What has changed with DMP payments?
From April 2015 we've improved how we process your DMP payments. Previously your payments would be sent to creditors towards the end of the month, regardless of when we received the money. Now we'll send payments to your creditors as soon as the funds are cleared, which means your creditors will receive your money sooner.
Do I need to change anything?
No - there's nothing for you to change. You can carry on making your payments to your DMP in exactly the same way as always, this change just means we'll process your payments more quickly and they'll arrive with your creditors earlier than before. We've informed creditors about this change, so they'll understand why payments are arriving at a different time than before.
What happens to my money after I've sent a payment?
Once we receive your money we'll send your payment on towards your debts. Most creditors receive payments from us electronically, by a bank transfer. With some creditors, we also send them details of which account the payment relates to so they can match it up with your account.
What is the payment date for my accounts?
When we send your proposal to your creditors we tell your creditors that they will receive your payment before the 28th of each month. However, the payment is likely to be received by your creditors before this date. Nothing has changed in the way you pay.
What date will my payment be collected from my bank account?
Direct Debit payments are collected on the 1st and 10th of each month. If you're worried you might not be able to make your payment it's important that you get in touch so we can work out a solution. Again, nothing has changed with the date you pay.
How long will it take for payment to be applied to my debts?
We'll send your payment to your creditors as soon as the funds are cleared, usually after a couple of days. Once this is received by your creditors they'll apply the payment to your account. The time this takes will vary depending upon the creditor and how they process payments.