Find out what debt help is available:
- Find the right debt solution
- Lower debt repayments
- Stop pressure from lenders
- Clear unsecured debts for good
- Have just one low monthly payment
- No need for a loan
- Reduce debt with UK legislation
- Reduce Your Debts By Up To: 70%
Frequently Asked Questions
Q. What is debt management?
A debt help programme is a process by which all of your unsecured debts are consolidated into one affordable monthly payment. It is is a system which decides how much an individual or family can afford to pay their unsecured creditors. Your debts are consolidated into one affordable monthly payment. Levels of payment are agreed with your creditors and paid on your behalf. This payment is shared between your creditors in an amount proportional to their debt. Our partners will help to negotiate this arrangement on your behalf.
Q. How does a debt management program work?
Firstly we must take into account the most important aspects of your budget – this means your priority expenses, i.e. your mortgage or rent, your council tax and other household bills.
These priority debts are taken from your income, leaving what we call your disposable income. This will be an affordable and realistic amount that is available to pay your unsecured creditors with. This money is then deposited into The Financial Helpline LLP Client Account for distribution amongst all your unsecured creditors on a percentage every month. If your outgoings are currently more than you can afford or even more than your income, your once a month payment will be affordable.
Q. Will The Payment Remain The Same Throughout?
The payment plan is flexible depending on your disposable income and current position. Circumstances may change and you may have to reduce the payments for a time. Or, your financial position may improve so you can increase the payments to reduce the outstanding debt faster.
Q. How Long Does a Repayment Plan Last?
This depends on the levels of repayment and the amount of debt owed. However, our service is available to support you until your debts are paid off. A review will take place every 12 months to see if we can pay any debts off faster on your behalf.
Q. How Will I Know My Creditors Are Being Paid?
You will receive a statement of your account which will be sent on a monthly basis. This statement will show all monies received from you and how much each creditor is receiving on your behalf. Furthermore, you will normally continue to receive statements from your creditors.
Q. What Happens If a Creditor Contacts Me?
Simply advise them that we are dealing with your repayment plan and forward any correspondence to us (keep your creditor monthly statements). Any letters or calls will usually cease once your payment plan has been established and accepted.
Q. What Is My Next Step?
Fill out all paperwork and send it back to us with copies of all unsecured debt outstanding. Upon receipt of your paperwork, a member of the Advice Team will call you to discuss your program in more depth.
Q. Is this a loan?
No. We neither lend you money or pay off your debts. The debt help programme is designed so you can repay your creditors at a monthly rate that you can afford. If you do not make payments into the programme, we cannot make payments to your creditors.
Q. Do I need to be a homeowner?
No. Chase Saunders can help if you are a tenant, homeowner are living with parents/family or your accommodation comes with your job.
Q. Do I have to tell my partner?
If your debts are in joint names with your partner then they would have to be aware of and be included in the plan. If the debts that you would like us to deal with are solely in your name we can treat your account as a single application and your partner would not be informed.
Q. Do I have to be in full time employment?
No, provided you have a surplus of income above what you need to live on you could be eligible to come on the debt help plan
Q. Can secured debts be included on the plan?
No. A debt help / debt management plan will only cover unsecured debts.
Q. What is a secured debt?
A secured debt is a debt secured against property i.e. a mortgage, or any loan secured on your house and car finance.
Q. Do Creditors always accept the reduced offer of payment?
Creditors do not have to accept any offer of payment that is less then the usual contracted repayment. However it is our experience that creditors will accept a reduced offer provided that we can demonstrate that the offer we have made is reasonable and that you are fully committed to repay your debts through our plan.
Q. Will the plan affect my credit rating?
It is likely that your credit rating is already affected if you are struggling and have a history of missed/late or reduced payments. Whilst on the plan you will not be making full contracted repayments to your unsecured debts and this will result in an adverse credit rating.
Q. Will I receive a default notice?
By joining a debt help / management plan, you will default on your original agreement and because of this your creditors would be entitled to issue you with a Default Notice
Q. What do I do if creditors continue to call me?
In the short term your creditors will continue to take action to recover your debts. Do not ignore the calls but advise them that you have appointed Chase Saunders to act on your behalf. You should forward any creditor mail on to us to deal with.
Q. How long will the plan take?
Because a reduced payment will be paid to your debts, it will take longer to clear your debts, this is not an overnight solution. As part of our initial consultation with you, we will provide you with an estimate of the likely time you would be on the plan.
Q. Can I cancel the plan at any time and would I be charged extra if I did?
Yes you could cancel at any time although we would need 4 weeks written notice of cancellation. There would be no cancellation fees payable. Creditors do not have to accept any offer of payment that is less then the usual contracted repayment. However it is our experience that creditors will accept a reduced offer provided that we can demonstrate that the offer we have made is reasonable and that you are fully committed to repay your debts through our plan.