Because you’re making reduced payments to your debts, your creditors will follow a collection process. This process normally follows these steps:
- Your creditors will call you and send you letters asking you to pay the outstanding arrears. If you don’t pay, these will become more threatening. Your account may be dealt with by the creditor’s collection department.
- You will be sent a default notice if you miss a number of payments (usually between 3 and 6) and if the debt is regulated by the Consumer Credit Act. If you can’t pay, the agreement is then cancelled.
- Once you’ve received a default notice your debt may be sold to a debt collection agency.
- The debt collection agency will call you and send you letters to persuade you to pay a certain amount each month. You don’t need to do this. Just maintain your normal DMP payment, and we’ll pay this to the debt collection agency. You should let us know that your debt has been transferred.
- The creditor can take you to court if they're not happy with the amount you're paying. Call us straight away if you get any court paperwork in the post.
Whatever your creditors say or do, the important thing is to make your DMP payment each month.
Dealing with creditors
The success of your DMP depends on a good relationship between you, your creditors and us.
You shouldn’t be afraid to discuss your situation, or your DMP, directly with your creditors. This shows them that you’re taking responsibility for your financial situation.