CREDIT RECOVERY PROGRAMME

DESCRIPTION

The credit recovery programme offered to you by Debt Busters Universal is designed to ensure that your unsecured debts are managed in an orderly manner and do not take priority over your secured and essential debts (such as mortgage payments or rent, council tax, gas and electricity etc.). The programme is based upon identifying a payment plan that you can regularly maintain taking into account your income and expenditure.

It is not a loan to repay your debts! Often, consolidated loans offer attractive incentives such as extra money to pay for a new car or take a holiday. Whilst you may reduce your monthly outgoings you will increase the overall amount you owe, which may now be secured against your property.

HOW THE PROGRAMME WORKS

We will help you to establish a realistic recovery programme. This will be based entirely upon what you can afford to pay - not on what you owe. We will negotiate with your creditors for them to accept reduced payments and to reduce or eliminate entirely interest and other charges that you would normally be obligated to pay. In order for the programme to work effectively and to protect you we operate strictly in accordance with the Guidelines issued by the Office of Fair Trading. Also, in order to maintain good relationships with your creditors you will be obliged to advise us of any material changes in your circumstances. Once appointed we liaise with all your creditors and remove the stress and strain of dealing with letters, phone calls and personal visits from debt collectors. You refer them all to us. You send agreed payments to us for onward transmission to your creditors.

TIMESCALE

There is no fixed timescale for the duration of the programme. Each Programme is unique and is geared to individual circumstances. We will work diligently to ensure that you regain your credit record within the projected period. We are dependant upon you and your ability to make the reduced payments. We will discourage you from making promises to support unrealistic budgeted amounts.

OUR CHARGES

We charge an initial fee which represents the charge for setting up the programme. This initial fee is charged prior to paying any amounts to your creditors. We charge a monthly management fee of 20% of the payment you have agreed that you can afford. When, after consultation with you, we agree a final settlement figure with your creditors, we charge 20% commission. Our monthly management fee and final commission are included within your payment. (You do not pay more than you can afford.)