Beechbrook finance

Debt Management Plan - FAQ’s


Have some questions? Find the answers below.

Over the next month, we’re giving ourselves a bit of a makeover. We’re changing our name from Beech Finance to Beechbrook Financial and upgrading the branding on our website and communications.

You can email us [email protected] or call us on 0161 804 2923

We always ask creditors to freeze interest and charges when negotiating the terms of a DMP. In most cases, creditors agree to this but they don't have to. The letter you’ve received may have been generated automatically and the information may be incorrect. So we can check this for you, forward the letter and any others you receive as soon as possible.

If you can’t afford your original payments, creditors usually understand that reducing them may be the best option for you and them. Bear in mind, reduced payments mean it’ll take longer to clear the debt and it could also cost you more in the long run. Creditors often agree to freeze or reduce interest and charges so your debts aren’t growing while you pay them off, but this isn't guaranteed. While we’re negotiating, creditors may continue trying to collect their debt as normal – so they could still add interest and charges, issue a default notice or take legal action against you - but we'll work hard to get an arrangement in place as soon as possible. We've been negotiating with creditors since 1993 and have strong relationships with major lenders across the UK – and we’ll be here to represent you when your arrangements are reviewed every year.

As you will be making smaller payments to your creditors, you’ll default on your original payments. A default shows on your credit file for six years from the date it is registered. This may make it harder to borrow money, open a new bank account or get a mortgage. But not getting help with your debts could have an even bigger impact on your credit rating in the long term.  

Your plan doesn’t cover priority debts or bills. Examples of these include your rent, council tax, utility bills, student loans, hire purchase agreements, income tax, child support/maintenance and court fines. You must carry on paying these throughout your plan. Failure to do so could have serious consequences, including added costs, loss of service, repossession, eviction, legal action and a criminal record. But your plan should make it easier to manage these costs, as it’ll free up the money you need for those payments every month.

You can email us your new contact details: [email protected] or call us on 0161 804 2923

We understand that circumstances can change - don't worry, we're here to help. For short-term changes, we may be able to offer you a payment break if you provide us with sufficient evidence. If your circumstances have changed for the long term, we may still be able to help.

Give one of our personal finance officers a call and they may be able to change your payment to suit your new budget. Similarly, if your income goes up, you may be able to increase your payments and complete your plan sooner. It may be that your circumstances have changed to such an extent that another type of debt solution may now be better for you. Remember, if you experience a change in circumstances, get in touch. We’re always here to help, whatever your situation.

As part of your DMP, we are required to check that your plan is still working for you. If you send us proof of income and we find that you’re earning 10% more, or less, than initially stated, we'll review your plan to make sure your payments are still manageable or help you pay off your debt quicker. You can do this by sending us photocopies to [email protected]

Please gather details of your icome & expenditure and call us on 0161 804 2923 to arrange your review.