FAQs
- How do I save money?
- What is Debt Management?
- How does it work?
- What happens when the creditors phone me?
- How long is my D.M.P going to last?
- Will my amounts stay the same throughout?
1. How do I save money?
Debt Lines top ten tips to save Money!
If you contact your local council they can tell you if you are receiving all the benefits that you are entitled to. Remember that the rules and requirements for some of these benefits do change so even if you have applied before, you may still be eligible now, it doesn't hurt to ask.
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Are you an energy saver??
You can lower your household bills by using these simple energy saving tips:
- Do not leave your appliances on stand by!
- Switch off lights when you're not in the room!
- Do not leave your taps running, turn them on and off as needed.
- To lower your heating costs you can reduce the thermostat temperature on your radiators and heating control equipment!
- Have you tried selling your unwanted items, maybe online on sites like Ebay, through your local newspaper or at a car boot sale. Just because you don't want something it doesn't mean that someone wont be willing to buy it!
- “Shop around” for the best deal for your insurance renewals, the market is constantly changing so you should always do some research to find the best deal, just remember to make sure your level of cover remains the same.
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Do you have a Home Phone and a Mobile?
Do you need both? You are paying two bills for basically the same product, look around and make sure you are on the best possible plan and see if you can cut one of the two phones. Try to stick within free minutes and use your phone during off-peak periods.
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Review your car!
If your cars engine is less than a 1.55L you can save £65 every 12 months on your car tax! Other advantages of a smaller engine could be a reduction in insurance costs and fuel costs.
- Do you smoke? You could cut down on the number of cigarettes you smoke, or switch to tobacco and roll your own. Even better would be to quit altogether, you can do this with the help of the NHS smoking line on 0800 169 0169. Think about how much you could save!
- Days out can be free, look for museums, parks and galleries without an entrance fee. Also, check the local paper for free events you could attend, a great day out doesn't have to cost the earth.
- If you have lunch at work or school why not prepare a packed lunch instead, this could save a couple of pounds a day, that's over £40 a month and nearly £500 a year!
- One of the simplest but effective money saving tips is to eat a full meal before you go food shopping. When you are hungry you tend to buy more, when full you will just buy what you need.
2. What is Debt Management?
A debt management plan is a process whereby a person in debt works with a debt management company to become debt free. The debt management company negotiates with creditors and agrees a plan to pay off all or part of the debts. The debtor is then left with a single monthly repayment and no longer deals with their creditor's, the debt management company does that.
Back to the top3. How does it work?
A debt management plan is provided by a third party company, like Debt Line. We determine the amount of money owed to creditors and the disposable income of the debtor to calculate an affordable monthly repayment. Some creditors, such as those who have secured the debts such as mortgages and car finance, cannot be added to a debt management plan. The debt management company will then also deal with all their creditors to relieve the stress of the debtor.
Back to the top4. What happens when the creditors phone me?
Once you are signed up to Debt Line you can give any creditors that call our number, you simply tell them that we now handle all your finances and that they will need to speak to us directly.
Back to the top5. How long is my D.M.P going to last?
This entirely depends on how much you owe and how much you can afford to pay back each month. The repayments are also flexible, if your income increases and you call us we can arrange for your repayments to increase and your term to decrease accordingly.
Back to the top6. Will my amounts stay the same throughout?
The debt management plan is completely flexible and based on what you can afford, however if your circumstances remains the same throughout the plan then your repayments will remain the same.
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