Example DMPs
While you could set up a DMP yourself, PayPlan takes the headache of this away because a DMP with PayPlan is FREE to set up and all payments are also administered for FREE, ensuring all of your payment goes towards getting you out of debt.
As an example, imagine Mr X had a debt of £8,474. Following a full assessment of his income and priority payments each month such as his mortgage, vehicle hire purchase payment, household bills and food expenses, PayPlan established that Mr X can comfortably afford a monthly payment of £153 per month. The table below shows how the payment to each of his creditors is calculated:
| Creditor | Amount of debt | % of overall debt | Amount of DMP payment received |
|---|---|---|---|
| Credit card | £1,525.32 | 18% | £27.54/month |
| Store card | £1,779.54 | 21% | £32.13/month |
| Bank loan | £5,169.14 | 61% | £93.33/month |
| Total | £8,474 | £153/month |
If you choose PayPlan for your DMP , you pay your agreed DMP payment each month to us, and we will distribute this free of charge to your creditors.
PayPlan has helped over a million people become debt free. While every case is different, the chart below shows the significant difference that managing their debts through a DMP has made to four genuine PayPlan clients.
Get debt help online or call us on 0800 316 1833 for a confidential conversation.
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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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