- Am I borrowing money from you?
- I have a CCJ, will it matter?
- Does a Debt Management Plan cover all debts?
- Say my creditors continue to pursue me for payments?
- How long does the plan last?
- What do you charge me for this service?
- Can I cancel my plan?
- How is my credit rating affected?
- Can’t find your question? Contact us now for further information.
Q Am I borrowing money from you?
No, we do not make loans to you. The payment plan we advise you to take on is a solution that helps you to spread your repayments as a monthly expense that you will be able to afford. When you make payments into the plan we will pay your creditors.
Q I have a CCJ will it matter?
CCJs do not bar you from making use of the plan. Payments you are making against current CCJs can be incorporated into the plan. To be certain we must know what your existing situation is when we carry out an initial discussion with you.
Q Does a Debt Management Plan cover all debts?
No, a debt repayment plan will only cover unsecured debts and arrears. Secured debts such as a loan against a car, a mortgage, or a second mortgage cannot be included.
Q Will my creditors continue to pursue me for payments?
In the short term your creditors may continue to take action to recover the money owed to them. Do not ignore them. Deal with them politely and inform them that you have appointed Jackson Partners to act on your behalf and forward all demand letters to us so we can deal with them on your behalf.
Q How long does the plan last?
Now that you will be making reduced payments against your debts it may take more time to clear your debts. We will provide you with an estimate of the time you will be on the planforand of the costs involved during our initial consultations. If you think that your circumstances will change within a foreseeable time scale it may be a better option to consider a debt management programme rather than, say, an IVA (Individual Voluntary Arrangement) which commits you to a five year payment programme. You may also prefer a debt management programme initially but still retain the option to propose an IVA at any time if your circumstances change or you feel you are not making any progress.
Q What do you charge me for this service?
We do not receive funds from Government or commissions from lenders so, like the majority of debt management companies, we charge a fee. Our fees are disclosed up front so that you can compare us to other companies and then make an informed decision. Jackson Partners charges an initial set up fee (two monthly payments or £250.00, whichever is greater) and retain a fixed fee of 18% of each monthly payment to help with the administration costs of maintaining your debt management plan and liaising with your creditors.
An estimate of the total cost of your plan will be given to you before we take your instructions. This will enable you to make an informed choice on the best way forward. We have no hidden charges or small print in our terms of business.
You can request a copy of our Terms and Conditions free of charge so you can see for yourself what our fee structure is, call us now on 0800 978 8815
Q Can I cancel my plan?
Yes, you do need to put it in writing with at least one month’s notice. If you decide the debt management plan is unsuitable you have the right to cancel the agreement.
Q How is my credit rating affected?
Some lenders have a policy of automatically issuing a Default Notice as soon as you miss a payment or they are notified of your difficulties or of the appointment of a third party. This will affect your chances of obtaining further credit and may incur further costs added to your debts. Debt management plans may also affect your credit rating but if you are currently in arrears creditors may have already passed such information to the credit reference agencies in any case.
Call us now on 0800 978 8815 to see if Debt Negotiation or a Debt Management Plan may be the best way to help you with your problems.