FAQ

One of the worst aspects about having serious debts is the feeling of being out of control. Debt management can be a way of putting you back in control of your finances. But you should check first whether an IVA or another option may be more appropriate. You can do this by calling Sterling Trust on the helpline number provided. If we believe you may be eligible for an IVA, Trust Deed or other form of debt solution, we will advise you on what to do next.

As a registered not for profit organisation, we’ll ensure you only get honest, impartial advice. If your debts are not too large and you have a regular income, then Debt Management could be an option for you. This involves you paying a regular amount each month to a company who handle negotiated repayments to your creditors, usually over a longer period and with lower repayments.

Take control of your debts

Regardless of what the right solution is for you to clear your debts, we're here to ensure you are fully advised about all your possible options - from IVA to loans, so that you can make the right decision that best suits your individual situation.

How large are your debts?

In advising you on the appropriateness of management plans, we'll need to know how large your debts are and whether you have a regular income. If you have serious debts, it's possible that an IVA or bankruptcy will be more appropriate.

Debt management FAQ's

Q: Does Debt Management still pay off all my debts?

A: Yes it does, unless you are able to make full and final settlements and have them accepted by your creditors, but it usually takes longer as the new payments with your management plan will be lower than your current monthly repayments.

 

Q: Will my creditors agree to Debt Management?

A: That's up to your debt management company (if you use one) to negotiate. But if it looks like this is the only way your creditors will get their money, then they will probably agree.

 

Q: Will my credit rating be affected?

A: No matter what you do to alleviate your debt problem, it is likely to affect your credit rating in some way. It looks far better if you are making regular reduced payments than if you are missing payments altogether.

 

Q: How can I settle my debts early?

A: If you are on a debt management plan and find yourself in a position to settle some, or possibly all of your debts early, you can offer settelement figures to one, some, or all of your creditors depending on the situation.

Many creditors will tell you they require the full balance to settle, but don't be put off. If you have a reasonable amount to offer them and make it time-bound and stick to your guns, you can often gain a sizeable discount.

If you get a settlement that is agreeable, make sure you get it in writing from the creditor that the payment is a "Full and final settlement" of the debt. Ensure that you have a written guarantee that neither the creditor nor any of their agents will chase you for any outstanding balance nor costs howsoever accrued arising either directly or indirectly from the debt account.

If you are unsure what to do or feel confused by what the creditors are saying, always seek professional advice before parting with a single penny. Never make any settlement payment unless you have written guarantees from an authorised signatory on behalf of the creditor concerned.

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More debt FAQ's

Q: Can I get debt help for all my sources of debt?

A: Yes, as long as the debts are not secured against property or vehicles, you can. Whether your debts are from loans, credit cards, unpaid bills or other agreements, we can provide you with free advice on the best debt solution for you.

 

Q: Will I be asked lots of probing questions?

A: No – Because we have a fully interactive online service, there is no need to speak to anyone if you don’t want to. If you do want to speak to someone in total confidence, our friendly, understanding Debt Advisers will only need to gain an overview of your total debt and earnings situation to be able to give you expert, impartial advice.

 

Q: What if I already owe money on lots of different credit cards?

A: You might still be able to consider an IVA as an effective and manageable way of clearing your debts. Call us to find out.

 

Q: Is Sterling Trust confidential?

A: Absolutely. You can talk to us in total confidence about your situation. You can take our advice or ignore it, but nobody else will know.

 

Q: Why don't I just transfer all my credit cards onto one with a zero interest offer on transferred balances?

A: Most balance transfer offers, even the ones that advertise 0% have hidden catches. Remember, the company offering you these deals are there for one purpose only; to make profits at your expense. If you get a good deal and can trust yourself NEVER TO USE the new card, then it might help in some cases. If you think you might be tempted to spend, simply DON’T TAKE THE CARD!

 

Q: Why is your advice better than some others?

A: As a not for profit organisation, our advice is impartial. We'll listen carefully and then give you the facts so that you can make up your own mind about the best debt solution for you. And then we'll put you in touch with a provider from our Approved Panel so you know you'll be in good hands.

 

Q: Do I need to have full details of all my debts to hand when I call?

A: This would be preferable but by no means necessary when you first get in touch. As long as you know roughly how much you owe and to whom (i.e. credit cards, loans etc) we can still advise you about the debt solutions that would best answer your needs.

 

Q: Can I call Sterling Trust as often as I like?

A: You can, but it won't be necessary. Our highly experienced Debt Advisers should be able to ensure you are provided with all the advice and help you need from your very first call.

 

Q: What if my finances are in a real mess?

A: Don't worry, even if you can just give us an idea of what your debts are, we can still make sure you are given excellent advice.

 

Q: Who will I be speaking to when I call the Debt Advice Trust?

A: You'll speak directly and in confidence to one of our fully trained Debt Counsellors. He or she will be very understanding and knowledgeable so that you can talk freely about your individual situation.  

 

Q: Will you also need to speak with my partner?

A: Not unless you want us to. We can still provide you with all the debt advice you need so that you can then discuss it with your partner or other family members who may be involved in your debts.

 

Q: Can I talk to the Debt Advice Trust about any debt problem?

A: Yes, whether it's to do with your credit cards, overdrafts, loans or anything else, we have extensive experience of helping people who have found themselves in similar situations to yourself.

 

Q: What if some of my UK debts are with organisations owned outside the UK?

A: This doesn't matter as long as your repayments are made from the UK. Talk to us about your situation and we'll make sure you have all the information you need to choose the right debt solution for you.

 

Q: What if my combined assets are still not enough to pay off all my debts?

A: Declaring personal bankruptcy will still clear all your debts and protect you from your creditors. Even so, it should only be seen as the very last resort.

 

Q: Does it matter how large or small my debts are?

A: No. We can provide you with advice about debt solutions to meet a range of different situations.

 

Q: Will I have to answer loads of questions or fill in a form?

A: No. The whole point about the Debt Advice Trust is that your first contact with us is a simple phone call with the minimum of fuss.

 

Q: What if my student debt is more than £15,000?

A: Don't panic, you won't be the first person we have dealt with who has found themselves in such a situation. An IVA could be one answer for you, but talk to us and we'll ensure you get all the expert advice you need to find the debt solution that best suits you.

Listed below are ways to clear debt and be debt free. Here are the options available.

If you’re in serious debt and finding it hard to meet the repayments, there are still debt solutions which can help you become debt free. An IVA (Individual Voluntary Arrangement), for example, will clear your debts and legally protect you from your unsecured creditors.

Other debt solutions include a Remortgage on your property, a Debt Management Scheme, a Consolidation Loan, or you might even have to consider Bankruptcy. But before you do anything, talk to Sterling Trust or fill in the online forms to see what we can do to help you. If you would like to speak with anyone remember that we are a registered not for profit organisation who will give you expert, honest and impartial advice to help you make the right choice.

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Clearing debt

Being in debt can be extremely stressful and affect your whole life. So getting out of debt once and for all should be your priority. We can advise you on ways in which you really can clear all your debts and start afresh. Trust the experts 

Sterling Trust has extensive experience of helping people to find the debt solution which really matches their needs and their individual situations. So don’t think you are alone. We are here to help you overcome your debts and start looking forward to a better future.

Debt Management can put your mind at ease