If you find are able to pay off more than you have agreed, then we will be able to arrange an alternative payment plan.
Yes, you will be able to get a debt management plan if you have any existing CCJ’s, and might be able to use the plan to make repayments.
A DMP is not a legal procedure, so there is no guarantee that your creditors will accept. But if the agreement is beneficial to both parties then it is likely to be accepted.
A DMP will mean that you will be breaking the terms and conditions of your creditor agreement, meaning it will have an adverse affect on your credit record. However if you are failing to make your monthly payments then your credit rating will be poor.
If you fail to keep up repayments then your creditors will no longer wish to continue to support you and may withdraw their help. If you are struggling to make your payment, talk to your case handler who will advise you on what to do.
Your initial payment will go towards the costs of setting up the programme and negotiating with your creditors. We then have an ongoing administration cost which is included as part of your monthly payment.
You will have to make payments until your unsecured debts have been repaid in full.
Your residential status is not considered when applying for a DMP. As long as you have a surplus of income then it does not matter about your employment status.
Most likely but it is important to remember that you will be paying a smaller monthly payment in the longer run, instead of struggling now. It is possible that creditors will freeze interest on your account so you can pay your debt off at a quicker rate.
As we are not lending you any money then we will not need to perform a credit check on you.
It should include most of your existing creditors, but there are those which cannot be included. These are known as “priority debts”, meaning that if they are not paid then there will be serious consequences.
The amount you pay is dependant on your circumstances. You must keep up regular monthly payments so your creditors will not feel the need to cancel your agreements. This is why we will work out a individual payment plan based on your exact earnings and expenditure.
Your payments are proportioned on how much each creditor is owed. You will receive a statement showing how much each one is issued. You will receive a quarterly statement showing each transaction that has been made from us.
No, it is not a loan but a way of consolidating all your repayments into one low cost payment without any further borrowing.