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.
Check my optionsShould 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.
Get advice about my situationWhat 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!
Learn more about switching your Debt Management Plan to a new provider.
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 stop your plan, the companies you owe money to may begin contacting you again, asking for direct payments. They may also start applying interest and charges.
If you feel a DMP is no longer right for you, there may be other solutions that better suit your circumstances. We offer advice on a range of debt solutions designed for different situations.
Learn more about the debt solutions available and how they compare.
Speak to us before making a decision
If you’re worried about your DMP or think your situation has changed, it’s important to get advice before taking action. We can review your current plan, talk through your options and help you decide the best way forward.
Get debt advice online or call 0800 316 1833 to speak to one of our advisers today.
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