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0800 043 2332
Thu, 28 Aug 2008
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Frequently Asked Questions
Below is a list of general FAQ's. If the answer to your questions cannot be found here please feel free to contact us on the freephone number above or use the Contact Us page on this website.Debt Management HelpGeneral InformationPaymentsCredit Rating
General Information
What should I do if one of my creditors contacts me?What if I want to stop the arrangement?Will my employer know?What should I do if I receive problem correspondence?How will I know if you have received my application?How do I take the next step?What is an IVA?What is a Trust Deed?
What should I do if one of my creditors contacts me?
If you are contacted in any way by one of your creditors, we will deal with this for you. If you are contacted by letter, call us immediately on 08712 222 280 so that we can determine what action is necessary. If you are contacted by means of a telephone call, ask the caller to call us on 08712 222 280 to discuss.
What if I want to stop the arrangement?
The reduced payments which have been negotiated on your behalf are subject to all elements of the arrangement which we have negotiated, remaining intact. It should therefore be noted that, should your payment arrangements with us be terminated, you would immediately become liable again for the full outstanding balances of all your debts. Therefore, it is obviously to your advantage to stay with the arrangement until your debts are cleared, and this is what most people do. However, if for some reason you should wish to terminate the arrangement, you are free to do so.
Will my employer know?
No. There is no reason for us to inform anyone of our arrangement, and it is thus treated in the strictest confidence.
What should I do if I receive problem correspondence?
Most correspondence is automatically generated, but we'll deal with your creditors on your behalf, so just contact us and let us know if anything concerns you. Once you are a Chiltern customer then there is no need to contact your creditors directly - we'll do it for you.
How will I know if you have received my application?
We telephone all clients upon receipt of their application, to discuss various aspects of the service.
How do I take the next step?
Call us on 0800 046 2332 and we will help you decide which options is best for you. You are under no obligation, and we are always happy to discuss the situation, should you have any queries.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a formal and legally binding agreement made between a creditor and debtor, and usually involves repaying debts over a five year period at a much reduced level. On completion of the IVA, all unsecured debt that is remaining is then written off. However, you may be required to re-mortgae in yera four of an IVA to release any equity in your home, if you own a property.
What is a Trust Deed?
A trust Deed works in a similar way to an IVA but for residents in Scotland. The timescale for a Trust Deed is usually three years.
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