The small print for DMPs
The small print for DMPs
It’s important that you understand what a Debt Management Plan is and how it could affect you. We’ll always try to explain everything without any technical terms or jargon so that you can feel confident that you’re making the right decision for your circumstances.
Some of the main things to remember with a DMP are:
- We’ll be here to support you throughout your plan. To do this, we’ll need to make sure the information we’ve got is up to date. You’ll need to complete a review every year or whenever something changes so that we can help you stay on track.
- You’ll need to let us know of any changes or if you’re struggling to make your payments. If you miss payments or don’t engage with us, we may have to cancel your plan.
- The payments you make will be split fairly between the companies you owe money to. As this will be less than the amount you originally agreed with them, it will take you longer to pay back everything that you owe.
- Your credit score may have already been impacted if you’ve missed or made payments less than the contractual amount. In a DMP, you’ll be making reduced payments which will have an impact on your credit score. Any markers, notices or defaults applied to your accounts will show for six years.
- We’ll ask the companies you owe money to to freeze interest and charges. While most agree to this, some might not. There is no protection in your plan to prevent them from taking any legal action against you; if they threaten this, we will support you through the process.
- We’re here to help you to finish your plan in the fastest and most affordable way. When we review your plan with you, we’ll make sure that you’re aware of all available options and recommend the one that we feel is most suitable for you.
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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