Frequently asked questions
How much does the service cost?
We retain the first payment as our initial fee and then a monthly management fee of £30 there are no other hidden charges. Administration is lengthy and costly, once in place, costs are reduced. DebtManUK has one of the lowest administration charges throughout the UK. Even ‘so called’ ‘no fee’ companies have to cover there charges, these are usually well hidden within their systems. DebtManUK will advise immediately of their costs.
Can I cancel my plan at any time?
Yes. All you have to do is give us 2 weeks written notice of cancellation.
Do I incur any charges if I cancel my plan?
No, you can cancel with us at any time without any further charge.
How is my money held until it is distributed to my creditors?
We hold all monies sent to us for distribution to creditors in a client trust account with our bankers. This means that your money is completely protected in the event of our insolvency.
My reduced payments are less than my interest charges; does this mean I'll be paying forever?
Many lenders will freeze interest charges when dealing with fee-free debt managers. This they do for two reasons. Because they can see that you are making a genuine effort to pay your debts, and are doing so with the assistance of a professional organization.
How do I know I'll be able to maintain the reduced monthly payments?
Any repayment proposal is agreed between you and your debt manager in advance. It is based on the information you have supplied and takes into account all your finances. That is why it is imperative that you include all the information asked for.
How long does the Plan last?
That will be determined by how much is owed and the amount you can realistically afford to pay your creditors each month. You’ll be given an indication of the likely length of the plan at the outset, but it will always be dependent on the level of your debts and your creditors freezing interest and other charges on your accounts and your circumstances not changing.
What happens if my circumstances change?
If this should happen whilst the plan in place, please let us know immediately. Depending on your situation a revised repayment plan will be negotiated with your creditors. As a matter of course, we will annually review your plan with you and amend your monthly payment if necessary.
Is my home at risk?
If you’ve got a mortgage, allowance for this is made in determining how much you can afford to offer your unsecured creditors through the plan. This should leave you with enough money to continue making your mortgage payments. Providing you do this, your home should be safe. The plan will give you the peace of mind that comes from knowing that all your debts are paid monthly, and at a rate you can afford. Instead of making several payments each month to your creditors, you will make one affordable payment to ‘DebtmanUK’.
What happens to any money held for distribution if I cancel?
We will refund to you any monies you have paid us which we have not yet distributed at the time you cancel with us
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