When you are on a Debt Management Plan you'll need to have a review:
Find out below why we do this and what to expect when your Annual Review comes around.
These circumstances can all seriously affect how well you're able to stick to your budget and maintain your Debt Management Plan (Plan) payments.
That's why it's important to review your Plan.
If something changes in your circumstances, you should contact us for a review as soon as possible.
We still have to review your Plan with you once a year because the cost of living and personal circumstances often change.
Together we'll go through your budget, to make sure your payments are still affordable, both now and in the future.
It's vital that we do this, so that we can confirm that your Plan is still a suitable way for you to be tackling your debts - and recommend an alternative if it isn't.
Once we've done the review with you, we can update your creditors, confirm your arrangements with them, and ask them to freeze interest and charges on your debts.
If you don't complete your review, we will close your Plan.
It's important that we review your Plan regularly so we (and you) can be sure that your Plan is a suitable solution for you.
So, to make sure we take your changing circumstances into account, we need to make sure that you complete your Annual Review with us. And that's why, if you don't complete your review, we will close your Plan.
We'll give you plenty of notice of when your Annual Review is due.
We'll contact you beforehand to make sure we call at a convenient time and you have chance to get everything ready.
We will need to update your income and outgoings information, this includes:
In most cases, you'll have your review over the phone with a review adviser. They are experts at making sure you're still on a suitable solution, and will take the time to go through all the important details with you.
If you're earning more than you were at the start of the Plan, you might need to put more money towards it, and this will get you debt free faster.
And if you're earning less, for whatever reason, you may need to reduce the amount that you pay, so that the Plan remains affordable for you.
We'll check that you and your family have enough to live on month-to-month and that nothing has happened to stop you from being able to afford everything you need.
We'll make any necessary changes to your budget during the review so it reflects what's going on in your life.
At the end of the review, you'll know whether a Debt Management Plan is still a suitable solution for you and you should be confident that all the information on your account is accurate and up-to-date.
In some cases, of course, another debt solution may be more suitable - and your review adviser will provide the reasons why to you.
You don't have to wait for your Annual Review to let us know if there are any changes in your circumstances - in fact the sooner we know the better. We're on hand at any time throughout your Plan to answer any questions you have or respond to any changes.
If you have any questions, or you need to let us know about anything, don't hesitate to get in touch with your Personal Finance team.
"Your review will confirm your Plan is still suitable for you. If it isn't we'll recommend alternative options for you."Nadia, Gregory Pennington