PayPlan DMPs at a glance
PayPlan DMPs at a glance
| DMP benefits | DMP risks | |
|---|---|---|
| We’ll speak to the companies you owe money to and manage your payments to them. | The payments you make will be less than the minimum monthly payments you agreed with the companies you owe money to. So, it’ll take you longer to pay off everything you owe in full. | |
| We’ll work with you to understand your situation and help you create a household budget. The leftover amount you’ll pay towards your plan. |
| |
| In a DMP, it’s likely that the companies you owe money to will agree to freeze interest and charges. Meaning that you can repay what you owe faster. | The companies you owe money to don’t have to agree to freeze interest and charges, so the amount you owe could increase. | |
| We always recommend talking about money worries, but you don’t have to. The details of your plan won’t appear on a public register or be published anywhere. | The companies you owe money to 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 while you’re in a DMP. | |
| Your DMP includes all of your unsecured debts, so you can prioritise your household bills and priority payments (such as your mortgage) | Paying less than the original amount you agree with the companies you owe money to will affect your credit rating. If you’ve already missed or made late payments, it’s likely that your credit score will have already been affected. | |
| There are no set-up or management fees for a PayPlan DMP. | Including a debt in the plan that is either a joint debt or has a guarantor means that the creditor can approach them for the remaining balance and take legal action against them. |
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No impact on your credit score.
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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