Debt questions we're frequently asked

If you're considering a debt management plan to sort out your debt problems, you will probably have some questions. If yours aren’t answered here, simply call us free on 0800 043 4747.

How much will I have to pay?

You decide, with our advice, on a single affordable monthly payment.

What do you do as a company?

We negotiate with your creditors to reduce your monthly payment and request them to freeze or reduce their interest charges although this can’t be guaranteed. We will collect one single monthly payment from you and pay your creditors on your behalf. This will make managing your debts far simpler.

How do I know I’m getting the best advice for my situation?

We operate a ‘best advice’ protocol, meaning that we ensure the advice given is in the interest of the client and not ourselves. In addition, Debt1 is a founding member of the Debt Resolution Forum (DRF), an organisation established to promote professional standards amongst Debt resolution companies, focussing on the quality of advice provided to consumer debtors by all DRF members.

What about my household bills?

Your monthly expenditure is to be maintained by you. If you are struggling to meet mortgage, rent, hire purchase, secured loans or bill payments, you must pay these before paying any amount to us. Keep us informed at every stage so that we can advise you on your situation.

What if I already have a CCJ?
You need to maintain the CCJ payments that you have agreed with the courts until we advise you to stop. We can then apply to the courts with our offer to get an amended arrangement in place.

How do I know my debts are being paid?

Once we receive up to date balances from your creditors, we will apportion your monthly payment between them based on how much each one is owed. We will issue a statement showing how much each creditor will receive. This will remain fixed unless your circumstances change. We will also issue a quarterly statement showing all transactions on your account. In addition to this, you will still receive statements from your creditors.

What is the charge for this service?

Once you have discussed your circumstances with one of our expert advisers, they may recommend that you enter a debt solution. If you decide to enter a solution, there will be fees involved. For more info on our fees, click here.

Will this affect my credit rating?

Whilst on a Debt Management solution, your credit rating will be affected for a short period of time. It may also be affected in the medium to long term.

Will interest be frozen?

Once we have compiled accurate information for your financial statement we will make a case to the creditors about your situation. It will be at their discretion whether they freeze or reduce the interest and they may make requests for further information. At every stage we will keep you informed of what your best options are and what level of payment is appropriate for you.

If you have any other questions about dealing with your debts, just give us a call now on 0800 043 4747