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What are the steps in
a DMP?
Here we explain the 6 steps to a DMP. |
Step 1
Together we review your entire financial situation over the phone and work out
the most effective solution to your problem. An income and expenses sheet is
completed to establish what you have left per month to offer your creditors.
Step 2
You will then be contacted by a debt management specialist who will
confirm all these details with you and set up a date for you to make
your first single payment.
Step 3
You would then stop paying all your unsecured creditors, but continue to
pay all you normal household bills including of course a mortgage if you
have one and any secured debts.
Step 4
Each creditor will then be contacted directly by the debt management
company and offered the reduced payments. It will also be requested that
they freeze the interest on the debts, though the creditors do not have
to do this.
Step 5
You continue to pay this single payment to the debt management company
until the debt is paid in full. You may be contacted by the creditors
directly, but you can refer them to the debt management company and
should not be pressured into making additional payments outside the DMP.
Step 6
At any time during a debt management plan if you feel your situation has
improved, you can reassess you situation with one of our advisors and
perhaps look at another solution, perhaps an IVA.
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Vincent Bond on the BBC more |
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Vincent Bond on the BBC more |
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Thankyou so much for the chat yesterday, you really put my mind at ease. It was so refresh ... more
27 July 2010
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Thank you so much for all you help and support, thanks to you my IVA has been accepted and ... more
25 July 2010
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Excellent very supportive will follow advice and be back in contact in near future ... more
22 July 2010
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do not think louise could improve on the help she has given me , nor the time and speed as ... more
22 July 2010
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Tracey, you cannot do anything better than you you do now. Fantastic person to deal with, ... more
21 July 2010
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It's just nice to know there's a place like Vincent Bond for people to go to as an alterna ... more
20 July 2010
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the service i have had has been great and helped me a lot. this is the first time i have b ... more
17 July 2010
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It's such an embarrasing subject and being so young and in debt I wondered what would they ... more
17 July 2010
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Keith was professional from the first moment we spoke. He understood the circumstances I w ... more
14 July 2010
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After being with another organization and seeing how they treated me like a number, it is ... more
11 July 2010
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