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Managing a DMP

Debt management plans and job loss or redundancy

Losing your job while on a debt management plan (DMP) can be worrying. But, a DMP is flexible and can change with your needs.

There are three simple steps to keep your DMP on track during redundancy.

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1. Do your research

Make sure you know:


It is worth checking if you can get any benefits to top up your income. Use an online benefits calculator to do this.

2. Review your budget

Make sure you can cover all your essential household and living costs before you make any payments to your debts.

Life does not always go to plan, and you might not get a new job for a while. With this in mind, look at spending in your budget that you could trim in the short term.

To make cuts to your budget, you could:


  • Switch to supermarket own-label foods
  • Switch to a cheaper supermarket
  • Skip hair appointments
  • Cancel TV packages, streaming services or gym memberships

3. Complete a review

A DMP is a flexible solution.

Contact your DMP provider if you have a change in circumstances.

They can help you:


  • Review your plan
  • Create a new household budget and
  • Review the payment you are making so you can still afford it

Get in touch with your DMP provider to help adjust your DMP.

You can update your plan with us by logging onto OnlineDMP.

Do not take out more credit to support your income.

This might break the terms of your agreement which could cause your DMP to fail.

Common redundancy and DMP questions

Do I have to give up a redundancy settlement to pay my debts?

No.

Any redundancy settlement you get is treated as income and not an asset.

What happens if I can no longer afford my DMP?

Your provider can tell you if a DMP is still the best option for you.

They will explain what your other options and any benefits or risks you need to know about.

Will the people I owe be upset if I make changes to my DMP?

The people you owe know that a DMP is a flexible and affordable solution.

They expect your DMP provider to review your budget:


Your DMP provider should tell the people you owe if they need to make any changes to your plan.

The people you owe could take further action if you reduce your DMP payment, like:


Do not worry if this happens. Tell your DMP provider so they can keep sending your payments to the right place.