Some frequently asked questions from our clients:

With over 15 years combined experience in the Debt industry. The Principals of DSS have been asked a variety of questions, some of which we have set out below. Whilst this list is by no means exhaustive, you may find the answers to some of the questions you have here. If you cannot find an answer to your question or you need more detail or clarification, please call us on 0870 240 3571

Q:

Why should I use Debt Solutions Services ?

A:

Debt Solution Services is staffed by people with many years experience of the Credit industry. Our focus is on getting you the best solution and working with you to monitor when other, perhaps better solutions become available to you. We believe strongly in the service we give to our customers and are always at the end of the phone with help and advice.

As we are trying to help you get out of debt as soon as possible, we also charge lower fees than most of our competitors so that more of your money can be passed on to your creditors.

Q:

Can my creditors take me to court?

A:

Any creditor can resort to legal action, including County Court to recover money that they are owed. However, if you are on a Debt Restructuring programme and you are maintaining the payments at the level we have agreed then there is virtually no chance your creditors will resort to court action to recover their money. The reason for this is that the Financial Statement we have prepared with you (the money you have coming in and going out) will be requested by the court. This shows that you are making every reasonable effort to repay the debts and that there is no further money available.

Q:

Why can’t I do this myself ?

A:

Your Creditors will only make a temporary arrangement to reduce or freeze any charges and you will still have to deal with them all on an individual basis making numerous payments on different days. A Debt Restructuring programme will allow you to make one affordable monthly payment and all of the letters and calls will be handled by Debt Solution Services.

Q:

Will I lose my house ?

A:

Essentially, your debt restructuring programme addresses “unsecured” credit. This means that the money was lent to you without being attached to any goods or property that you own. Many of our clients also have secured debts on houses or cars and these are catered for in the financial statement we prepare for you so that repayments on these items are made in full. We also factor in any arrears on these types of loans to ensure that, as long as you maintain the payments to us, no goods or property can be repossessed.

Once the arrears are cleared, we will then review your financial situation and suggest a remortgage where applicable.

Q:

I can’t remortgage because I am behind with my payments, what do I do now ?

A:

In these circumstances, we would normally recommend a Debt Restructuring programme until the arrears have been cleared. We work with a wide network of Mortgage brokers who specialise in mortgages for people with adverse information on their credit file. Often, people will jump too quickly into a re-mortgage and pay extensive fees and higher interest when it may have been better to clear the arrears and stabilise their finances before actually completing the re-mortgage.

Q:

How long will I be paying for ?

A:

This will depend on the amount you owe and how much you can genuinely afford to repay each month. There is no set time for a Debt Restructuring programme (unlike an IVA or Trust Deed) as the creditors may not immediately freeze the interest. Another factor is that if you should miss payments onto the programme, this can have a serious effect on the time taken to clear your debts.

As we are suggesting this route as a temporary solution until a remortgage becomes more viable, we usually estimate 6 – 10 months on the plan.

Q:

Why can’t I just get a loan ?

A:

Most lenders recognise that people are only capable of carrying so much outstanding credit. Depending whether you are a home owner or a tenant, there are different limits to which Lenders will go. If, in addition, you have missed payment on any existing credit, paid late or paid a smaller amount without having agreed that, all of this will be stored on your Credit file. This file is checked by all lenders before making a decision and any adverse information with cause the application to be declined. It is important to know that on a full Credit search, all recent declined applications will also be listed.

Debt Solution Services work with a wide panel of lenders to see if we can get a loan for you. Should you be unsuccessful, this will not necessarily be listed on your Credit file as we “enquired” rather than applied.

It may be that a loan is not possible or even that a loan is not the best way forward. Many of our customers have already had a consolidation loan at some time on the past yet are still experiencing financial difficulties. We have a range of other solutions which may suit your current circumstances better.

Q:

Will my creditors stop calling me ?

A:

At the initial stages of the plan, your creditors can call you and request payment. Simply tell them you are on a Debt Restructuring programme.  Your creditors cannot call you continuously or disclose information to any third party about the nature of their call. Should this happen, if you give us their name and number, we will call them on your behalf and as what the problem is. Once you have made a 2nd monthly payment on your Debt Restructuring programme they are no longer entitled to call and request payment. They will continue to send letters but you can simply forward these to us and we will take care of them on your behalf.

Q:

What about all of these letters ?

A:

Letters can often be worded in a very misleading or threatening way. These have been designed to unsettle you or make you believe that the Creditors are about to commence legal or other proceedings against you. The best way to handle the letters is to send them to us and we will take care of them for you.

Q:

Will the Bailiffs take my furniture away ?

A:

Bailiffs are appointed by the County Court. If you have a County Court Judgement and you fail to maintain payments to the court, the Creditor can get a Warrant of Execution to recover goods. If the Creditor has not yet commenced Court proceedings, no Bailiff will have been appointed to recover the debt. Even if you already have County Court Judgements you may still qualify for a Debt Restructuring programme and we can work with you to get any action stopped.

Q:

I’m behind with my Council Tax, how do I handle it ?

A:

Unfortunately, Council Tax (along with Court fines and utility bill such as Electricity, Gas and Water) cannot be included in a Debt Restructuring programme. We would factor into your financial statement the fact that you had arrears so that you could catch up with these payments

Q:

What if I need to miss a payment on my Debt Management Programme ?

A:

Whilst this is not ideal, we realise that sometimes circumstances dictate that you need to miss a payment. All we ask is that advise us of the situation so that we can contact your creditors and let them know. In most circumstances, we would expect you to make up any missed payments over a period of time.