My income has increased. Do I need to pay more to my DMP?
A pay rise is usually good news. If your income has gone up, we’ll make sure this is reflected in your budget. If you can afford to increase your DMP payments, this means you’ll be able to pay off your debts faster.
But this might not always be the case if your living costs have changed. For example, your income may have gone up but bills, travel costs or other household expenses may have increased as well. This is why it’s important to look at your whole situation when reviewing your budget.
We’ll never ask you to increase your DMP payments if you can’t afford to.
Will my creditors be annoyed if I make changes to my plan?
Your creditors expect us to review your budget at least once a year. They understand that DMP payments have to be based on what you can afford, and that this might change over time.
Of course a creditor may not be happy if the payments to them go down. But we’ll provide them with a copy of your budget showing what’s changed, so they can see your DMP payment is still the most you can realistically manage.
In some cases, if your DMP payment reduces, a creditor may take action, such as passing your debt to a collection agency or sending you a default notice. If anything like this happens, just let us know.
Paying an amount to your DMP that you can’t afford would end up causing bigger problems in the long term, as you would find it difficult to cover your essential living costs.
Do I need to complete a plan review at least once a year?
Yes. It’s vital to review your situation every year, or when your circumstances change significantly, to make sure your plan is still working for you.
Even if it seems like nothing much has changed, it’s still important we check this. Sometimes a few very small changes to income or living costs can add up
If you don’t complete your review, we may have to close your plan because we won’t know if it’s still the best solution for you.
We’ll send you a reminder when you need to do a plan review, so it’s important you don’t ignore them. We’ve also got some tips that can help you prepare for your DMP review.
How can I let you know about changes to my DMP?
Easy, just give us a call and talk to our team.