What happens once DMP is set up?
Our work is not complete once the Debt Management Plan is up and running it’s just the beginning. Throughout the life of your plan our customer services team with deal with your case, communicate with your creditors or the collection companies and if you have issues or concerns they will be on hand to help, support and guide you.
We will conduct a review of your plan annually; this is to ensure that the Plan is tailored to suit your individual circumstance. If your circumstances change prior to the review, please notify us immediately so our advisors can undertake the review and make any necessary changes to your Debt Management Plan...Debt Advice
The benefits of a Debt Management Plan (DMP)
- Make one low affordable monthly payment
- Possibly freeze or reduce interest and charges (with creditors approval)
- We will deal with your Creditors (Demand letters and calls)
- Debt advice and support throughout your plan
Drawbacks of a Debt Management Plan (DMP)
- It is not a legally binding agreement
- Creditors can still contact you
- DMP can take a long time to complete
- Your credit rating will be effected