How to get the best out of your DMP

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Advance notice of OnlineDMP maintenance

We're carrying out routine maintenance on our OnlineDMP tool on 8-9 May and 22-23 May. If you need to access OnlineDMP over these weekends, please be aware that it might be tricky to log into OnlineDMP at this time. Apologies for any inconvenience.

This section has lots of answers to questions that may arise while you’re on your debt management plan (DMP). We’ve arranged this section based on whatever stage you may be at in your plan.

On this page, you'll find...

Answers to the questions our debt management plan clients ask us most often (and perhaps some you may not have thought of asking!)

A timeline that tells you what you can expect over the course of your DMP, from how to deal with creditor contact to when you’ll need to review your budget with us.

Manage your DMP online

Day or night, you can update and make changes to your plan at a time that suits you.

Log in to OnlineDMP

Don't forget...

You can log into OnlineDMP at any time. From there you can update your creditor details, review your DMP quickly and easily and view your six most recent statements.

You can call us if you need help regarding a significant budget change, making your DMP payment or dealing with an emergency such as bailiffs. You can also send an email.

The MoneyAware team are here to support you while you’re sticking to a budget with money-saving tips and ways to increase your income.

Have you received a one-off Tax Credit payment of £500 due to the pandemic?

Don't worry. You don't need to pay this into your DMP. This money is intended to help you and your family cover your living costs during these difficult times. You can find out more about the one-off payment on the GOV.UK website.

What to expect during your DMP

Day 1 - Your plan is active

You'll choose whether to pay your plan by direct debit or standing order. If you choose standing order, the payment date each month may change. Make sure you know when the cut-off date for this month's DMP payment is. This is the date that we must receive your monthly DMP payment by. Be sure to check the date for each following month, too.
Week 1 - Talking to your creditors

We’ve sent all of the creditors in your plan a proposal telling them how much they’ll get paid and giving them a copy of your budget. They may still contact you as it can take them a while to process this information in their systems.
Week 2 - Hello from us

Check your inbox because we'll send you your first DMP client newsletter. You'll get sent one every fortnight, and it'll be packed with money-saving, money-making and debt management tips. For even more thrifty ideas, you can sign up to our MoneyAware newsletter.
Month 1 - Your first payment

You’ve made your first DMP payment to us but you may still be getting letters and phone calls. It might take a couple of months of regular monthly payments before things settle down. Bear with it, it’ll get easier.
Month 3 - Peace and quiet

The phone calls are probably starting to die down now your creditors have received a few payments. If you’ve received a letter from them recently why not log into OnlineDMP and update your balances.
Month 4 - Interest and charges

Some creditors may still be adding interest and charges to your debts. We know it can be disheartening, but keep paying your DMP. As your debt moves through the creditor’s collections process it is likely that interest and charges will stop.
Month 5 - Default notices

You may have received default notices from your creditors. These will stay on your credit file for six years but are a normal part of the collections process. Just carry on making your monthly payment.
Month 6 - Creditor updates

Some creditors may contact you to see if your circumstances have changed. If nothing has, send us an email through OnlineDMP and we'll send them a copy of your budget to let them know.
Month 8 - Debt swapping

If you get letters from debt collection agencies saying they’ve taken over a debt, all you need to do is log into OnlineDMP and give us their details. We'll contact them and start sending them payments.
Months 10 and 11 - Your budget

Now things have hopefully settled down, start to track your spending. This will help you when your review is due as you'll have a better idea of what areas of your budget you might need to tweak.
1 year in - Your annual review

You’ve reached your first full year on your DMP. Congratulations! We’ll need to review your DMP at least once a year. Just log into OnlineDMP to get your review started.

Common DMP questions our clients ask

How can I pay my DMP?

Direct Debit is the easiest and most convenient way to pay your DMP. Just log in to our OnlineDMP area and you can set your Direct Debit up in minutes (as long as you've got your account details to hand).

You can also pay your DMP by standing order and bank transfer, but we’d always recommend Direct Debit.

What information do you need to set up my first DMP payment?

There are various documents you will need to provide us so we can set up your first DMP payment. They include your Direct Debit form, your most recent payslip, a list of your debts, and your signed DMP agreement.

Find out more about how to submit the documents we need to activate your DMP.

What are your payment dates?

Our Direct Debit dates are the 1st or the 10th of each month. The deadline for DMP payments by standing order or bank transfer can vary month to month. Please make sure your standing order or bank transfer payments reach us before each month's cut off date.

Will my creditors keep charging me or adding interest?

No DMP provider can guarantee that a DMP will stop your creditors adding interest and charges to a debt. In practice however, most companies will recognise that when you’re in financial difficulties, adding further interest or charges will only make things worse.

What information do I need to complete my review?

First, gather together as many up-to-date details about your finances as you can. This includes your income, outgoings, debts, and any arrears you have due to missed or late payments. Completing this budget form (PDF) can help. If you prefer, you can also put your budget together using our Excel template.

You should also gather details of assets or other commitments you might have such as finance agreements, property value, and mortgage or hire purchase balances that you still need to pay off. You can review your plan over the phone or online.

My situation hasn’t changed since my last review. Do I still need to complete one?

As set out in your DMP agreement if you don’t review your plan at least once a year we’ll have no option but to close it. This is the case whether you've had a change in circumstances or not. You can complete your plan review yourself online at a time that suits you.

Why aren’t my balances on your system up to date?

We have to rely on you to update your balances at least once every 12 months. You can ask your creditors for up-to-date balances. You can then update your balances in our system online or by calling us.

How do you work out my DMP payment?

Your DMP payment is worked out by what you have left over as surplus income once all of your living costs are covered. We also take the contractual payments on your debts into account when considering how much you pay towards your DMP each month.

Can I skip a DMP payment to pay for Christmas?

You won't be able to skip a DMP payment to cover things such as Christmas, birthdays, or other events. However, there are things you can do to make a DMP easier to manage over the festive season.

I can’t make my DMP payment, what should I do?

If you’re unable to make the payment towards your DMP this month, we recommend you phone us so we can discuss your options. It’s really important you let us know as soon as possible if you’re having any difficulties keeping up to date with payments.

What can I do to make my DMP a success?

By understanding your budget, looking at ways to save money and making us aware of any changes in your circumstances, you can greatly increase the chances of a successful DMP.

Could a creditor make me bankrupt even though I'm on a DMP?

It’s still possible for a creditor to make you bankrupt, but only if you owe them more than £5,000 (£3,000 in Scotland). They’ll have to pay for the costs of applying for your bankruptcy, which can be quite substantial.

As you’re on a DMP, you’re already paying as much as you can, so your creditors know they’re unlikely to raise any more money by making you bankrupt.

To start the bankruptcy process, the creditor must send you a formal demand for the money. If you receive something like this, call us straight away and we’ll advise you what to do.

My finances have been affected by the coronavirus pandemic - what should I do?

If you've been affected financially by the coronavirus pandemic, please let us know.

If you've been furloughed, had a reduction in income or are have been ill from coronavirus (or a loved one has), these are significant life events which may make your DMP more of a challenge. We can take a look at your current situation and make sure that you're getting all of the support you need.

Katie, Tyne and Wear

“Contacting you earlier would've made life a lot less stressful and prevented a lot of sleepless nights.”

Jeanette, Nottinghamshire

"The lady on the phone was so lovely and kind. I dont need to worry anymore."

Want to know more about your DMP?

There are lots of great articles on our website that can help you get the best out of your DMP. They include: