Debt Management FAQ

RSM Tenon debt solution will require an initial set-up fee and ongoing monthly management fee in relation to your Debt management plan. You do not pay any more than you can afford, as all fees are deducted from your monthly payment which is equivalent to your disposable income. In addition, it's important to mention that unlike many other debt management companies we will NOT keep all of your first or second payment as our fee, instead we use a portion of your payment to make payments to your creditors straight away. For more information on our fees please see our T&Cs or contact an advisor on 08000 915 003.

As a Debt Management plan is an Informal arrangement, your creditors still reserve the right to contact you directly. However, we will write to all your creditors and inform them to contact and send all correspondence in relation to your accounts to us. This will not happen overnight and we cannot guarantee it will stop them contacting you completely but we will do our best and we are always on hand at the end of the phone for help and advice.

Nothing will happen to your property providing you maintain your mortgage payments. In your income and expenditure budget, an allowance will be made for you to make payments for your rent or mortgage.

Aggrieved creditors may decide to pursue a charging order against your home, which secures their debt. This is less likely to happen if you start the process as early as possible and offer a realistic repayment that you can sustain. You should take formal advice if you receive notice that your creditors intend to do this.

A Debt Management Plan is an informal agreement that is arranged on your behalf with your creditors to reduce your monthly debt payments. Normally you are still obliged to pay your debt in full, so reducing your monthly payments may increase your length of repayment.

There is no guarantee that the interest and charges will be stopped therefore your debt may continue to increase. It is important that you work with a debt management company who will act on your behalf to negotiate this, as well as making sure that you do not receive direct demands for payment.

Generally, debt management is suited to those with fairly low levels of debt. It offers a short term solution for people needing some time to get back on their feet or those struggling to manage their debt appropriately.

Your debt management company will inform your creditors of your situation and that you are in a debt management plan. They will provide them with the income and expenditure statement that you have completed and make an offer to them for the amount you are going to repay each month.