Are you offering me a loan

No. We don’t lend you any money nor do we pay off your debts for you. Your debt management plan enables you to to repay your creditors with one affordable monthly payment. You must make monthly payments into the plan for us to be able to pay your creditors.

 Can you help me if I have CCJs against me

Yes. Just be sure to fully inform us of your current CCJ situation before starting the plan. The plan can even be used to make payments against existing CCJs.

 Will you need to credit check me

No. This is not necessary because we are not actually lending you money.

 Do I need to be full time employed

No. You just need income that is more than the amount you need to live on.

 Will the plan cover all of my existing debts

No. The payment Plan will only cover unsecured debts and not secured debts. Secured debts are debts secured against an asset - such as a mortgage, a car loan etc. Unsecured loans are not secured against an asset - such as credit cards, store cards, personal loans etc.

 How long will my plan run for

Because you will be paying off your debts at a reduced monthly rate, it will naturally take longer to fully repay your debts. Before your plan begins we will give you an estimate of approximately how long your plan will run.

 Will my credit rating be aversely affected by the plan

Since the plan will involve making payments to your creditors at a lower rate of payment than you originally contracted to do, your credit rating will probably be adversely affected.

 Could my creditors take further action against me despite the plan

Creditors are not bound to accept repayments at a lower rate than originally contracted for, but they usually do if it can be shown that the offer is reasonable and that you are committed to clearing your debts by means of the plan. However there is no guarantee that your creditors will not take further action, including court action, to recover debts from you but we will help you to respond such that any repayment required is within your ability to pay.

In the early stages of the plan your creditors may initially continue to take action to recover the debts. Deal with their communications courteously, informing them that you have appointed bdebtcleardirect to act on your behalf and be sure to forward any correspondence from them to us to be dealt with.

Creditors are legally obliged to accept payments we make against your debt on your behalf.

 Can the plan be altered to reflect changes in my financial circumstances

A debt management plan is an informal arrangement that can easily be modified to suit changes in your circumstances as required.

 Can I cancel my plan at any time & does cancellation incur any charges

You can cancel your plan at any time providing that you give us 2 weeks notice of cancellation in writing. Cancellation incurs no addition charges.

How is my money handled before it is distributed to my creditors

Money sent to us for distribution to creditors is held in a client trust account, thus protecting your money in the event of our insolvency. If you choose to cancel your plan, any money held by us, and not yet distributed to your creditors, will be refunded.