DEBT SUPPORT
SERVICE
Getting you back on track
A Roadmap to financial security
Welcome to Debt Support Service
Welcome to Debt Support Service and congratulations on beginning your Debt Management Plan (DMP)!
About Us
At Debt Support Service we are regulated by the Financial Conduct Authority (FCA) and specialise in helping people regain control of their finances.
- ❯Thousands of people find themselves in financial difficulty and unable to afford their bills — you are not alone
- ❯We understand that everyone's circumstances are different
- ❯Our experienced team works with you and your creditors to give your DMP the best chance of success
Our Promise
What happens now?
Your DMP is now in place, and your first payment has been paid. All your creditors have been contacted and provided with your proposal of a reasonable offer of repayment.
Your Creditors
Some creditors may still contact you while they update their systems - this is normal. It should reduce within 6-8 weeks when offers of repayment have been accepted.
In the first couple of months, you may also receive a Notice of Default from creditors. A default notice means that you have stopped making your contractual payments and are now making reduced ones as part of your plan.
These are for your information only.
Good To Know
From time to time, you may receive statements from your creditors as they are required by law to send these.
Examples of creditor letters and a guide of what to do are available on our website in the FAQ section
Your Payments
Your Monthly Payment
- ❯Your monthly payment is based on what you can reasonably afford
- ❯Priority bills (rent, mortgage, utilities, council tax) always come first
- ❯Payments follow industry-standard budgeting guidelines
Ways to pay
- ❯There are many ways to make the monthly payment, and your payment will have been set in your preferred method.
- ❯If you change banks or lose your card you can always make a payment via our portal here:
debtsupportservice.co.uk/payments
The journey ahead...
Annual Financial Review
Every 12 months we review your income and expenditure to ensure that your DMP payment is set at the correct amount.
We use the same expenditure guidelines to calculate your monthly payments, allowing for any increases in inflation.
Can I pay more?
If you earn more than expected and want to pay more to the plan, we will not charge any increased fees. It may mean you complete your plan earlier than planned.
There is no obligation to do this but if you want to talk to an adviser we are always here to help.
How do I know what I have paid?
We will send you an annual statement, showing what you have paid, along with a summary of your plan.
You will also receive updates when things change in your plan or if we need some more information.
If you want to know anything about your plan at any time we are here to help, so please contact our advisers on 0800 97 89 45.
Bumps in the road
If things change
Life happens - and we understand that.
Payment reductions
- ❯It may be possible to reduce the amount that you pay towards your debts, so please talk to us
- ❯If you are struggling with your payments or have had a change in circumstance, please contact us at
Payment breaks
It is important to try and maintain payments, but we understand there may be bumps in the road.
There may be times when you cannot afford the repayment to your DMP. This may be for many reasons; for example, you may have received reduced pay due to sickness or experienced an unexpected expense which you had not planned for.
If you do need to miss payments, please do let us know so we can tell your creditors. If you miss payments and don't tell us, creditors may reject offers or apply interest and charges.
Any break in payments will be added on to the end of the DMP. If your original plan was estimated to last 60 months and you miss 2 payments, your plan will be extended to 62 months.
Ending your DMP early
It may be possible to complete your DMP early should your circumstances change.
Settlement
It may be possible to offer a lump sum to creditors to ask them to allow the DMP to complete early and write off the remaining debt.
For example, if a family member wishes to offer a payment on your behalf or you have saved funds. If this is something you would like to do, our expert advisers will contact your creditors and negotiate on your behalf. Additional fees apply. We will explain how these are calculated if you ever want to do this.
If you wish to do this, please contact us at 0800 97 89 45.
The finish line 🏁
Completion of your DMP
Once you have made all the payments required into the DMP we shall complete the final administration of the DMP.
We will notify you that your plan is complete, and the credit reference agencies will update your file to show the debts as settled.
This may take a couple of months to update, whilst their systems update.
Legal Stuff
Your Credit file
- ❯A DMP won't show on your credit file in the same way a formal debt solution like bankruptcy would. The debts included may show as being a payment arrangement. This is because you haven't been making the payments you agreed with them originally.
- ❯Data is stored on your credit file for 6 years from the date of the action, such as a missed payment. Once your debts are repaid these will show as settled.
How We will use Your information
- ❯We may use your information as set out in our Privacy Policy which is available on our web site. Your consent will be sought for use of your information for any other purposes, and this will be held on record.
Termination
- ❯You may terminate this agreement at any time by either telephoning us or writing to us. We will give you at least four weeks' notice in writing with a right of appeal, which should be addressed to our Compliance Manager. If you fail to make three consecutive monthly payments your DMP will be closed immediately without the four weeks' notice. Upon termination of this agreement by either party, within 7 business days, we will notify your Creditors that we are no longer acting for you. At the end of the notice period, we will refund all Cleared Funds that have not been disbursed to Creditors from the Client Account minus any fees due to us. Our duties and obligations under this Agreement will then come to an end. You have the right to request the return of any copy paperwork relating to your account at this stage.
Complaints Policy
Our Promise to You
We treat you fairly and with care. If you are unhappy with our service, please tell us. Making a complaint will not affect the support you receive. We are here to listen and help.
How to Make a Complaint
You can make a complaint in a way that feels easiest for you. You do not need to use formal words. Just tell us what has gone wrong and how it has affected you.
What We Will Do
When we receive your complaint, we will take it seriously and treat you fairly. We aim to resolve it within 3 working days. If we can resolve it within 3 working days, we will send you a short email or letter to confirm.
If it takes longer, we will keep you updated and let you know why. We aim to resolve your complaint within 6 weeks. We aim to give a final response within 8 weeks.
Extra Support
If you are going through a difficult time, please let us know. We can take extra time, explain things clearly, and communicate in a way that suits you.
If You Are Still Unhappy
You can contact the Financial Ombudsman Service.
Phone: 0800 023 4567 Website: www.financial-ombudsman.org.uk