Tag Archives: debt management plan

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

posted by in DMP, Inside StepChange Leave a comment

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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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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My debt management company’s closed down – what can I do?

posted by in Debt companies, DMP, Dodgy practice 1 Comment

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Recently Debt & Claims Ltd (also trading as Grassroots Financial or GRF) were ordered to cease trading by the Financial Conduct Authority (FCA). They were also told to refund any client money they were holding and hand over a list of their clients to the FCA. 

We don’t know yet if the FCA will let Grass Roots begin trading again. But we do know that their website has disappeared and their clients are now being contacted by other fee-charging companies, including one called Angel Advance.

When you’re told your debt management company is no longer trading – with no website, no correspondence, not even a number to call for answers – what do you do next?

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Should I be worried about my credit rating while on a DMP?

posted by in Credit Files, DMP 22 Comments

Should I be worried about my credit rating while on a DMP?

Well, should I?

I’ve been giving debt advice for seven years and in that time I’ve talked with people from just about every walk of life who have fallen into difficulty with their finances.

Over the years I’ve spoken to many people who have felt like having a good credit rating is a sign that they’re a good person.

They therefore think that by damaging their credit rating this will somehow make them a bad person.

I’ve never subscribed to this viewpoint and I don’t think you should either.

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Cheryl’s debt free story – a year on

posted by in Client stories, DMP Leave a comment

Cheryl is one of our clients that we helped through the forums on moneysavingexpert.com and Debt Remedy. It’s been a year since she started her DMP with us. Let’s see how she’s getting on…

What a difference a year makes...

What a difference a year makes…

It’s been 12 months since I first contacted StepChange Debt Charity and what a 12 months it’s been. When you get yourself in such a pickle with debt problems, it can be hard to see a way out. Dealing every day with calls, letters and bills can put you in constant panic mode.

Imagine my relief when I was barely a month into my plan and suddenly free of hassle. It felt like a lightbulb had been switched on. I still remember however how I felt while setting up my debt management plan

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