FAQ & ANSWERSWe realise that you may have many questions about our services and debt in general. Below you will find some answers to the most frequent questions we are asked. If you cannot see the answer to your question then please either call or contact us using our very easy on-site form. You are under no-obligation whatsoever.
- Will I need to open a new bank account?
- Why do I need to open a new bank account?
- Where can I open a new account?
- What if I have joint debts?
- Are your services confidential?
- Do I sign a contract with Debt-Removal.net?
- Will you conduct a credit search before acceptance?
- How long will it take before I am debt free?
- Will creditors agree to reduce my payment?
- Will I get a default notice?
- Will I still receive calls and letters from the creditors?
- Is my home at risk?
- What support will I get?
- How can I make payments?
- Can I stop my repayments when I like?
- Will I have to tell my partner?
Not necessarily - you will only need to do this if you have outstanding debt with your own bank.
If you owe your own bank money and you cannot afford to pay them, they reserve the right to freeze your bank account at any time, or to take payments from your account.
We recommended you ask for a basic bank account or cash account. The types of accounts that banks offer change frequently, however our advisors keep up to date with all the latest policies, so they can answer any queries or suggest alternatives for you.
If you have a joint debt with another person then both you and the other individual are each liable for the whole amount of the debt. For example, If Mr X and Mrs X have a joint debt for £15,000 and Mr X enters into an IVA, or goes bankrupt, then the creditor will chase Mrs X for the full £15,000.
Debt-Removal.net is licensed under the consumer credit act 1974 and data protection act 1998. We understand your circumstances are personal, therefore we appreciate the sensitive nature of the information we hold, so our procedures and policies ensure confidentiality and security.
No, you never owe us any money nor are you tied in with us. We are here to help for as long or short as you want.
No, as we do not lend you money we do not need to credit check you.
That depends entirely on what product is available to you. Based on the figures that you give us during your initial call we will give you an estimated time scale of how long we think it will take you to be debt free. Your situation will be reviewed every 6 months, and if you feel you can afford to pay more, you can increase your payments and become debt free in a shorter period of time. However, if you are struggling with the arrangement, we can lower the payments further; however this will increase the time scale of becoming debt free.
In our experience, creditors are prepared to accept reduced repayment offers where we are able to demonstrate that the offer we make is reasonable and you are committed to repay your debts. Debt-Removal.net has a great relationship with most high street lenders who generally accept our offers as we work within the industry guidelines.
Creditors can issue a default notice if you begin to miss your contractual payments. If you are experiencing some problems maintaining payments, your ability to borrow may already be affected. However, by coming onto our programme, we will ensure regular payments are made to the creditors.
It depends what option is open to you. Creditors are still entitled to contact you directly as a Repayment Plans Programme (DMP) is an informal arrangement, so we cannot guarantee that all letters and calls will stop immediately. Once you have shown commitment to our programme they should stop completely. If an IVA is suitable for you and is accepted then your creditors cannot chase you for payments through phone or post.
No, any solution that is offered to you will allow for your mortgage payments and any secured loans to be covered, so there is no need for your home to be at risk.
Debt-Removal.net will provide you with your own dedicated account manager who will be on-hand to answer any queries. They will send you a statement every month so that you can see where your money is going.
You can pay using either, Debit Card, Standing Order or by Bank Giro Credit.
You are free to stop the repayments at any time as you never sign a contract with us, but we ask that you provide notice so we can inform all of your creditors.
Debt-Removal.net will never ask you to tell your partner about your debt situation, although support is available if you wish to tell them. Your account will be data protected so we will only speak to whoever we have authority to on your file.
NEED MORE INFORMATION?
Alternatively, call us on 0800 008 7969 to speak with one of our expert financial advisors about your personal debts and the debt consolidation options that may be available to you.