Frequently Asked Questions

What is a Debt Management Plan?
 

A Debt Management Plan helps you to overcome debt problems quickly and easily. It is a process where you and your creditors voluntarily enter into a contract that helps you to restructure, and often reduce what you owe them, and the period over which you pay them.

A Debt Management Program allows you to overcome debt problems, and get financial help without having to get further credit. Our debt advisors deal with your creditors and negotiate on your behalf, to get you the very best settlement possible.

This can give creditors peace of mind knowing that you will repay them in a way you can afford. For creditors, even though it is not the most ideal solution, they like having a guarantee in place that ensures that they will get paid. If for any reason all your creditors do not accept your debt management plan, there may still be other options available to you, which our debt advisors can discuss with you.

How do I start a Debt Management Program?
One of our experienced debt advisors will create a proposal, which they then send to each of your creditors. They do their utmost to ensure that they get agreement with each of them, to help you to overcome your debt problem.

Why should my creditors agree?
For creditors, even though it is not the most ideal solution, they like having a guarantee in place that ensures that they will get paid. Most creditors understand that your debt management plan ensures that they will receive more money, than if they reject your debt reduction plan. It also helps them to avoid the expense of potential legal costs and chasing bad debts. It also is more reassuring to them that they are actually involved in the process of getting paid in a much more proactive way. Finally, they also realise that they are far more likely to receive more money from you, than if you entered bankruptcy.

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