In honour of National Student Money Week we’ve outlined the basics around...
Can I get my creditors to freeze interest and charges?
No debt management provider can guarantee that they will stop interest and charges.
The only way you can be 100% assured that you won’t get further charged is if you opt for a legally binding debt solution, such as bankruptcy, IVA (individual voluntary arrangement) or a DRO (debt relief order).
Unfortunately your creditors are within their rights to add charges as they’re stated up front in the terms and conditions that you sign when you agree to take out the credit.
We have a dedicated team that works with creditors to understand our process and why stopping charges is beneficial for everyone.
Many debt management companies will claim that they’re better at stopping interest and charges but this isn’t true. It’s against the Financial Conduct Authority’s rules to imply this, so if you’ve been wrongly advised it’s important that you report the company involved.
If you’re not on a DMP already and you’re struggling with interest and charges we can look at your situation to determine what options are available to you. Get in touch to find out how we can help you.