much can my monthly repayments be reduced? The monthly repayment is tailored entirely to your individual needs. It is based specifically around your affordability. . What happens if I start to struggle with the restructured payments? If due to a change in circumstances, the monthly repayment becomes difficult, it can be arranged to be reduced further, to become more affordable. . Can I increase payments to clear the debt more quickly once my financial situation is stable? Clients are always welcome to make larger installments, allowing the debt to be cleared at a faster rate. Also, full and final settlements can be made on the accounts at any point during the repayment plan. . How do I know that my creditors are being paid? As the creditors are paid on a monthly basis, you will receive a receipt confirming the individual amounts paid to them. . Will this affect my credit rating? As you maybe already experiencing financial difficulties, it is likely that the credit companies have, or at some point will register adverse findings with credit reference agencies. The financial management plan is designed to ensure your creditors are paid on a regular monthly basis and in the long term will help any bad credit to be deemed as satisfied.

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