Debt Management Plans

You will have to settle the amount owing in full as set out out at the beginning of the plan. Some debts may have reduced interest and a redustion in the total amount outstanding

3. How do I know that my debts are being repaid?

At the start of he plan, Debt-2-go will give you a statement outlining your position.

4. What do you charge for this service?

debt-2-go charge an initial fee to set up your plan, equivalent to your first two monthly payments. However, unlike most debt management companies, we will commence distribution of your payments immediately. Thereafter there is an ongoing monthly management fee of approxiamately 15% of your monthly payment. This fee is fixed at the begining of the plan which is effectively included in your monthly repayments. No additional fees are paid.

5. Is a debt management plan another loan?

Debt Management is not a loan, but a means by which you can consolidate all your outstanding unsecured debts into one affordable monthly payment without any further lending.

6. What if I fail to keep up my monthly repayments?

Because your debt management plan is an informal arrangement between you and your creditors you are able to cancel it at anytime. Clearly this will be a signal to your creditors and you will see an increase in their collection actions, such as letters and phone calls.

7. Will the debt management plan be able to include all of my creditors?

A Debt Management Plan will include all of your unsecured creditors. However there are some which may not be able to be incorporated into a Debt Management Plan such as creditors with whom you have priority debts, i.e. debts if not paid will result in significant penalties such as having your home repossessed.

8. Will my credit rating be damaged? .

When you decide upon the Debt Management Plan route, it does mean that your current credit agreement terms will have been broken. Therefore this does mean that it will have an unfavourable effect on your credit rating.

9. Will you need to check my credit history? .

No credit checks are required as we will not be lending you any money, just helping to manage your current outstanding debts.

10. Will my creditors definitely accept this plan?

Yes By law, all your creditors have to accept the payments that we make on your behalf. However, it's not impossible that your creditors will accept the terms of your Debt Management Plan favourably, which will determine how successful we are in freezing interest and charges.

11. Will I have to pay my debts off over a longer period of time?

You will have to pay them back over a longer period, however, you will be paying an affordable monthly payment which will give you peace of mind.

12. Will I be able to get a Debt Management Plan if I have CCJ’s.

If you have an existing CCJ (County Court Judgement) you will be applicable for a Debt Management Plan.

13. Does it matter if I am a homeowner or tenant, unemployed or working part time?

Debt management Plans are suitable for both Home owners and tenants.

14. What if my circumstances change?

If your financial circumstances change get in touch with us immediately. We can review your current arrangements and will work with you to discuss options and give you alternatives.

15. Will a Debt Management Plan pay off my debts?

Our debt management plan consolidates all of your outstanding debts allowing you to make affordable monthly repayments to clear this debt.

16. Do I have to tell anyone?

debt-2-go will not disclose any personal information regarding your Debt Management Plan unless you request that we do so. If you do not wish anyone to know that you have a Debt Management Plan in place you do not need to inform them.

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