Call us today on 0800 328 8308 for a FREE Consultation
Our lines are open 24 hours 7 days a week
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Call us today on 0800 328 8308 for a FREE Consultation Our lines are open 24 hours 7 days a week |
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In just 24 hours we could be dealing directly with all of your creditors
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Call us today on 0800 328 8308 for a FREE Consultation
Frequently Asked Questions Who will be dealing with my case at Debt Doctor?- After your initial enquiry, Debt Doctor will assign you your own Personal Consultant. This means you will be dealing with the same person throughout the entire Debt Management program. Your Personal Consultant will negotiate on your behalf with all of your creditors and ensure you are kept informed and updated during every stage of the process. How much will my new monthly repayment be?- This all depends on how much disposable income you have at the end of each month. Our Debt Management programs are tailor made to you and your circumstances and are based solely on what you can afford to pay. How does Debt Doctor calculate my disposable income?- We do this by completing a financial statement. Within the statement we will allocate money from your income to pay all of your normal living expenses. We call these Priority payments. Any money remaining, your disposable income, will then be allocated to paying your Non- Priority payments, such as your unsecured creditors. How much will the Debt Management program cost me?- We will charge you the first month's payment as payment for setting up your personal management program and then 15% of your monthly payment to us each month. The minimum monthly fee is set at £20. We do not charge extra for our fees as this is included within your new monthly payment. How will my creditors know that I have asked Debt Doctor to help me with my finances?- We will notify all of your creditors, once you have instructed us to act on your behalf. What should I do if my creditors keep sending me letters?- For a short period of time you may still receive some correspondence from your creditors. If this happens, simply forward it on to Debt Doctor and we will deal with it on your behalf. What do I say if one of my creditors tries to contact me?- Politely inform them you have instructed Debt Doctor to act on your behalf and that calls should be made directly to Debt Doctor on 0871 200 30 90. Should I cancel my direct debits?- You should cancel your direct debits as soon as the Debt Management process has begun. Should I change my bank account?- It is advisable to open a new bank account without any credit facilities. This will ensure you have full control of your finances at all times. It will also mean your current bank cannot take money and payments at source for any credit facilities you currently have with them. Can I still use my credit cards?- Your creditors will cancel all credit facilities once the Debt Management process has begun. We would therefore advise you to destroy all of your credit and store cards as soon as possible. Most people who approach us for assistance have done so because they are struggling to meet their monthly credit commitments. We do not encourage anyone in this position to increase their debt or outstanding balances. Will I receive default notices for the accounts on the Debt Management program?- Creditors will normally send you a default notice if you default, fail to meet your obligations, on your original credit agreement. This is normal practice and is done to protect the creditor's legal position. What happens if my circumstances change?- Our Debt Management programs are flexible. This means if your circumstances change and you are able to increase the payments to your creditors, we will simply complete a new financial statement, and inform your creditors you wish to pay more. Equally, if your circumstances deteriorate, we will follow the same process and inform your creditors you will be paying a lesser amount. What if the creditors refuse to accept the offer?- A creditor does not have to accept a reduced offer of payment. However, from our experience, creditors will accept a reduced offer if we can demonstrate you are committed to clearing the debt, on the Debt Management program, and the offer is a fair and reasonable one, when considering your circumstances. Will a Debt Management program affect my credit rating?- Most creditors will register your payments, monthly, whether you are on a Debt Management program or not, with credit reference agencies such as Experian or Equifax. Each account held on file will indicate a current status, showing the amount of months in arrears. By making a reduced payment, you will fall into arrears, if you have not already done so. Some lenders could consider this adversely when viewing your credit file. However, the majority of lenders will consider the fact you are making a regular payment each month to clear the debt, positively. It is important to note, all creditors lend to different criteria. The general rule being, the higher the risk, the higher the interest charge. How will I know if my creditors are being paid?- We will send you a monthly statement within 7 days of payment to us, after the second months payment. Your monthly statement will itemise payments made to your creditors, together with the total paid to date whilst on the Debt Management program. In addition to this, you will normally receive a monthly statement from your creditors. What if I wish to Cancel my Debt Management program?- You can cancel the program at any time, without cost to you. All we require is 7 days notice, in writing. We will also refund to you any money held in our special 'client' account that we have not, at the time of cancellation, distributed to your creditors. Will I have to increase my payments to my creditors if I cancel?- Your creditors may ask for the full amount of money owed and may discontinue any reduced or frozen interest charges. What do I do next?- If you have not already done so, enter your details and Request a Call Back or call us free on 0800 328 8308. Our advice is free and confidential and we guarantee a solution to your debt problem.
We act on your behalf, not your creditors
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Our services include:
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Debt Doctor is
a trading name of Debt Doctor UK Ltd. Registered in England No: 4754981.
Licensed under the Consumer Credit Act 1974. Consumer Credit License Number
542357. Data Protection Registration Number Z8121583. |
