Can a DMP protect your assets?
Can a DMP protect your assets?
A Debt Management Plan won’t offer you any protection for your assets. However, it won’t directly put them at risk either.
A DMP allows you to make affordable payments to your unsecured debts. It doesn’t include secured debts like your mortgage or vehicle on finance agreements.
The amount you pay into your plan is the leftover amount after you’ve made payments to any priority or secured debts. It’s worked out based on your specific circumstances and budget. You’ll need to continue to make payments to debts secured against your assets outside of your plan. If you have any payments like these, they’ll be prioritised in your budget. As long as you stay up to date with these, it’s unlikely they’ll be at risk.
Although it rarely happens, the companies you owe money can attempt to secure their debt against your home by applying for a County Court Judgement (CCJ) and then a Charging Order against your property. If this happens, we’re here to help and support you through it.
Our experienced advisors are here to help you find the right solution for your circumstances. Call us on 0800 316 1833, message us on WhatsApp or Live Chat. Our opening hours are 8am to 8pm Monday to Friday or 9am to 3pm on Saturday. Or, complete our enquiry form, and we will be in touch as soon as possible.
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Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly
Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly
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