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“Can I switch my DMP?”
Switch on and don’t pay for your DMP
As we’ve mentioned many times, we offer debt management plans completely free of charge. We do hear from a lot of people that use other companies for their DMP, who realise that their full surplus could be going towards reducing their debts rather than paying a percentage as a fee.
As debt management plans aren’t legally binding in any way you are free to cancel at any time. So if you choose to switch provider you should be able to do this easily.
What’s the best solution for you?
It’s not as simple as just transferring all your information across. We’re a debt advice charity and we believe in providing the best service and advice possible so we explore all of the options that are available, not just DMPs.
If you’d like to move a DMP to us we would look at your situation as a whole, to ensure this is still your best solution. It could have been some time since you started your DMP and if your situation has changed or your debts have gone down (or up!) there may be other options available to you now that you hadn’t considered before.
So what information do I need?
For us to give best advice it’s important that you contact us with information that’s as up to date as possible. It’s easy to lose track of your balances when on a DMP, especially if you’re not in regular contact with your creditors.
The best place to get up to date balances is not from your existing DMP provider but from your creditors. By doing this there’s no discrepancy over how much you owe and our advice can be as accurate as possible.
We also look at your income and expenditure in great detail. This may have changed since you last compiled a budget so now is as good a time as any to look at this again and update it.
We’ve blogged before how to get as much information as possible so you’re prepared, and this should help you with everything you need.
It’s easy to get in touch
Once you have all your details to hand, you can contact us. If you’re fully prepared, you can complete our online advice service Debt Remedy and this will provide you with a personal action plan without you having to move a muscle from your computer!
Alternatively if you’d prefer to chat about your situation, you can call our helpline.
Initially you’ll be asked for all your figures, and then if a debt advisor is available you will be transferred for in-depth, tailor made advice. If not, we can book in an appointment at a time that’s convenient for you.
How long does it take?
If a DMP is recommended as your best solution, and you’re able to send in all the information we require, we can usually have it up and running for the following month. It may take longer if you have to get proof of your income and proof of your debts.
If there are other debt solutions that are more appropriate for you and your current situation we will explain them thoroughly and discuss them with you in detail.
No matter which debt solution is best for you, the most important thing is that you’re seeking free and independent advice and you’re on the route to becoming debt free.
