Your Debt Management Plan Failed! What to do next?

Gamblers often use the services of debt management firms when they are most desperate. Some of the Debt Management firms can give you a little break and look after your debt for a while, but some of them don’t meet the minimum standards or they don’t follow FCA principles, particularly in relation to treating customers fairly.

You may find that your debt management plan moves to another firm or you may be told that the firm has stopped or intends to stop making payments to creditors. You may also be contacted by other firms offering to help you with your debts.

If so, you should contact the Money Advice Service, a free and impartial service set up by the government. You can contact them online at Money Advice Service or by phone on 0300 330 2222. Calls cost no more than to a standard UK-wide number.

Financial Conduct Authority (FCA) is working with the Money Advice Service to make sure that advisers are on hand to help you consider your options. They may be even able to get the same debt management help that you previously received, but for free.

How to check if the Debt Management Firm is authorized by the FCA

Some firms that were providing Debt Management Plans may have sold their client list to another company. If you want to be sure that the firm you are working with is still authorised by the FCA check the Consumer Credit Register.


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