Your Annual Review
You will receive regular reviews, sometimes at the request of your creditors.
You will as a minimum have a full annual review and we will send you an updated Statement-of-Affairs to review, amend and sign. We also request regular balance updates from your creditors. We may request evidence of changes in circumstances, if these were relevant to your last review or were listed as material to the events & consequences that led you to start a Debt Management Plan. For example, where priority creditor arrears (e.g. mortgage, rent) have been repaid, we would expect to be able to increase monthly payments to your unsecured creditors to accelerate the rate at which you become debt free. Your full co-operation in this process is much appreciated.
As a result of recently implemented changes in the Consumer Credit Act 2006, from October 2008 creditors will send you Annual Statements and Notices of Arrears. We encourage you to send this correspondence to us or to notify us of the up-to-date balances, especially if interest is still being applied. These Annual Statements will subsequently show any payments made by EuroDebt to your creditors and should correspond with the monthly statements that we send to you.
Once on a Debt Management Plan, we strongly recommend that you do not make direct payment to your creditors or their collectors and immediately notify us if your creditors or their collectors attempt to renegotiate a payment arrangement with you. This is a breach of the Office of Fair Trading's (OFT) Debt Collection Guidance notes.
Where applicable, we may identify opportunities for further savings in your expenditure that are deemed to be in your best interests and should enable you to accelerate the time taken to become debt free. Good examples of this are switching energy providers and reviewing some of the essential insurance premiums (e.g. home contents) that you may be currently paying.