How long will my DMP (Debt Management Plan) last?
Until all your debt is repaid or you have a better debt solution you would like to pursue.
At PayPlan we’ll always try to find alternative solutions for you to reduce the time spent in your plan. All being well, there shouldn’t be any money owed once your plan’s over.
Having said this, however, your plan may need to run a little longer if creditors have added interest and charges. Your plan may also need to run longer if you miss payments or if the payment you have set changes to a lower amount.
I overlooked a debt when my plan was being worked out. Can I add more debts to my plan after it has started?
You can, speak to us and we will let you know how to proceed.
When will you make contact with my creditors?
As soon as we receive your signed letter of authority that was sent to you, but only as long as we have enough information about your creditors in order to contact them, including correct account numbers.
When will my payments be sent to my creditors, and when will they clear?
Payment will be sent to your creditors as soon as it’s cleared through our banking system – we allow five working days for this to happen.
We also have special arrangements with certain creditors regarding how we send their payments, as some of your creditors may have requested payment at specific times (this is the case with bulk payments, for example).
We honour this agreement by sending payment from all our clients at the same specified time, meaning that in these instances your payment may not be sent as soon as it has cleared but as per agreements with creditors.
When will creditors receive my financial statement?
Once we have received your first payment and have had all the balances on your accounts confirmed with your creditors.
Were my repayment offers accepted?
Once we have all your balances confirmed and you’ve made your first payment, we’ll send the financial statement and offer of payment to all your creditors.
After this we’ll allow your creditors 30 days to respond to the offers before sending you an offers outcome letter. This will state which creditors have accepted, declined or not responded to the offers.
I can't make my first payment this month, what should I do?
We fully appreciate that there may be instances in which you can’t make a payment for some reason or another. If this happens, please contact your case officer; they’ll advise you on what to do next.
Please remember, however, that repeated failure to stick to your agreed payments could potentially result in your repayment arrangement failing or not starting. This will, in turn, encourage your creditors to potentially reapply interest and charges. Missing your payments or making reduced payments will also mean your debts take longer to pay off.
I want to make a complaint, what do I do?
If you want to make a complaint, then all you need to do is get in touch with us by phone 0800 316 1833 or email. We take all feedback and complaints very seriously, and will act upon any complaints we receive in accordance with our complaints procedure.
How often will my plan be reviewed?
We’ll do a full review of your financial situation – including your income and expenditure – at least once every 12 months during your DMP.
Aside from being one of our regulatory requirements, reviewing your DMP annually is how we ensure we’ve got accurate, up-to-date information on your file. It also allows us to update and re-advise you yearly on what the best debt solution is for you. Even if you feel that nothing’s changed from year to year, we’ll still review your plan for these reasons.
We can also review your plan when your circumstances change if you inform us of this being the case. Not participating in your annual review on a consistent basis could potentially impact on whether or not we maintain your DMP – so please be open to this!