Debt Management FAQ
Here's some answers to our most frequently asked questions..
- 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 my repayments carry on for longer?
We negotiate with your creditors (lenders) to reduce your monthly commitments so it is likely that you will pay for longer, however, your repayments will be affordable.
Debt Management Plans are designed for clients who, because of their personal circumstances, cannot afford to continue to meet previously arranged repayments to their creditors.
Our service will provide you with a revised monthly repayment for your debts, relieving the financial pressures and allowing you some freedom. Every client is unique and every plan we create is tailored to your specific circumstances. - 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 Tamar Finance to act on your behalf and ask that they contact us. - Will a Debt Management Plan affect my credit rating?
Our Debt Management Plan may affect your credit rating, however, your credit rating may already be poor if you have arrears or a history of late/missed payments. Your creditors may issue a default notice that you have failed to maintain the original agreed repayments. Over the longer term, successfully paying off your debts whilst avoiding bankruptcy is likely to have a positive effect. - Do I have to be in full time employment?
No. To arrange a Debt Management Plan through Tamar Finance, you only need a surplus of income above what you need to live on. - Can I take out a Debt Management Plan if I am a not a homeowner?
Yes, it makes no difference if you are a tenant, a homeowner or even living with parents. - Does the plan cover all my debts?
No. Debt Management Plans are designed to work with unsecured finance and arrears only. This means secured finance such as a mortgage and debts such as council tax & rent are not included. - 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 Debt Management Plan confidential ?
Tamar Finance Ltd 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.
Click here to view our Privacy Policy - What if my circumstances change?
Because a Debt Management Plan 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 Tamar Finance?
We care! We pride ourselves on our excellent customer service and professional handling of your debts. We utilise the latest computer software to ensure your plan runs smoothly and we make sure you are kept informed at all times.
We offer a full 14 day cooling off period after your initial sign up if you change your mind.
Tamar Finance is fully compliant with both consumer credit
and data protection legislation.