Debt Management Plan Reviews

We paused Annual Reviews during lockdown, but we’ve now begun carrying them out again. This means that we’ve started sending Annual Review invitations out again, so please keep a look out for yours over the next few months.

Your review is an important part of your Debt Management Plan, so please do book yours as soon as your invitation arrives. If you receive an email from us then you can click through and book your one hour slot directly. If you receive a letter then please give us a call using the contact details provided. Remember if you have had a change in circumstances or are struggling with your payments, you don’t need to wait for your Annual Review – just get in touch straight away by calling 0161 672 89 89.

If it’s been a while since you last had a review – or if you’ve never had one before – here’s everything you need to know.

What is a Debt Management Plan Review?

When you’re on a Debt Management Plan you’ll need to have a review:

• At least once a year
• And whenever your circumstances change.

Read on to find out why we do this, and what your Annual Review involves.

 

Why do I need a review?

If 2020 has taught us anything, it’s that life can throw all sorts of unexpected changes your way! Even in a less eventful year, people might experience:

• A relationship breakdown
• Maternity leave
• A change in your job or working hours.

These changes in circumstances can all seriously affect your ability to stick to your budget and to maintain your payments into your Debt Management Plan.

We want to help you repay your debts in a way that works for you

Your Debt Management Plan will only work if it’s affordable. So if something changes in your circumstances, you should contact us on 0161 393 7188 as soon as you can to arrange a review.

Even if you don’t think anything has changed

We still have to review your Debt Management Plan with you once a year, because even if you haven’t experienced any major life changes, your cost of living may still have changed – after all, council tax and many other bills tend to go up every year.

Together we’ll go through your budget to make sure your payments are still affordable now and for the foreseeable future.

It’s vital that we do this, so that we can confirm your Debt Management Plan is still a suitable way for you to be tackling your debts. If it isn’t suitable for you any more, we’ll recommend an alternative. Whatever happens, you won’t be on your own!

Once we’ve completed your review, we’ll update your creditors, confirm your ongoing arrangements with them, and ask them to keep the interest and charges frozen on your debts.

 

Annual Reviews are really important

It’s important that we review your Debt Management Plan regularly so that we (and you!) can be sure that your Plan remains suitable for you. That’s why, if you don’t complete your review, we will have to close your Debt Management Plan. So if we’ve asked you to book a review, please get in touch to do so as soon as possible.

 

What happens in my Annual Review?

Your review will take place over the phone with one of our review specialists. They are experts at making sure your solution is still suitable, and will take the time to go through all the important details with you.

Have your income and expenditure changed?

If you’re earning more than you were at the start of your Debt Management Plan, you might need to increase your payment. This will help you get out of debt more quickly.

If you’re earning less, for whatever reason, you may need to reduce the amount that you pay into your Debt Management Plan, to make sure you have enough money to live on.

Does your budget still work for you?

We’ll check that you and your family have enough to cover all your necessary expenditure month-to-month, and that nothing has changed to stop you being able to afford your bills.

And we’ll make any necessary changes to your budget to make sure it still reflects what’s going on in your life.

Is a Debt Management Plan still a suitable solution for you?

At the end of your review, you’ll know whether a Debt Management Plan is still a suitable solution for you and you should be confident that all the information on your account is accurate and up to date.

In some cases, of course, another debt solution might be more suitable. If this is the case, your review specialist will explain why this is and what happens next.