Switching or moving your DMP

Can I move an existing DMP to PayPlan?

If you already have a DMP with another provider, you may be wondering whether you can move it to us.

DMPs can’t be transferred directly between providers. If you contact us, we’ll a complete an advice session with you. This allows us to review your current circumstances and consider all available debt solutions.

To provide accurate advice, we’ll need details of all your debts.

If a DMP remains suitable, we can set up a new plan and contact your creditors.

Move an existing DMP to PayPlan

Does PayPlan charge for its DMPs?

Our DMPs are free to set up and manage. We don’t take a percentage of your payment, so your payments go towards your debts. Some providers do charge fees for setting up or managing a DMP though so always double check.

What happens if my current DMP provider is closing?

If your provider is closing, it can feel uncertain. Seeking regulated debt advice as soon as possible can help you understand your next steps.

We can review the debts included in your existing plan and complete a new assessment and budget with you during an advice session. This helps us understand your current position and identify which solutions may be appropriate.

If a DMP is suitable, we can set up a new plan and manage it at no cost.

Get support if your provider is closing

Thinking about changing your provider?

If your current DMP no longer feels suitable, or your provider is closing, support is available.

Get free debt advice online or call 0800 316 1833 to speak to one of our experts. We will review your current plan and budget, check which debts are included, consider all available debt solutions, and set up a new DMP if appropriate.

Check my options

Table of contents

FAQs

Why do I have to change my bank account?

If you have a current account with a company you owe money to, you will be required to open a new bank account. This is not only the case with a DMP but you should change your bank account if you are going to make reduced payments to a company that you also bank with. Banks have the “Right to Offset” so any money in your current account could be used to pay another debt with the bank.

Will I have to live on a tight budget during my Debt Management Plan (DMP)?

To enter into and maintain a successful Debt Management Plan you will need to live within a budget, however this is discussed with you openly. PayPlan are required to submit your income and expenditure details to your creditors.

Remember that when we’re negotiating your DMP, it is in your interest if we can show your creditors you are prepared to stick to a realistic budget to help repay your debts.

Will I have to tell my partner about the Debt Management Plan (DMP)?

We offer an absolutely confidential service from start to finish, so PayPlan will never force you to tell your partner about your debt situation, although support is available if you wish to tell them.

A DMP doesn’t usually affect your partner’s credit rating, but if you have a financial association, such as shared debts or guarantor debts, then it could do.

Whenever we contact a client we take great care to avoid divulging the nature of our call to anyone but the client.

Which debts are included in a Debt Management Plan (DMP)?

A DMP will only help you make reduced payments to your unsecured creditors, therefore the debts that can be included are:

Personal loans (loans taken to purchase cars are fine but Hire Purchase (HP) agreements cannot be included as they are secured against the item being purchased)
Credit cards
Store cards
Catalogues
Overdrafts

Secured debts can’t be included in DMPs because any payments on secured debts that aren’t met in full, can lead to the goods being repossessed. This website provides details on house repossession and car repossession, which are all consequences of not maintaining mortgage or hire purchase payments.

Is my home at risk if I enter into a Debt Management Plan (DMP)?

A Debt Management Plan is an informal arrangement which is not legally binding and although having a DMP could reduce the chance that the property would be at risk, there is a chance a creditor could take legal action such as securing a charging order on the property. This would secure the debt and a creditor could force the sale of the property at any point during a debt management.

FAQs

Why do I have to change my bank account?

Will I have to live on a tight budget during my Debt Management Plan (DMP)?

Remember that when we’re negotiating your DMP, it is in your interest if we can show your creditors you are prepared to stick to a realistic budget to help repay your debts.

Will I have to tell my partner about the Debt Management Plan (DMP)?

A DMP doesn’t usually affect your partner’s credit rating, but if you have a financial association, such as shared debts or guarantor debts, then it could do.

Whenever we contact a client we take great care to avoid divulging the nature of our call to anyone but the client.

Which debts are included in a Debt Management Plan (DMP)?

A DMP will only help you make reduced payments to your unsecured creditors, therefore the debts that can be included are:

Personal loans (loans taken to purchase cars are fine but Hire Purchase (HP) agreements cannot be included as they are secured against the item being purchased)
Credit cards
Store cards
Catalogues
Overdrafts

Is my home at risk if I enter into a Debt Management Plan (DMP)?

Switching or moving your DMP

Can I move an existing DMP to PayPlan?

Does PayPlan charge for its DMPs?

What happens if my current DMP provider is closing?

Thinking about changing your provider?

FAQs

FAQs

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