CIBIL Problems
Benefits of debt management:-
a) Affordable Payments
b) Payment levels depend on what you can afford, not how much you owe.
c) Payment for one month.
d) Your hassle will be reduced. You make one affordable payment to us and we make payments to all your creditors.
e) We will deal with your creditors. If you get fan mail and phone calls from your creditors and debt collection agencies. Please inform us – we’ll deal with it.
f) Adjustments.
g) If your financial situation becomes little bit badly- you can lower or raise your debt management plan payments accordingly.
h) There are no late payment charges
i) Your payments will now be made on time. We may be able to make your future interest charges lowered – or even frozen.
How long does a Debt Management program last?
Until you have paid your debts in full. If you are making less payment, this will lead to longer time than the original credit agreements and sometimes occur addition interest costs as the credit agreement is longer. However, normally interest charges are frozen when a debt becomes part of a debt management program.
As you are a part of our initial consultation, we will provide you an estimated plan which is affordable to you. Also, please understand that a debt management plan will not come to an end quickly.
Whether I want to rely on a debt management plan until my debts are over?
Clearly No, Because You does not make a contract with us. Only a statement that allows us to contact your creditors on behalf of you. Most of our clients get into our debt management program as a temporary measure. For e.g., when one member of the household for a period of months is between jobs. When household income returns to previous levels, you can return by paying your debts at the previous rate. This can be done in two ways, directly to your creditors or make increased payments through us
Also you can also discard your debt management plan at any time without charge. But a small request, you want to give us 2 weeks written notice.
How much will my debt management payments are?
It depends on your ability to pay based on your income and essential outgoings, not the total debt or current repayment levels. We tally with your creditors a reasonable amount you can afford allowing for some left over for emergencies.
Can I see that my creditors are being paid?
You will receive a statement from your creditors. This statement will show the paid amounts made by us on behalf of you. Also, you will get a statement every 3 months that shows all transactions on your debt management account with us.
Are you lending me money to pay off my debts?
No, we will not lend you money or pay off your debts to your creditors. A debt management repayment plan paves way to repay your loan and credit card debts at an affordable rate. If you are not making pavements according to this plan, we will not make any payments to your creditors and they have every right to take legal action against you, not us.
Do you need to do a credit check on me?
No. We do not lend you any money; therefore we do not need to credit check you.
Do I need to have a full time job to do debt management?
No. to be accepted, you only have a huge amount of income above what you need to live on of at least. This huge amount must be less than needed to meet current credit and loan repayments.
Shall I inform this to my spouse or partner?
According to us, it has always been honest with your partner. But, when comes to partner you have to tell if you have joint debts and/or you need your partner’s income to be taken into account to support the plan.
It is mandatory for creditors to accept reduced payment offers?
Legally, creditors are no need to accept offers of repayment below the contracted minimum. But they clearly know it is not good in demanding money from someone who can’t afford huge amount. In our experience we realized that they will accept reduced repayments where we are able to do your offer is reasonable and then you are committed to repay your debts by use of the debt Management Company such as ourselves
Will the debt management plan affect my credit rating ?
Your credit rating will be adversely affected, if you don’t make contracted repayments on your unsecured debts. However, your credit rating may already not satisfy such as arrears or a history of missed or late payments. So the long term is the only way to fix bad credit by repaying your debts. That’s why we are here to design your debt management plan.
Will I receive a Default Notice?
Yes, it will given by the creditors to protect their own legal position.
What shall I do if my creditors continue to pursue me?
When your debt repayment plan is being set up. Creditors may continue to take action to recover your debts. Please don’t avoid them. Attend the calls politely, informing creditors that you have fixed an appointment with Innovision services to act on your behalf. Also please forward any letters to us to deal with on your behalf. Normally, creditors are synthetic to those in difficulties and doing what they up to maintain reduced payments by using a debt management company.
What if my circumstances change?
As the Debt Management plan is an informal program, it is quite easy to change it as your personal circumstances change. Also you can replace it with an alternative arrangement if it becomes more appropriate in future
One of my creditors says they will take me to court if I use a debt management company?
Legally, creditors can’t refuse payments via a debt management company and then take you to court for non-payment. Normally, your bank as well as other creditors will soon turn their attention to chasing those currently paying nothing, rather than people clearly with hardships. But the key think from your point of view is to repay what they can afford.
Fill out our enquiry form to the left and we will help you too.
