The small print for DMPs
At PayPlan, we will always make sure that all aspects of any debt solution are explained to you plainly and clearly, to ensure you understand the details of the solution you are committing to.
Some of the main things to remember with a DMP are:
- If you fail to keep to your agreed repayment terms, your plan will be cancelled. Your creditors may also look to take legal action against you to ensure they get some form of repayment from you.
- Upon entering a DMP, you will no longer be paying the contractual payments originally agreed. This will result in a longer repayment period and the overall total may be higher if creditors add interest and fees. We will request the amount be frozen, but we cannot guarantee this will be the case.
- Making less than your contracted repayments can affect your credit rating for up to 6 years from the date of the last Default Notice issued against you, which your creditors can issue at any point during the plan. If you’d like advice, our advisers can help compare different solutions with our handy online tool.
- We will offer you a range of solutions to ensure you are given the best recommendation to get you debt free in a realistic timeframe, whilst making sure your repayments are sustainable.
For expert advice on which debt solution is right for you, call PayPlan FREE on 0800 280 2816. We are open from 8am to 8pm Monday to Friday, and 9am to 3pm on Saturday. Alternatively, complete our enquiry form and we will be in touch as soon as possible.