What Is A Debt Management Plan?
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A Payplan DMP
You will be assigned a Case Officer; this person will act as the middle man between you and your creditors. They will look after you during your plan, they will speak to all of your creditors for you and they will deal with all of the correspondence from them, so you don’t have to. You will send your payments into us each month and 100% of this will go directly to you creditors, this is because we are a free service and we do not take any fees or charges. At the beginning of your plan we will ask each of your creditors to freeze interest and charges, whilst we cannot guaranteed that we would be successful, we have a very good relationship with creditors. The main for reason for this is because we do not take any fees ourselves so they know that they are getting all the money from you that you can afford. Once your plan is up and running you will have constant support from your Case Officer until your debts are cleared. We have several different departments dealing with specific area’s that can also assist you whilst in your plan. One of these being our Legal Document Handling, they help deal with any legal action that is brought against you. There are also people dedicated to helping with mortgage arrears also. Remember Payplan offer free DMP’s. All of the money that you pay in goes to your creditors. We do not work for the creditors. We work to get you out of debt and pay your creditors back.How Is My Surplus Calculated
A lot of questions that come to us are about the surplus, people say that if they have money left over they wouldn’t need help. To calculate your surplus we calculate your basic income, so your basics wages after tax, National Insurance and any other deductions, we then calculate what you spend each month, so your mortgage or rent, utility bills, food, travel and any other costs. This will then leave you with a surplus amount; this is what is offered to the creditors and what you would pay into you DMP. What you need to remember is that you will no longer have your creditor payments to make; they will all be included in your plan, unless you have a car on Hire Purchase or a secured loan which will be accounted for in your expenditure.The What Ifs
A creditor pursues legal action? We have a team of people who will deal with all of the paperwork for you. You would just need to send in the claim form and we will do all of the hard work and take the stress away from you. My situation changes? Throughout your plan we will complete regular reviews to make sure your payments are affordable. If things do change, so will you payment.What do I do now?
Call us on 0800 316 1833
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