Can I clear my debts faster than I planned on a Debt Management Plan?

One of the advantages of starting a Debt Management Plan (DMP) is that it is an informal debt solution so there’s quite a lot of flexibility built into it. For example you may be able to change how much you pay each month. Let’s look into this in a bit more detail.

Putting more towards your debts

When we go through your budget with you, either at the time you took debt advice from us or whenever you complete a review, we make sure you can afford all the essential things in life. But sometimes you might find that you don’t actually spend all the money allocated to those essential costs and there’s a little bit of slack in your budget.

We know that many customers do manage to free up some cash each month. Some save it to create a fund they can draw on for emergencies – which is a great plan. Others put it aside to give them more flexibility at Christmas, or for family celebrations.

Another option is to consider increasing your DMP payments to clear your debts more quickly.

Want to find out how much quicker you could pay off your debts if you upped your monthly payments? Just have a look at our handy calculator to find out what kind of difference it would make to you if you made additional payments towards your DMP. To use the calculator just login to GP Online. If you aren’t yet registered speak to your Personal Finance Manager and they can sign you up.

If you decide you want to make an additional payment, just give the PFM team a call on 0161 393 7157 and they can arrange this for you.

And don’t worry, if you find that you are struggling to make ends meet, you can always revert to the old payment again.

Change in circumstances

Freeing up some cash from your existing budget is one thing, but what if you get a promotion at work, which comes with a tidy pay rise? We call this a change in circumstances – you need to let us know when this happens so we can recalculate your payments for you.

Either way, paying towards the debts included in your DMP each month will mean that you’ll be free of those debts that much sooner.

Need expert help with your debts? Complete our form to request a callbackRequest a callback
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