Debt Management Plan

Questions Answered?

How much do I need to owe to qualify for a Spa Debt Management Plan? Our typical lower limit is £5000 of unsecured debt that could include credit & store cards, unsecured loans, council tax and trade creditors.

Do creditors always accept reduced payment offers? Creditors do not have to accept any offer below the contracted minimum. However, in our experience most are prepared to accept reduced offers where we are able to demonstrate that the offer is reasonable and you are committed to repay your debts by use of the plan.

Will it take to set up a Debt Management Plan? No, once you enter into the Debt Management plan with us, we will contact all of your creditors within 72 hours. We work very fast to make sure you don’t have to worry about getting lots of calls and letters about debt.

What if my creditors continue to pursue me? In the short term they may continue to take action to recover your debts. Deal with calls politely, informing them you have appointed Spa Financial Solutions to act on your behalf and to contact us.

Will I get monthly statements so I can see my debts reduce? Yes, every month we will send you a statement, on this there will be a receipt for the payment made and the new balances of your debts so you can see where your money is going and your debt going down.

Will the plan affect my credit rating? You should expect your credit rating to be adversely affected in the short to medium term. However, your credit rating may already be poor if you have arrears or a history of late/missed payments.

Do I have to be in full time employment? No. To come on plan, you only need a surplus of income above what you need to live on.

Can I take out a plan if I am a not a homeowner? Yes, it makes no difference if you are a tenant or homeowner or even still living with parents.

Does the plan cover all my debts? No. The plan will only cover your unsecured debts and arrears.

How much does the service cost? Fees are structured according to individual circumstances, and will be agreed with you during our assessment of your financial situation.

Is the DMP confidential? Spa Financial Solutions is licensed under the Data Protection Act and the Consumer Credit Act. We appreciate the sensitive, personal nature of the information we hold and pride ourselves on the extensive procedures we have implemented to safeguard confidentiality.

What If My Circumstances Change? Because a DMP is an informal arrangement, it is easy to change it as your circumstances change, and even to replace it with an alternative solution if that becomes more appropriate at a later date.

Why Should I Use Spa Financial Services? Simple. We pride ourselves on our excellent customer service and professional handling of your debts.