 |
Why should I pay you to act on my behalf rather than take a free service?
|
 |
|
 |
Like any service organisation the capacity, experience and capability of the "free" sector can be extremely varied and naturally we cannot comment on specific organisations or branches.
One fact, however, that makes us uneasy with the purported impartiality of the majority of these companies and organisations is that much of their funding comes via "sponsorship" from banks, building societies, loan granters and other financial institutions.
At Debt Dr our staff are totally committed to acting solely in our clients best interest and as much of our business will come from referrals, our ongoing success depends upon us delivering an exemplary service.
|
|
|
I have been advised to consolidate all of my debts into one affordable monthly payment. Is this a good idea?
|
|
|
|
In some cases this may be a viable solution although we would generally caution against turning unsecured borrowing into a secured debt which will put your home at risk if you do not keep up repayments.
It is advisable that you get professional advice on all the alternatives open to you.
|
|
|
I have seen a number of adverts on television mentioning debt management. Can you explain what this means?
|
|
|
|
Debt Management has been a boom industry in the last few years and initially it can seem like a good idea. An affordable monthly payment is made to a company you have instructed and they will make reduced payments to your creditors.
The problem with this solution is that unless the creditors freeze interest charges on your account, or your monthly payment is greater than the overall interest charged, the amount of your debt will increase along with the payment terms.
Debt Dr does not operate this system unless it is for a specificaly short period of time as part of a wider solution. Instead we look to provide a real and permanent solution to your debt problem.
|
|
|
My partner has left me and I have discovered he had a lot of debt. Will this affect my future ability to obtain credit?
|
|
|
|
This situation is extremely common and generally is not identified until such time as someone has been refused credit. It is quite straightforward to resolve the problem and involves obtaining and completing Disassociation Forms from the two main credit reference agencies, Equifax and Experian. By completing and returning them they will amend your credit file accordingly.
|
|
|
I have heard the term I.V.A. What does this mean?
|
|
|
|
I.V.A stands for Individual Voluntary Arrangement and basically is a formal agreement between you and your creditors.
It is based on what you can afford after basic living expenditure has been deducted from your income and the arrangement is normally for a period of 60 months, although this can vary.
Your creditors have the right to vote on the proposal and a majority of 75% + of the overall debt is required for a successful arrangement to be agreed.
The matter is handled by an Insolvency Practitioner and will have Court ratification ensuring that as long as you adhere to the arrangement, your creditors can not take further action against you.
Often large sums of the original debt are written off with this procedure.
|
|
|
What guarantee do I have that you will do everything you say?
|
|
|
|
We cannot give any guarantees to anyone. We do, however, operate under a Consumer Credit Licence and as such can have this withdrawn at any time if we operate outside the regulations as laid down by the Office of Fair Trading.
|
|
Do you have a question that isn't answered above? Then please do not hesitate
to 
