Fresh Start UK Debt Management

Q1. What is a Debt Management Plan?

A Debt Management Plan or a DMP is where Fresh Start UK take over all dealings with your creditors and their debt collectors, so you only deal with us direct. We go through all of your finances and debts together and workout the best way to help you get debt free and stay debt free. We use our experience and good company relationships to agree the best repayment for you at an amount YOU have agreed.

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Q2. How much do I have to owe to enter into a debt management plan?

There is no minimum requirement, we will try and help anyone who is struggling with debt.

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Q3. Will it take long to set up a debt management plan?

No, once you enter into the Debt Management plan with us, we will contact all of your creditors within 24 hours. We work very fast to make sure you don’t have to worry about getting lots of calls and letters about debt.

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Q4. Will you stop all interest and charges?

We aim to stop all interest and charges to your accounts once we take them over. We have excellent knowledge of the debt industry and good relationships with creditors, we can often get your creditors to stop all interest charges and fees as long as regular payments are made and kept to through Fresh Start UK.

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Q5. Does it cost much?

We have one of the lowest fees for our service, as a small company we can do the same job as a large company for less, so why charge you more! There is a monthly cost which is one of the most competitive fees on the market. If you think otherwise, we will match any other company that provides the same service.

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Q6. Do I make just one payment each month?

Yes, it’s so easy, you make one simple payment to us and we make sure all of your creditors are paid on time. You don’t have to have a bank account either.

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Q7. Do you charge more if I have lots of creditors?

No, the fee is the same regardless of the amount of money you owe and the amount of people you owe it to.

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Q8. Is there an initial fee?

Yes, this is based on the amount you pay, total debt and the amount of creditors you have. As soon as we receive this, we can get a start on contacting your creditors and writing your debt management plan with you.

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Q9. Will I get monthly statements so I can see my debts reduce?

Yes, every month we will send you a statement, on this there will be a receipt for the payment made and the new balances of your debts so you can see where your money is going and your debt going down.

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Q10. Will I still get lots of letters from my creditors?

Once we get in touch with all of your creditors you should stop receiving letters straightaway. If a company does write to you after your debt management plan is in place, you just contact us and we will sort it out the same day.

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Q11. Will my creditors accept the offer that is made?

All offers of repayment are justified with details of your financial information so a creditor can see you are paying the most you can afford in your situation, so most companies will accept the offer we put to them. If any company refuses an offer we make, then we will contact you and let you know and then provide you with the best help and advice on what to do next.

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Q12. Will I get a bad credit rating or be 'blacklisted'?

Once an account has defaulted from its original agreement the creditor will normally mark this on your credit file accordingly. Entering into a debt management plan will not have any effect on your credit rating as it has already defaulted. Once regular payments are being received your credit file will show this and it will help repair the damaging affect of the default.

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Q13. How can I pay you each month?

1. 1. Standing Order (goes out of your bank account each month automatically, or someone else’s account, given their permission). FREE method.
2. 2. Payment slips you can pay cash or by cheque into a Natwest. FREE method.
3. 3. Online or telephone you can transfer a single payment into our account if you have online banking or telephone banking with your bank. FREE method.
4. 4. Cheque. FREE method.
5. 5. Postal Order. Post office charge.

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Q14. Am I entering into a contract?

No, we have terms of agreement, so you know what we will do for you and what you need to do, but you are not contracted for any time period.

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Q15. Why pay, why not use free advice?

The CAB (Citizens Advice Bureau) and the CCCS (Consumer Credit Counselling Services) are free advice agencies and they can give advice on debts, but they are in high demand and you could wait weeks or months (depending on the area) to get any advice. These agencies are also only open limited times, i.e. 9am - 5pm and sometimes only open a few days a week, depending on your area. Not everyone who wants a debt management plan will be entered into one, it depends on may varying factors.

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