The importance of reviewing your Debt Management plan

Annual Reviews are a really important part of making sure your Debt Management Plan (DMP) is still working well for you. You must complete an Annual Review once a year, but you don’t have to wait that long – you should have one anytime your circumstances change.

If we aren’t able to complete an Annual Review with you within a reasonable timescale of it falling due then your plan will have to close. If it does, your lenders will start contacting you again and they may decide to add interest and charges back onto to what you owe.

We want to make sure that your DMP is still a suitable solution for your needs and that your payments are set at the right level. You need to have an Annual Review even if you think nothing has changed with your circumstances. It’s possible that your disposable income has changed without you even realising, for example your Council Tax or TV licence bill tends to go up every year, and tax changes mean your take home pay usually changes too. We also want to check whether anything has changed in your life which could affect how well your DMP works for you. Your review will give us a chance to check all these important things.

What happens during a review?

We can do your review over the phone, at a time that’s convenient for you. We’ll go through your income and outgoings: if you’re earning more maybe you can put more money towards your debts and clear them faster. If you’re earning less, we’ll look at whether you can reduce the amount you pay. Of course, it could turn out that your plan is still working perfectly well, and nothing needs to change, but we just need to check.

We also want to make sure that you and your family have enough to live on. You’re only expected to put your disposable income towards your debts on a DMP – you should always have enough to pay for your essential bills and expenses like food, rent, household bills and any other priority bills and secured repayments you may have.

After we’ve talked through your situation, we’ll tell you whether a DMP is still a suitable solution for you.

Let us know about any changes

When we first set up your DMP, we take account of your personal circumstances at the time, but of course there are lots of things life can throw at you, often unexpectedly, that might have an impact on your ability to keep up with repayments. Splitting with your other half, having a baby or changing your job for instance, can all affect your budget and may put an added strain on your finances.

You don’t have to wait for your annual review to come around – if anything like this changes, give us a call and we’ll make sure your plan is still working for you. Even if nothing changes, we still have to review your plan once a year to make sure that your payments are affordable and sustainable. When you’re due for a review we’ll contact you 4 weeks beforehand and keep reminding you so it doesn’t become overdue.

If you’ve got any more questions about reviews or your plan in general, just get in touch with a member of our dedicated Personal Finance team.

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