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FAQs

Why should I use Kensington Financial Management Consultants?
As leading Debt Solution experts, Kensington Financial Management Consultants deal with hundreds of client’s every day. We are licensed by the Office of Fair Trading under the 1974/2006 Consumer Credit Act to provide debt counselling services under a “Appropriate Advice Model”. We are also part of the Money Advice Group.

How does it work?
You will be assigned a dedicated Personal Advisor and they will discuss your personal circumstances with you and without obligation. Your Personal Advisor will offer you the best solution based on your circumstances and guide you through the start up process.

If I have a problem, will I have someone I can talk to?
Your dedicated Personal Advisor will be your personal point of contact whenever you need advice or help. They will know everything about your account, so any issues and questions can be resolved quickly.

How can Debt Management help me?
Debt Management allows you to consolidate your credit commitments into one ‘easy to manage’ monthly repayment. Kensington Financial Management Consultants then distributes this amount between your credit companies in accordance with the new arrangements that have been put in place.

How will my credit rating be affected?
Your credit rating may be affected for the medium to long term and could make it more difficult for you to obtain credit in the future during this period. It is possible that one or more of your creditors had already recorded adverse findings against you, due to your current financial situation. By joining the programme it is recommended that no further credit should be obtained whilst using the programme. We will ensure that the credit companies concerned each receive a regular affordable monthly repayment.

What happens if my situation changes?
Your plan is specifically tailored to your own personal circumstances, you can request a review of your payment amount at any time.

How much will I have to pay?
This depends on your personal circumstances. We will work out an affordable monthly amount based on you income and expenditure. It’s important to maintain your payments or your creditors may cancel the agreements that we have made on your behalf. Please view the estimated fees schedule enclosed.

How will I know where I’m up to with my debts?
We will send you regular monthly statements to let you know exactly how much you are paying to each of your creditors. That way you will know that everything is under control and running smoothly.

Will my creditors still contact me?
We will handle all administration and paperwork for you. However, it is likely that your creditors will contact you during the early stages of your plan. If you do receive any calls or letters, it is important that you don’t ignore them. Telephone us or forward any correspondence as soon as possible.

How long will it take to set up my plan?
Typical set up time can take up to eight/twelve weeks. We will confirm all accepted offers in writing as soon as we get authorisation from your creditors and you’ll receive copies of any correspondence that we receive.

Will you deal with all my debts for me?
No, we will only deal with your unsecured credit and non-priority debts. These can include personal loans, credit cards, store cards and overdrafts, etc. You must continue to make payments on any loan secured against your property, your mortgage or rent, council tax and utility bills. All of these must be treated as priority because of the serious consequences of not maintaining payments.

What might be the impact of a Debt Management Plan on my current banking arrangements?
If your current bank is one of your creditors, we may advise you to change to a new bank. In these cases we will provide you with help in choosing a new bank.

Whilst my Debt Management Plan is being set up will the delays in making payments cause any problems?
During the negotiation process some creditors may continue to charge you interest and other recovery charges and these will be added to the amount that you owe. However, these will be covered by the payments you make to your Debt Management Plan.

For a confidential review of your circumstances and to see how Kensington Financial Management Consultants can help, call us now on 0800 056 4140. All calls are recorded for monitoring and training purposes.

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  • 06 Jan 10
    Debt management companies face improved regulation

    The UK government is launching a consultation into the procedures of debt management companies. Kensington Financial Management Consultants welcome further industry regulation and are members of the Debt Resolution Forum – an organisation designed to increase standards within the industry.
  • 17 Dec 09
    Money problems top 2009 concerns

    A recent survey conducted by Samaritans indicates that 48% of the UK population has worried about their money problems and debt in 2009.