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Debt24...you too could be 24 hours away from a brighter future! |
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Key Information on Debt management Plan (DMP) - Individual Voluntary Arrangement (IVA) - Protected Trust Deeds (PTD) |
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| Debt Management Plan (DMP): | back to form |
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Your debt repayments would be consolidated into a single, affordable monthly payment, so that you have less going out each month. If your creditors do not freeze or reduce interest and charges, this will lead to an increase in the time to pay off your debts and the total amount repaid. Your credit rating and ability to obtain credit will be affected in the short term and possibly in the medium to long term, though your credit rating may already be affected if you have missed or made late payments. In line with the Consumer Protection (Distance Selling) Regulations 2000 you will have a cooling off period of seven working days from the date the DMP commences, during which you may cancel in writing and receive a refund of the fees paid. |
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| Individual Voluntary Arrangement (IVA): | back to form |
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Although you may become debt free upon successful completion of the IVA, a record of your IVA will be held on your credit file for up to six years, which will affect your credit rating and your ability to obtain credit in the future. For an IVA to be approved and interest and charges to be frozen it needs to be accepted by 75% of the creditors (by value). Only unsecured debts included within the IVA may be written off at the end of the period and those not included, such as secured debts, Government fines and child support payments will remain. Homeowners may be required to re-mortgage after 4 years and release available equity to pay off some or all of the debt. If the IVA fails you will be liable for the balance of the debt and fees and this could lead to bankruptcy. |
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| Protected Trust Deeds (PTD): | back to form |
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Although you may become debt free upon successful completion of the PTD, a record of your PTD will be held on your credit file for up to six years, which will affect your credit rating and your ability to obtain credit in the future. For a Trust Deed to become Protected and interest and charges to be frozen one third or more of your creditors (by value) must not object to it. Only unsecured debts included within the PTD may be written off at the end of the period and those not included, such as secured debts, Government fines and child support payments will remain. Homeowners may be required to re-mortgage in the 3rd year and release available equity to pay off some or all of the debt. If a Trust Deed you will be liable for the balance of the debt and fees and this could lead to sequestration. |
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| You must make sure that you continue to make your payments in full towards any mortgage, other secured loans, your utility bills and Council Tax payments. However, these payments will be taken into account by the service provider when working out an affordable repayment. | |
| No fees are charged by Debt 24 Limited for our service. However, the following Service Provider fees may apply, dependent upon your personal circumstances and the debt solution entered into. | |
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© Debt24 Limited – Registered in England - 4983540 Online since 2001
Data Protection Registration - Z2454490
+An example projected case: assumes circumstances stay the same, IVA is adhered to and successfully completed
*Calls on the freephone number are free if made from a BT landline. Calls made from mobiles and other networks may be charged. Please check with your service provider.
**Although the initial consultation is free, there may be fees involved should you decide to enter into a debt solution.
Entering into a debt management plan can adversely affect your credit rating in the short to medium term.
***Testimonials are provided courtesy of our service provider.
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