Can I cancel my debt management plan?

Yes. It’s important that you’re comfortable with your chosen solution. If you don’t want to go ahead with a DMP or want to cancel your it, that’s okay.

We’re here to help, so if you want to consider another approach to tackling your debts, get in touch. We’ll support you and make sure you’ve got the information you need and answer any questions you have so that you can make an informed decision about your future.

We won’t charge you a fee for cancelling your plan. If we’re holding any of your money in your accounts, we’ll refund this to you in full as soon as possible.

Ending your plan could lead to the companies you owe money to adding interest and charges to your accounts and taking legal action against you to recover what you owe. It’s very rare, but there is a possibility that they may choose to issue a Bankruptcy Order against you.

Should I think twice about cancelling my DMP?

You don’t have to change your mind if your plan isn’t working for you, but make sure that you’re making the right decision.

Debt Management Plans are a great way of paying back your unsecured debt in full.

Everyone’s circumstances are different, and there isn’t a one-size-fits-all debt solution. So, if you’re thinking of cancelling your plan, consider the pros and cons that it offers you. If anything happens, we’re here to help -you can get in touch with us by calling 0800 316 7155 so we can help you to understand the options available for you.

What if I can no longer afford DMP payments?

We’re always here to help. If your situation has changed and you can’t afford your DMP payment, get in touch. We’re happy to review your budget with you at any time in your plan to make sure it’s affordable.

If you cancel your plan without another solution in place, remember that you’re still liable for the amount you owe. You’ll need to speak to the companies you owe money to and make payments directly to them.

Are there alternatives to cancelling?

Yes! No matter what the situation is, we’re here to support you and make sure you have all the information you need to decide which way is best for you to manage your debts.

Switch to a new provider

If you’re unhappy with the service from your DMP provider, the first thing you should do is contact them to let them know.

You’re not tied into a formal agreement with your DMP provider, so if you want to switch to a PayPlan DMP we’re happy to help!

We’ll set up and manage your DMP for free, so everything that you pay goes towards helping you become debt free faster! Get in touch today to find out more.

Alternative debt solutions available

Cancelling your DMP should never be the first port of call if you’re struggling to make repayments. If you choose to do this, it’s likely that the companies you owe to will start contacting you and asking you to make repayments directly to them. They may also start applying interest and charges.

If you decide that a DMP isn’t right for you, there could be other solutions that are. We advise on a variety of solutions suited for a variety of debt problems. To learn more about all the debt solutions we can help you with, visit our debt solutions page.

If you’re concerned about your DMP or feel you need debt advice of any kind, get in touch today or call one of our advisers on 0800 316 1833.