PayPlan DMPs at a glance
| DMP benefits | DMP risks |
|---|---|
| We’ll help you to deal with creditors, which may reduce stress | As you are paying less than your contractual payments each month, it may take you longer to pay off your debts |
| PayPlan will work with you to understand your household budget and set one affordable monthly payment | None of your debt is written off, so you will still be liable for the same total amount of debt (plus any interest and charges that have been applied). |
| Creditors may agree to freeze interest and charges, stopping an increase of your debt | Debt levels could increase if interest fees and charges are applied |
| Your name won’t appear on a public register, so you can keep your arrangement private from friends and family (should you so wish – we advise talking about your debts) | Even if you make regular DMP payments, creditors can still take you to court to get a CCJ, issue a charging order against your home, or issue a statutory demand to petition for your bankruptcy. |
| A DMP applies to unsecured debts, which means you can keep up with your mortgage payments – a priority debt | Making lower than the contracted payments could affect your credit rating |
| A DMP with PayPlan is available totally fee-free |
Start today
Our friendly, expert advisers can help you start to take control of your debt. Call FREE on 0800 280 2816 and they will recommend the most appropriate debt solution for you, guide you through the process step by step and answer any questions you may have.
We are available from 8am to 8pm Monday to Friday, and 9am to 3pm on Saturday. Alternatively, complete an enquiry form and one of our team will be in touch as soon as possible.