Category Archives: DMP

How to prepare for your DMP review

posted by in Debt, DMP 1 Comment

So your debt management plan (DMP) has been ticking over nicely. Hopefully your creditors have stopped or reduced contact with you and you’re budgeting like a pro.

But we know that this isn’t always the case; kids grow older, bills go up, and your situation can change and adapt.

Reviewing your situation every year, and when things change, can ensure that your DMP is working as it should.

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How will the April 2016 benefit changes affect my DMP?

posted by in benefits, DMP 26 Comments

UPDATE 17 March: Further benefit changes have been announced since this article was original published in February, and the article has been updated with further details. Our benefits checker can tell you what benefits you may be entitled to. 

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The government plans to reduce benefits spending by £12bn by 2020. There are two questions that are likely to be on your mind if you’re on a debt management plan (DMP). Firstly: which benefits are going to be affected? Secondly: how will these changes impact my finances and my DMP?

Another question that you could have been concerned about Tax Credits, but that was answered in the Autumn Statement. The chancellor George Osborne made a U-turn on his proposals for Tax Credits changes FOR April 2016, but there are still changes to come in 2016 and 2017, and equivalent changes in Universal Credit.

We’ve summarised the biggest changes, when they’re going to happen and who’s likely to be affected by them. We’ve then covered some likely questions that might crop up if you’re on a DMP.

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5 of the most commonly asked DMP questions this year

posted by in Collection Process, Debt, DMP, Priority Household Bills Leave a comment

Whether it’s reviewing payments, changes to your circumstances or helping with letters and forms, our dedicated team of advisors are here to help you manage your DMP.

We were curious to find out what the most commonly asked DMP questions were in 2015. Who better to ask than the advisors themselves? Take it away, guys!

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3 essential tips to stay positive with your DMP in January

posted by in Budgeting, Debt, DMP Leave a comment

There’s a reason they say January feels like the longest month of the year. Not only is it cold and dark, but we’re left with the financial (and very often literal!) hangover from our Christmas and New Year celebrations.

It can be a tough time to stick to an already strict budget, but it’s important that you don’t let your DMP fail.

Here are three ways you can help things go to plan. You might already know some of them, but we want to do everything we can to help you succeed with your DMP!

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I’m on a DMP and work for StepChange Debt Charity

posted by in DMP, Inside StepChange 2 Comments

Jonathon works in our Helpline but before he became an advisor he was on the other end of the phone. He’s currently on a debt management plan (DMP) with StepChange Debt Charity, and wanted to share his story in his own words – how he got into debt, the impact it had on him, how he got help and how he’s now helping other people that are struggling with debt.

It’s a great story and shows how debt can affect anyone. If you find that you’re situation is similar to Jonathon’s you should get in touch with StepChange Debt Charity for free debt advice Continue reading »

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How will upcoming benefits changes affect my DMP?

posted by in benefits, DMP 26 Comments

UPDATE: This article was published in July 2015. Make sure you’re up to date with the 2016 benefit changes and how they may affect you.

The July Budget revealed plans to reduce welfare benefits by £12bn. There are two questions that are likely to be on your mind if you’re on a debt management plan (DMP). Firstly: what benefits are going to be affected? Secondly: how will these changes impact my finances and my DMP?

We’ve summarised the biggest changes, when they’re going to happen and who’s likely to be affected by them. We’ve then covered some likely questions that might crop up if you’re on a DMP.

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Customers of these three debt management firms should call their creditors now and seek free debt advice

posted by in Debt companies, DMP, Dodgy practice Leave a comment

If your debt management firm's closed down, we can help

If your debt management firm’s closed down, we can help

Yesterday morning, The Financial Conduct Authority (FCA) warned the customers of three debt management firms to contact their creditors and find out exactly what they owe on their debts.

The debt management firms in question are Sterling Financial Security Limited (Sterling), Haydon Associates Debt Management Consultants Limited (Haydon) and Clear View Finance Limited (Clear View), all based in Lichfield.

Most customers of these firms have had 90% of their monthly payments deducted in fees, meaning that only 10p out of every pound they were paying was actually going towards their debts.

The FCA have announced that these firms have failed to comply with the requirement to provide regular written balance statements to customers. As a result, the FCA has withdrawn permission for them to offer debt management services or set up new debt management plans.

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