Are my debts are being repaid?

Keeping you informed of progress and any developments is a key part of our service commitment to you as part of your Debt Management Plan with National Money. That is why we appoint a named individual to look after your case for the life of the plan, so that they will know everything about your arrangements, your needs and concerns, and any developments with regard to creditors. Our Team will normally be in touch with you at least once a month, but of course they are there at any time even if you just want to have a chat!

We will always write to you to advise you of the results of our negotiations with creditors, and every 3 months will send you a statement which sets out the funds we have received into the Debt Management Plan, the fees we have charged, and the amounts we have paid to each of the creditors included within the Plan. That way, you will always know how much has been paid to the creditors from your funds.

Not all creditors agree to cease interest and charges, and there are some who simply will not entertain any such request no matter what financial difficulties you may be experiencing, though these are reducing in number. Generally, lenders will want to see that there is a reliable track record of payments at the level we have proposed before they agree to any ‘concessions’.

At National Money, our team obtain regular updated balances from creditors so that we know quickly the impact of the payments made through the Debt Management Plan. These updated balances are provided to you as part of the quarterly statement we send to you.

As Debt Management Plans are informal arrangements to address unsecured debts, which do not require either the creditors or the debtor (you!) to enter into a legally binding contract, creditors are understandably wary of agreeing to arrangements they cannot control. That is why it is vital that such arrangements are put forward by reputable Debt Management providers, such as National Money, with a proven track record of success and good relationships with creditors.

In accordance with the Guidelines issued by the Office of Fair Trading (OFT), we will make payments to each of your creditors as outlined in our payment offers already made to them, and these will be distributed no later than 5 working days after we receive your funds.

Call us on 08448 247 260 or ask us any Debt Management questions using the form below: