How DMP’S Work

The following stages apply, with each being as equally as important to the other:

a) During our initial assessment of your circumstances, we would have discussed other debt solutions options and arrived at a DMP being the most appropriate.

b) Once the decision has been made to progress with the Debt Management Plan, we will have already provided you with our Terms and Conditions, but we also need you to sign authority paperwork so we can officially act on your behalf and liaise with your creditors. We reserve the right to request that all the information you provide can be backed up and supporting.

c) Think Financial Solutions will write to your creditors and provide full details of your financial position with an offer of payment that is affordable.

d) Whilst the DMP is in force, we will correspond with your creditors but occasionally you will receive letters and perhaps the odd phone call depending on the creditor and the collections systems they operate. Any letters you receive, you may forward these to us.

e) It can take up to eight weeks for a DMP to be fully active and for the first payments to be made to creditors. But rest assured, at every stage of the process we will keep you informed.

f) Certain creditors are a little more difficult than others in terms of responding to our letters. We will make sure that every creditor is made aware of your circumstances, even if it takes numerous calls and letter to get a response. Generally creditors are very responsive and welcome a repayment plan from us.

g) When we are in receipt of your monthly DMP payment, we will distribute payments to creditors via our HSBC online billing payments system. These payments will be made within 5 working days of your payment showing as cleared funds in our client account. The majority of Debt management organisations issues cheque runs which are to the dislike of many creditors due to the associated bank charges.

h) Periodic reviews will be carried out, to establish whether your current circumstances have changed. We need to carry out this procedure to ensure the plan remains suitable for both you and the creditors.