Existing Customers: 0161 228 6194
New Customers: 0161 228 6055
Brilliant people who take time to help

1. What should I do if my creditors contact me?

Contact from your creditors is normal but can sometimes seem very harsh. Try not to worry and forward all mail to us as soon as possible either in the freepost envelopes provided or take a photo with your mobile device and email it to customerservices@localhost.

If your creditors contact you by telephone, inform them of the below: –

• Tell them DFH are looking after your accounts
• Give them your DFH 6-digit reference
• Request that your account is put on hold for a minimum of 30 days
• Advise them that DFH have already sent them documentation and to await further instruction.

2. How do I make payments?

As agreed, your first payment will be made by debit card. We will then with your permission set up a continuous payment authority more commonly known as a CPA. For those customers that use a prepayment card, we will arrange a standing order to be set up. If for some reason your payment hasn’t reached us via the above methods, you are able to –

• Make a debit card payment over the telephone
• Make a bank transfer

Our bank details for your bank transfer if you don’t already have them are:

Sort Code: 161211
Account Number: 10175452
Account Name:

Bridgewater Support Solutions (DFH Client 1)
Bank Details: Royal Bank of Scotland,
4 The Downs, Altrincham,
Cheshire,
WA14 2PY

3. What do I send to you?

Everything will come via email where you are able to follow links to sign online. If you are unsure of any of the communication we send you, please give us a call and we’ll help. If you are waiting on new bank details send, this can we provided later. Please send us any creditor correspondence you have relating to your accounts. We are able to accept photos of your creditor correspondence, if you’d like to photo on your phone and email it to us on customerservices@localhost.

We’ll also need your most recent full months wage slip and a copy of a recent full month’s bank statement. If you don’t have this now please send it to us as soon as you receive it and photos or screenshots as long as they are clear are acceptable via email.

4. Will you be dealing with all of my debts?

We will not be dealing with your “priority” payments i.e. mortgage, rent, council tax, utilities, court fines, secured loans, hire purchase agreements, income tax, or child support payments. When we assess your financial situation, we make sure that you have suitable allowances so that you can maintain these payments directly. We deal with all of your unsecured debts and non-priority debts such as credit cards, catalogue debts, unsecured loans, overdrafts etc. It is very important that you continue to pay your priority payments including any arrears already incurred, as failure to do so may result in a loss of access to these goods and/or repossession.

We deal with all of your unsecured debts and non-priority debts such as credit cards, catalogue debts, unsecured loans, overdrafts etc. It is very important that you continue to pay your priority payments including any arrears already incurred, as failure to do so may result in a loss of access to these goods and/or repossession.

5. What happens if my circumstances change?

Please call our customer service team and they will complete a financial review taking into account any change in circumstances. If your income reduces or your expenditure increases the monthly payment may need to decrease, we will send revised offers to your creditors. If your income has increased or you come into some money then we can negotiate with the creditors to clear your unsecured debts quicker. You will be provided with an estimated duration that your debt management plan will last subject to there being no changes to your affordability, creditors don’t add interest and charges and your payments are maintained on time.

6. Refer a friend

As many of our customers come to us recommended by satisfied friends and family, as a small way of saying thank you we offer £50 for each new accepted client introduced by you.

7. Does Debt Management affect my credit rating?

If you have already missed payments it is likely your creditors have recorded the information on your credit file. Your ability to obtain credit will be affected in the short term and may be affected in the medium to long term. There are also some creditors who will mark your file as being on a debt management plan.

It is very important that you do not take out credit while you are on the debt management plan as this could affect arrangements already in place. (Repaying debt over a longer period of time can increase the total amount of debt owed).

By making reduced payments to your creditors there is a likelihood of falling into arrears or increasing arrears.

Debt recovery actions, including the issue of default notices and instigation of legal proceedings can ensue and these may lead to you incurring further costs.

Due to reduced payments to your creditors there is a likelihood of falling into arrears or increasing arrears.

8. Your monthly payments

All monthly payments are paid into a “client account” and distributions to your creditors will be made within 5 working days from cleared funds. Due to our strong relationships with creditors over 90% of payments to them are made by BACS ensuring that your payments reach them as soon as possible.

