Direct Debit is the easiest way to pay your DMP. With OnlineDMP you can set your Direct Debit up in minutes. Make sure you have your account details to hand. You can also pay your DMP by standing order and bank transfer. Make sure you know when the payment cut-off dates are.
In order to set up your first DMP payment, you must have returned all the documents we need to set up your DMP. Please don't send any payments until we have been in touch to say your DMP is set up and active. Paying by Direct Debit To pay by Direct Debit, the only thing we need is a completed and signed Direct Debit form. There are a few ways to set up a Direct Debit with us: Set it up online using OnlineDMP Return a completed and signed Direct Debit form to us by email or post Call our payments team to set up a Direct Debit over the phone Paying by standing order To set up a standing order, you don't need to send anything to us. You can set up a standing order by: Using your mobile banking app Using online banking Calling your bank to set one up over the phone When you set up a standing order or make a bank transfer payment to StepChange, make sure you use the following details: Name: StepChange Debt Charity Sort code: 20-48-46 Account number: 70238163 Reference: Your StepChange reference number and surname (example: 1234567 SMITH) Make sure you know when the payment cut-off dates are each month.
Our Direct Debit dates are the 1st or the 10th of each month. The cut-off dates change from month to month. Please make sure your payments reach us before the cut-off date each month.
When we send your DMP proposals to your creditors, we ask them to consider stopping interest and charges. It is up to them to decide if they will stop interest and charges. Some companies are more understanding than others and will be careful not to make things harder for you.
You will need to gather as many details about your finances as you can. Such as: Your income Your monthly spending Debts and missed or late payments (arrears) Items of value (assets) Any finance agreements you have Your property value Any mortgage or hire purchase balances that you still need to pay off You can review your plan online. Or you can review your plan with one of our friendly advisors over the phone.
Your DMP can be closed if you don't review it at least once a year. This is set out in the DMP agreement you will have signed when setting up your plan. Even if there have been no changes to your situation, it is important to review your plan so we can confirm this information and make sure your DMP is still working for you.
Your creditors can keep adding interest and charges to your debts while your DMP is ongoing. Because of this, we need you to update us on your debt amounts at least once a year. Some creditors will send you regular statements, but you might need to ask others for up-to-date statements. You can update your debt balances at any time using OnlineDMP. Or you can contact us by phone or email.
To work out how your DMP payment is shared out, we look at: How much money you have left over once all your living costs are paid How much you agreed to pay each debt when you took out the credit (known as contractual payments) The amount of time you agreed to repay the debt in
You will not be able to miss a DMP payment to cover things like Christmas or birthdays. But you can prepare for these bigger costs through the year by including savings in your budget. Speak to one of our friendly advisors if you want to add savings to your budget.
Contact us right away so we can talk about your options. Please let us know as soon as possible if you are struggling with your DMP payment.
To make your DMP a success, we recommend: Sticking to your budget Looking for ways to save money and boost your budget Making us aware of any changes to your situation
It is possible for a creditor to make you bankrupt, but only if you owe them over: £5,000 in England, Wales and Northern Ireland £3,000 in Scotland They will have to pay for the costs of applying for your bankruptcy. As you are on a DMP, you are already paying as much as you can. Your creditors know they will find it hard to raise any more money by making you bankrupt. The creditor must send you a formal demand for the money to start this process. If you get something like this, call us straight away and we will help you through the next steps.