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Cover My Payments Terms & Conditions

Cover My Payments (CMP) Terms and Conditions

Please find below standard Terms and Conditions for our Cover My Payments membership scheme. Your actual terms may differ slightly depending on when you first joined the scheme (although the eligibility rules will be as set out here). If you would like a copy of the exact Terms and Conditions relating to your particular membership then please let us know and we will be happy to provide you with them.

View your Cover My Payments (CMP) terms and conditions

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You’re just two steps away from taking back control of your finances and freeing up more money for you and your family.

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Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly

Sandra Daly

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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

What is a Debt Management Plan?

A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.

What is a Self-employed IVA?

A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

What is a Debt Relief Order?

A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.

What is Bankruptcy?

Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.
Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly

Sandra Daly

5 stars
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