123 Debt Solutions
Free Initial IVA Debt Advice & Help
Frequently Asked Questions
- Is a Debt Management Plan suitable for me?
- Is it a loan?
- How long will my debt management plan last?
- Will interest and charges be frozen?
- Is my home at risk?
- Which debts are included?
- Can I enter into a debt management plan if I already have a CCJ?
1. Is a Debt Management Plan suitable for me?
A Debt Management plan is a debt solution for anyone who has unsecured debts that they can't afford to repay. You are required to have money left over after you have paid all of your living costs and household bills each month and owe money to more than one creditor.Take the first step by completing our Free Online Assessment
2. Is it a loan?
No, a debt management plan is exactly what it says, a way to help manage your debts.3. How long will my debt management plan last?
The length of your debt management plan depends on your individual situation. It also depends on your level of debt and monthly surplus when creditors freeze interest and charges, the length of the debt management plan can be dramatically reduced.Take the first step by completing our Free Online Assessment
4. Will interest and charges be frozen?
Creditors aren't obliged to freeze interest and charges but with our help the creditors are often more cooperative as they see that the debtor is making every effort to clear their outstanding debts. We offer debt management help to all our clients.5. Is my home at risk?
No, a debt management plan is an alternative to bankruptcy and isn't legally binding so you won't lose your home if you continue to make the agreed payments into your debt management plan.6. Which debts are included?
A debt management plan will only help you make reduced payments to your unsecured creditors,E.g :
Personal loans (HP agreements cannot be included)
Credit cards
Store cards
Catalogues
Overdrafts