Financial Management FAQ

How much will I have to pay each month?

The amount you pay is dependent on your ability to pay. Harrington Brooks are here to help you come to an understanding with your creditors, letting you make just one affordable payment each month.

How long is the repayment period?

The plan lasts until you have repaid all of your debt, or until your circumstances make you eligible for an alternative solution. Many of our clients enter the plan to cover themselves for periods of reduced income such as unemployment or maternity leave. Once their income has risen, they leave the plan and return to making full payments directly to creditors.

How do I know my debts are being repaid?

Harrington Brooks provide you with an initial statement, outlining all of the payments to all your creditors. After this you can view all account activity online at mymonthlyplan.co.uk. This details all of your payments and the distributions made to your creditors.

Is a the plan a loan?

No, a financial management plan is not a loan. You are consolidating your debts through us, but we are not lending you any money.

What if I can't keep up with repayments?

The aim of a financial management plan is to ensure that you are making repayments at a level that you can afford. If you are already on a financial management plan with Harrington Brooks but your circumstances have changed and therefore you can no longer afford the monthly repayments, please get in touch. Hopefully we will be able to alter the amount that you need to repay to your creditors.

Will Harrington Brooks check my credit history?

No credit checks are required because we'll not be lending you any money. We just help you to repay your current debts.

Can I included payday loans?

Yes -  we have agreements in place with most of the major payday loan type lenders.

Can I set up a plan if I have CCJ's?

If you have a County Court Judgment on a particular debt, then that debt can be included as part of the plan. Furthermore, the terms of the CCJ are inspected so if need be, a larger amount of the money paid into the plan can go towards that particular debt.

Does it matter if I'm a homeowner or tenant, unemployed or working part time?

Financial management plans are suitable for homeowners, tenants and people living with parents or friends. Your employment status is only an issue if you are unable to demonstrate your ability to afford reasonable living expenses in addition to £80 per month towards your debts.

What happens if my circumstances change?

Get in touch with us if your ability to repay your debts changes. We'll review your arrangement and discuss payment changes and maybe alternative solutions. This is not like a loan where you are tied in for a defined period. If you no longer need us, then just tell us.

Is This A Private Arrangement?

Yes, a financial management plan is private. Harrington Brooks will not disclose personal information regarding you or your finances except on a need to know basis to your creditors. You are not obliged to inform your spouse or parent, but from experience, we advise upon openness from the offset with those directly affected by your financial affairs. You do not need to inform your employer or landlord, unless they are creditors.

How will a Financial Management Plan impact my credit rating?

Entering into a financial management plan means the terms of your current credit agreement are broken, technically resulting in defaults. This will have negative effect on your credit rating. This means that it will be harder for you to obtain credit in the short term, and perhaps in the medium to long term too as records will be retained by credit reference agencies for six years.

However, repaying debts via a Financial Management Plan is more favourable to your creditor record than not paying debts and eventually entering into insolvency. It is also important to remember that if you have been experiencing financial difficulty and have missed payments to your debts, this will already show on your credit file as defaults. Therefore a financial management plan can be the route to a better credit rating for many of our clients.

Are you regulated?

We offer several services to help the indebted individual, some of which are regulated. At present, a Financial Management Plan is not a regulated product. However, the Office of Fair Trading (OFT) issues guidelines as to how a debt management provider should conduct themselves.

Any debt solution provider needs a consumer credit license to operate; If the OFT deemed a debt resolution company was not fit to operate, this could be revoked and they would no longer be permitted to trade. The OFT issued their guidance in 2001, and most recently revised it in 2008. View OFT Debt Management Guidance.

We are member of DEMSA (Debt Managers Standards Association). They audit our marketing materials and operation to make sure it id full compliant to OFT regulations. This is why we are permitted to show the OFT logo on our website.