Below are some of the most frequently asked questions about Debt Management that we are regularly asked. If you have any Debt Management queries that aren't on this page, get in touch and we will be happy to answer them for you.
Debt management is a simple process to reduce and clear all outstanding debts without obtaining further credit. We deal directly with your creditors and negotiate on your behalf. In some cases we can have interest and charges reduced or frozen whenever possible, but this is not guaranteed.
Under a Debt Management Plan you look at your monthly income and essential monthly expenditure (house, car, food, clothes etc). After you have paid for all these essential items any money left is called your disposable income. This is what you can offer to all your creditors to settle your debts.
National Debt Relief advise thousands of people on this every month. We can also manage your debt plan for you. Call us to find out more.
We can deal with all your unsecured debts such as: loans, credit cards, store cards and bank overdrafts. If you are struggling to pay secured debts such as your mortgage or HP agreements we will ensure these outgoings are prioritised in your income and expenditure calculation, so you do not fall behind on payments. We will always suggest ways to deal with your secured and priority debts.
The best way to see if you qualify for a Debt Management Plan, or any of our other debt solutions, is to speak to one of our friendly financial experts. Call us for some advice and we will help you achieve your best possible solution. We strive to help you no matter what your situation. Call us now on 0800 888 666 0
This will depend upon your income, expenditure and personal circumstances. We treat each case individually and will make sure it is tailor made to suit your needs. You will only pay what you can realistically afford. This amount is then paid each month by standing order.
No, but you do need a source of income that is more than you require for living expenses.
We are extremely successful at negotiating with creditors and have a proven track record of getting offers accepted. We would like to make you aware that a creditor does not have to accept a reduced payment or to freeze interest and charges and this may result in your repayment term being extended. There is also no guarantee that any existing or threatened proceedings will be suspended or withdrawn. Any further collection actions may incur costs that will normally be added to the debt.
We have a dedicated Creditor Liaison department who will negotiate with your creditors on your behalf. Your dedicated Finance Manager will keep you informed.
No, National Debt Relief offers a complete guarantee of confidentiality and privacy in relation to your financial affairs. We will never disclose any information about you to any outside organisations and will never say who we are when we call you. This means that you can feel safe in providing your contact information, without the worry that others will find out that you are seeking our help.
We do not charge any upfront fees for our Debt Management Plans. There is no set up fee. When you enter into a Debt Management Plan with us we have a set fee of £25 per month plus £2 per account per lender per month. But the maximum fee you will ever pay is never more than £50 (depending on how much money you are paying into your plan).
For example, if you have a Disposable income of £186 per month (Your Debt Management Payment), and you have 8 creditors, your payment would appear to be:
£25 plus £2 account per lender per month = £41
But because the maximum fee for this disposable income amount is £35, then this is the actual monthly fee that would come from your payment and not £41.
See the breakdown of payments below in detail.
|Disposable Income Amount||Maximum Fee|
|£80 - £99||£25|
|£100 - £149||£30|
|£150 - £199||£35|
|£200 and over||£50|
Yes. As we negotiate a reduction in your monthly payments, and you are no longer repaying the agreed amount to your creditors, a note of this may be made on your credit report. If you currently have arrears or a history of missed payments or late payments your credit rating will already be affected. Records are retained by the credit reference agency for 6 years.
The length of the programme depends on your own personal circumstances. Once we have gathered all your personal information we will be able to estimate the length of the arrangement.
A Debt Management Plan is flexible and informal. We do not want you to ignore your correspondence or contact from your creditors or those acting on their behalf. Once you have joined the arrangement you will have an assigned designated Personal Finance Manager who will deal with your case and any changes in circumstances that may occur.
We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan.
Please note: From time to time we may refer you to other services providers or charities such as the CAB.
You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.
Star rating : 5/5
Staff are always there to help with any questions you need answered. They take the stress out of your burden, and help to put you back on track with financial worries. I would recommend National Debt relief to any of my friends.
Written on 13/03/2013,
Just to say how happy I am to have joined National Debt Relief. They gave a peace of mind and took the fear of the telephone ringing every day looking for money I didn't have.
If you have any questions about your problem debts you can have an online chat with one of our expert debt advisors.
You can chat to us via your computer or mobile device 6 days a week from 8am - 8pm, Mon - Sat