All token payment plan (TPP) clients must review their plan once 12 months have passed, or if they have a change of circumstances.
A TPP is only intended to last a maximum of 12 months. It’s meant to give you breathing space from your creditors, but it's not intended to be a long-term debt solution. Reviewing your plan means that you have the opportunity to see if another debt solution would be more beneficial for you.
Why do I have to review my plan?
Without reviewing your budget, we won't know what other debt solutions are more suitable for you in the long-term. It's our responsibility to provide the best debt solution for your circumstances. We can't do that if we aren't aware of any changes to your circumstances.
How can I review my token payment plan?
You'll need to call us to review your TPP. One of our friendly debt advisors will go through your plan review with you and update your budget.
What do I need to do to review my plan?
To make your plan review as easy as possible it’s worthwhile getting the following information together beforehand:
- Your current income and what you spend on bills every month
- Details of any payments you’ve missed, including any mortgage payments or household bills. These are known as arrears
- How much is left to pay on outgoings such as your mortgage, hire purchase loans, child maintenance, benefit overpayments, County Court judgments or charging orders.
- Whether each debt is in your name or joint names
- Details of any new debts that aren’t currently on your token payment plan (TPP)
- Details of any valuable items such as cars, property, savings, premium bonds or jewellery
What happens if I don’t complete a review?
If we’re unable to review your plan after 12 months, we may need to close your TPP. This could mean that you’ll have to deal with your debts alone, however we would encourage you to contact us again so we can take another look at your options.
My circumstances have changed - should I review my budget now?
If something's changed in your budget or in how much money you have coming in, then you can quickly check if you should review your budget by using our budget improvement calculator.
Is there anything else I can do to make budgeting easier?
In addition to reviewing your budget regularly: