Debt:Perception versus Reality
We recently ran a survey asking you to tell us what your perceptions of debt are. We asked you seven questions: Would you expect more women or men to have a debt problem, In terms of housing status, would you expect people with a debt problem to be, Would you expect the marital status of most people with a debt problem to be, Which region of the UK would you expect the highest percentage of people with debt problems? Pick the top three, What would you expect the average monthly income of an individual with a debt problem, What would you expect the total amount of unsecured debt of individuals in a debt management plan to be, How many years on average do you think it would take an individual in a debt management plan to clear their debt?
The aim of the survey was for us to gauge what people’s perceptions of debt are. It is usually the case that people’s perceptions are a lot different to the reality, this survey turned out to show exactly that.
The infographic below shows us what the public’s perceptions of debt are and how this sits in comparison to the reality, the reality being our clients based on those that called us between March 2010 and March 2011 who entered into either a Debt Management Plan or Individual Voluntary Arrangement (IVA). It is very clear to see that reality of debt is far from the thoughts of many people.
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Regardless of your reality, Payplan are still at the end of the telephone if you would like to speak to an expert debt specialist.
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A Clients Journey…Complimentary Support
Here at Payplan we have a Complimentary Support Team who deal with a whole range of areas; legal document handling and debt settlements to name a couple.
The Legal Document Handling team assist any Payplan client that receives court documents for proceedings for County Court Judgements, Attachment of Earnings or Charging Orders. They will do all of the hard work for you, like filling out the paperwork, sending it to the correct places and making sure it gets there on time. When receiving a letter through the post with court proceedings attached, many people will panic. However with the help of our highly experienced legal document handling team you do not need to panic as they are there to support you.
The Settlements Team are the team who assist Payplan clients who find themselves in a position to settle one or all of their debts. You will be assigned a case officer who will take care of your case. They will also need details of the lump sum you have available, such as the amount and the source of the money. They will then go to each of the creditors and they will negotiate the amount with them if you want to try to pay back a reduced amount (known as a ‘short settlement’), or confirm the full balance owed if you want to pay back in full.
If you would like to speak to one of our debt specialists about a DMP then please call 0800 2802816.
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A Clients Journey… DMP Client Support
A Payplan client will travel through several different stages during their journey with us. So far in the journey I have taken you through all of the stages that either identify your needs or set up a plan for you, with your creditors. Once this has been done you will be assigned to a Personal Finance Manager or PFM, who will then oversee the duration of the plan.
Once you have made your first payment to us, we will pass your details onto your PFM who will, once again, double check everything with you and make sure you are happy with what is happening so far. After this initial contact has been made, as long as you plan runs smoothly, you will only speak to your PFM once a year for your annual review. If for whatever reason you need to speak to your case officer, they are always at the end of the telephone to give you any support that you need.
However, if for some reason or other, something doesn’t go to plan during your DMP then we would always recommend that you call us straight away. This could be a change in circumstances, creditor contact or change in payment plan. It is always best that you keep your PFM up to date at all times so that they can make sure your plan runs as smoothly as possible.
What should I expect?
The only thing you should really expect from this stage of your DMP is on-going support from Payplan, your PFM and case officer. We will regularly check everything is running smoothly and you are coping well in the plan. You will receive a call from your PFM to go through your case on an annual basis and they will regularly check-up via letter and email. This is usually the final road to becoming debt free, as long as you included all of your unsecured debts in the plan and haven’t obtained further credit during the time. Once you leave this stage you should be debt free, or ready to make your final payment to your creditors, as long as you stick to the plan.
If you would like to speak to one of our debt specialists about a DMP then please call 0800 2802816.
Don’t forget you can find me on Twitter and Facebook
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A Clients Journey… DMP Client Services
For many people admitting to having trouble paying your creditors is hard, but once you do you may find yourself in a situation where you can comfortably sleep at night without having the worry hanging over you.
For those that call us for help we ensure that we assist them as much as possible. Over the past couple of weeks I have been explaining the journey our clients go through. Today I am going to take you through the first stage of a Debt Management Plan.
When choosing a DMP you will go through to two different stages, the first one will put the plan in place for you, this is where we are going today.
What should I expect?
Once you have decided that you want to do a DMP all of your details will be passed to the DMP department. Your case will be assigned to a case officer who will be in charge of setting up the arrangement and making sure if all runs smoothly. Once your case officer has received your details they will go through everything and decide what information they need from you, if any. They will call you and arrange a time and day that is suitable to go through the process with you; this is called the Initial Call. During the Initial Call your case officer will go through the processes of the DMP, they will go through your budget and check the payment is affordable and will also go through setting up payments and payment dates.
What happens next?
After you have completed your initial call you need to set up your payments and will also need to provide your case officer with the information they require as soon as possible. If your case officer is missing information then this can delay them in sending your creditors your Financial Statement, which means that your creditors won’t be able to agree to the plan.
Once everything is ready you will then be ready to enter into our long term support and enter stage 2 of the DMP.
If you are struggling with debts don’t go to a fee paying company ring Payplan as it is free and all the money goes into your DMP.
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