Tag Archives: dmp

How to prepare for your DMP review

posted by in Living with debt 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 Debt news 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

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

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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 Living with debt 36 Comments

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

Well, should I?

Our advisors have been giving debt advice for 25 years and in that time they’ve talked to people from every walk of life who’ve fallen into difficulty with their finances.

Over the years we’ve spoken to lots of people who feel 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.

We’ve never believed this viewpoint, and we don’t think you should either.

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The #debthour debt clinic – Tuesday 27th August

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Fire over your debt questions to us!

Fire over your debt questions to us!

We’ve come to our final debt clinic this month where we answer your burning debt and money questions live, right here on the blog. 

Today our friendly debt geeks are on hand to answer your debt questions.

We aim to reply to every question straightaway. No debt question is too outlandish for us, so this is the perfect opportunity to clear up any worries you may have.

Recent questions we’ve answered include…

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