9. Why do I have to change bank accounts?

If you have a current account with a company you owe money to, we may recommend that you open a new bank account. Banks have the right to “offset” any funds in your current account that could be used to pay another debt with the bank. We wouldn’t account for that in your debt management plan so we advise for you to switch to a new current account with a new bank who you have no debts with.
A lot of creditors are now linked to each other, for example Halifax & Bank of Scotland or NatWest & RBS, so the right to “offset” extends further these days but we are here to help you choose a new bank.
If you have payday loans, it is essential that you cancel any continuous card authorisation with your bank, as you have provided those companies with permission to take funds from your bank account when you signed up for the loan. We do have a very good relationship with most payday loan companies; we cannot guarantee that we will be able to recover any funds taken from your bank account after you have started your debt management plan. By choosing a debt management plan, you have decided to take control of your finances. By opening a new bank account, you are giving yourself a fresh start and every chance of clearing your unsecured debts in the quickest time possible.

You may think that changing bank account is difficult and time consuming but once again, we are here to help you. All major banks have quick and easy switching services and will transfer all your regular payments (Direct Debits & Standing Orders) automatically.

10. Will the creditors accept the arrangement?

DFH have excellent relationships with creditors which have been built over several years working closely with them on a day to day basis. We will negotiate with them to accept new lower monthly payments and to stop interest and charges however; they are not obliged to do this.

During the negotiation process and as a result of reduced payments some creditors may still continue to charge interest and recovery charges and we cannot always prevent these, however they will be paid off as part of the plan. Some creditors may also apply the interest to your account before you begin repaying the debt, depending on the agreement you signed with them. This is known as “front loading” interest and may increase the balance you think you owe as a result. We will include any “front loaded” interest in the overall balance when negotiating with your creditors.

11. How long will the debt management plan last?

This will depend on your personal circumstances. You will have been given an estimated timescale on the initial call and based upon the information you gave at that time, this will also have been detailed in your “initial pack”.

The debt management plan is flexible so if you feel you can increase your monthly payment, this will pay off your debts quicker, if you are struggling and need to reduce payments this will increase the time you will be on the plan.

Although the plan is flexible around your circumstances, we do not recommend increasing and decreasing your payments for short periods of time i.e. one or two months at a time, you should repay an amount that is affordable and sustainable based on your income and expenditure.

12. What do the fees cover?(As from April 2015)

There is an Initial Fee of up to £33 per month from your first six Monthly Payments to the Debt Management Plan. This is in addition to the Monthly Management Charge, however your fees will never exceed 50% of any Monthly Payment to the Debt Management Plan, so this may be reduced. There is a monthly management charge which is a set amount of £23.50 per month plus £4.50 per debt (£100 maximum). This charge is made on distribution to creditors starting from month one. The total charges will never exceed 50% of your monthly payment.

As a company we pride ourselves on being open and honest about our fees and services. The fees shown include all services regarding bank transfers, reviews of the plan and any variations to the plan. Your monthly management fee pays for all of the ongoing work needed to make your plan succeed, including:

• Agreeing a personal monthly budget with you and creating an income and expenditure statement.
• Calculating your monthly payments; negotiating with each of your lenders to agree to the payment plan and requesting that they freeze interest and charges.
• Administration and preparation of your monthly payment plan.
• Setting up of repayment schedules with each of the lenders
• Distributing payments to each of your creditors
• Priority Debt Team, specialising in managing pre-court legal issues.
• Support and advice regarding any correspondence i.e. emails, phone calls, letters, and advising you of what creditors can or can’t do.
• Conducting annual reviews to make sure you are happy with the plan and ensuring any creditors agreements remain in place.
• Conducting reviews if you have a change in circumstance and ensuring the monthly payment is affordable to you.

13. Am I getting a loan?

A debt management plan is not a loan; it is a debt repayment plan that allows you to repay your unsecured debt at a rate you can afford without taking out further credit.

14. Why should I use DFH?

We have thousands of customers who choose to stay with DFH month after month, year after year when they are free to leave at any time if they were not satisfied with the service or benefits they were receiving. We have a skilled and highly trained customer service department which is instant help at hand to you – if it’s CCJs, bailiffs or just general creditor communication we can deal with it and help you. We have experienced relationships with many creditors and in most cases we successfully negotiate interest and charges frozen or adjusted.

 

I can never thank DFH enough for giving me hope and a future, free from debt.

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