If we’ve recommended a token payment plan for you, it’s because something in your financial situation is going to improve within the next 12 months. Perhaps it's that you're currently paying off arrears, or returning to work soon. When this happens we'll be able to recommend a longer-term debt solution.
Even though a token payment plan (TPP) won't help you repay your debts in full, it'll give you some much-needed breathing space while you concentrate on getting things back on track.
On this page, you’ll find…
Answers to the questions our token payment plan clients ask us most often. There’s also more information to be found in the Debt Information section of our website.
A timeline that tells you what you can expect over the course of your TPP, from how to deal with creditor contact to when you’ll need to review your budget with us.
If you want to see if your situation has improved enough to go on a more long-term debt solution, you can use our budget improvement calculator.
You can contact us if you need help about a significant budget change, making your TPP payment or dealing with an emergency such as bailiffs.
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.
How to set up a TPP
To set up your TPP we only need four things from you. So we can get your plan up and running, please send all of this information to us in one go, if possible:
- Your signed TPP agreement. Without this we can’t contact your creditors.
- A list of your debts. Don’t worry about sending us a statement from each of your debts. We just need the name of the company and your account number with them.
- Proof of your highest income. This should match the amount you gave us during your debt advice session. If it doesn’t make sure you include a note to tell us why. It also needs to include your name and can be one of the following:
• Your most recent payslip (dated within the last three months)
• A recent bank statement that shows your income received (dated within the last three months, and you can also highlight your income figures if you feel this would help us identify it quicker)
•Your most recent benefits award letter (all pages and this should include the amount of benefits that you’re currently receiving)
- The completed Direct Debit mandate.
You can post your documents to:
Plan Activations, StepChange Debt Charity, Wade House, Merrion Centre, Leeds, LS2 8NG. If you post your information to us, make sure you take your envelope to the post office and pay the correct postage.
Or, if you can scan all of the information you can email it to us. If you don’t have a scanner you can take a picture of the documents on your smartphone and send this to us. Please make sure they’re good, clear photos. If you do this don't forget to include your name and client reference number in the email.