Debt Management Companies
There are many different types of debt management companies, offering a number of different solutions to help you get out of debt.
Whilst most may offer similar services and make similar claims to help alleviate debt problems, not all debt management companies are the same! This page explains some of the main differences between debt management companies.
What services do debt management companies offer?
Debt management companies usually offer an initial free debt advice consultation to determine what your exact needs are. Note: some banks and building societies will often charge upwards of £100 just for this initial consultation.
Many debt management companies will only offer a single solution for your debts, so your options may be restricted by what they have to offer. However, unlike other debt management companies, Chiltern offers a number of debt solutions – including Debt Management Plans (DMPs) Individual Voluntary Arrangements (IVAs), and Secured Trust Deeds amongst others.
Because of this, we can offer impartial best-advice, and only recommend the most suitable solution to your unique situation. This means that you will be able to get out of debt in the quickest and most convenient way for you.
All of the services that we offer are designed to improve your situation and help you to get out of debt.
To speak with an adviser for immediate debt advice from one of the most reputable debt management companies, please call 0800 043 2332 now.
How does Chiltern differ from other debt management companies?
Debt management companies aren’t regulated at present. For this reason, the quality and standard of service between debt management companies varies massively.
However there are some companies, like Chiltern, that have actively sought to self-regulate by voluntarily joining trade bodies like the Debt Managers Standards Association (DEMSA) – an organisation designed to increase the standards within the industry.
DEMSA acts as a watchdog for the debt management companies that have passed the audits required to join, and ensures the standards of its member debt management companies are above the requirements of the law.
Chiltern have been founder members of DEMSA since its inception in x, and have recently assisted the trade body to achieve the Office of Fair Trading’s Code Approval accreditation. This means that Chiltern, along with the other debt management companies that are DEMSA members, have successfully proved that their business practices are ethical and transparent, and that customers are protected by a robust complaints procedure.
To do this Chiltern had to pass a number of stringent independent audits by DEMSA and the OFT, which involved mystery shopping, call monitoring, complaint redress and analysing anonymous customer satisfaction surveys.
Many debt management companies that are not DEMSA members may claim to be ethical, however they are not allowed to display the recognisable OFT logo that instils consumer confidence and backs up their claims.
For immediate debt advice from one of the longest established and most reputable debt management companies, please call 0800 043 2332 now.
Important Information About Our Service & Fees
Whilst we strive in all cases to negotiate the best deal with your creditors, we cannot guarantee a reduction in interest or charges. Also as one of the largest providers of debt management solutions in the UK, we are able to provide initial advice over the phone without charge, however, if a debt solution is taken out, please be aware that fees will be charged. We aim to keep these fees as low as possible and believe that we are very competitively priced. View more detailed information on our fees including examples for each product here.
Further Additional Information
The insolvency service has produced a guide for people who are struggling with debt, which outlines each of the available solutions.
If an IVA is not maintained it could lead to bankruptcy.
