No, a debt management plan is not suitable for all. It is usually unsuitable if you have very low surplus income after paying off your basic necessities.
Your creditors will send you a statement mentioning the exact payments to each creditor. The statement clarifies your doubts regarding the interest and payments due on your account.
Yes, with a Debt Management Plan you can alter your payment options. You can raise or lower your payments depending on your financial state. If your income reduces, it can be renegotiated in order to reduce payments. Similarly if you get an increment you can increase your payments to pay off quickly.
No, the creditors are not legally obliged to accept the reduced offers. However, it is normally accepted when it is seen that it is the maximum amount that you can afford to pay. Your Financial Statement containing details of the payments that are made to other creditors can also be send as an assurance of parity.
The time limit depends on your debt amount and the debt relief option used. Your creditors are requested to accept lower payments with reduced interest rates. Since you will pay back your debts slowly it will take a bit of time. If your circumstances change you can increase your monthly payments and become debt free faster.
The calls may not stop immediately as the creditors have to be notified that you have enrolled with a DMP. But after some time when the creditors are properly notified the calls reduce. As you clear off your debts with regular monthly payments the harassment calls stop. A cease and desist letter can also be issued to stop all harassment actions.
No, Property repossession will only happen when you do not keep up with your mortgage payments or any payments on loans secured against your property.
Yes, there are a number of companies who will allow you credit or mortgage even when you are in debt. However this is not a good option as your financial state may turn worse. As such it is better to wait till your debts are cleared and then think of borrowing again.