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TPPs are available throughout the UK.

Token payment plan (TPP)

This is where you pay £1 each month to every creditor, usually for up to one year. You give the money to us, and we divide it among the people you owe money to.

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A TPP gives you extra time to handle your debts, and ease things with the people you owe.

We do not charge fees for token payment plans.

We work out what money you have left over to repay your debts after you pay for things you need to live, like food, housing, and utility bills. You make one monthly payment to us, and we share this between the people you owe money to. 

With a TPP, interest and charges are often stopped by creditors. This is because regular payments are being made to them through the token payment plan. 

Benefits of a TPP

  • You pay us once a month, and we pay your creditors for you
  • We do not charge any fees, so all the money you pay goes to repaying your debts 
  • Interest and charges on your debts are often stopped 
  • Payments to your less important, or non-priority debts will be reduced. This makes it easier to pay for your living costs 

Risks of a TPP

  • The people you owe money to might still want payments, but you don’t have to pay any more than you can afford 
  • You will be making reduced payments to your debts, so this will affect your credit file
  • The people you owe money can still take further action against you to recover the debt 

Other things to consider with TPPs

If you have told us about a debt that is linked to your day-to-day bank account it could be a risk to keep the account as it is. Such as, if you have an overdraft. Your bank might freeze the account. They are allowed to use a rule called the ‘right of set-off’ to take money from it.

If you have an account like this, talk to your bank. They should help you to separate the linked debts from your day-to-day account. You can change banks if you feel they cannot help, or if you want to move away. 

You must keep up with your regular payments on your important bills. 

How to find out if a TPP is right for you

  1. The first step is to put a budget together so we can see what's best for you. Use our online debt help tool or give us a call
  2. If a TPP is right for you, we will get in touch with your creditors and start making the payments to them
  3. We will keep in touch. As soon as your situation gets better we can review your budget and look into longer-term options

Questions our clients ask us

It usually lasts for around a year. But it depends on your circumstances.

Once your situation has improved we will review your budget. Then we can talk to you about the other options to help you deal with your debts.

Your single monthly TPP payment covers your less important, or non-priority debts.

These will not be included:

  • Secured debts, such as mortgages, secured loans and hire purchase on vehicles
  • Council tax, rent or rates, and utility bills
  • Payments to priority debts
  • Payments to your missed, overdue, important payments, we also call these priority arrears

If you cannot afford to make regular payments on your priority bills, you should get in touch with your creditors. You will need to ask them to agree to you making temporary payments. This means making smaller payments for a short time. Learn more about priorities, including which bills you need to pay first.

The payments you will make through your TPP are smaller than the amounts you first agreed to with the people you owe money to, called 'contractual payments'. These payments will be recorded as 'partial payments'. Your payment history stays on file for six years. 

If you miss payments, you are at risk of ‘defaulting’. If you default, this will be shown on your credit file. 

You can rebuild your credit file later, when you have your money situation under control. It is better to focus on handling your debts first. 

Find out more about how debt affects a credit file

They are quite different but are both ways to give you some time to deal with your finances.

Breathing Space is a free government scheme. For up to 60 days, the people you owe money to cannot:

  • Add interest or charges to your debts
  • Take action to enforce the debt

Find out more about Breathing Space and if you can apply for it. Not available in Scotland.

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While we hold your money, it’s covered by the Financial Services Compensation Scheme, which can pay compensation if we’re unable to meet our financial obligations. You can find out more on the FSCS website, www.fscs.org.uk.