Informal Debt Plans: What is an Informal Debt Solution? The Main Aim Of An Informal Solution: What will an Informal Debt Solution achieve for you? A Word Of Caution How will your creditors react to your Informal Personal Plan? Correspondence you may receive from your creditors: Things you must do/ and inform your advisor: Advantages of an Informal Arrangement. (DMP) Disadvantages of an Informal arrangement. (DMP) Is it a loan? How long will my Debt Management Plan (DMP) last? Will my creditors agree to my a payment? Will interest and charges be frozen? Can my creditors still issue me with a County Court Judgement? (CCJ) Will I get a default notice? How do I make the payments? Can I cancel my debt management plan when I like? Who informs the creditors? How is my credit rating affected? Do creditors stop making calls and sending letters?
How is my credit rating affected? The likelihood is that if you have financial problems your credit rating has already been affected. Our aim is to get interest and charges frozen to help clear your debt more quickly. Your credit rating will be affected if your contractual payments are reduced or stopped.
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