Debt Management Important Facts

Important points to remember:

• Whilst lenders are not obliged to freeze interest and charges, in 93% of the cases currently handled by the Debt Movers, lenders have done so*. Where a lender does not freeze interest and charges the amount you owe and the period over which you repay that credit account may increase, though we will continue to request interest and charges be frozen once several payments have been made to your Debt Management Plan (DMP).
  *Figure accurate at the end of Nov 2011
• Whilst entering into a DMP can adversely affect your credit rating it is our experience that those who approach us already have an impaired credit record. By entering into a DMP you will be showing your creditors that you are taking a responsible attitude to resolving your financial problems and this could help you in the future.
• Whilst we ask your creditors for 30 days breathing space to set-up your DMP after we are appointed as your debt manager, your accounts may go into further arrears until we start disbursing payments to the creditors that you request us to act upon.
• Remember, you are not obliged to enter a debt solution with debt Movers. If you do, and you change your mind, you have a right to cancel your agreement with us at any time. We offer a 14 day cooling off period after accepting our terms of business, unless you have elected to waive this so that we can immediately deliver the service and start negotiating with your creditors