Debt Management Plans FAQs

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We try to answer any of the questions you may have about our Debt Management Plan (DMP) range. If you have a question that isn't answered, please get in touch.

General

  • What is a DMP?

    A DMP is a non-binding agreement between an individual and their creditors to repay debts. The DMP provider works out what the individual can afford to pay and negotiates with their creditors to agree on a payment plan. Once this is agreed the individual makes the payments to the DMP provider, who pays this money to the creditors as agreed.

    You can learn more about DMPs in our article, Debt Management Plans Explained.

  • How can I spot a client in a DMP?

Eligibility

Submitting a case

  • Will my client always know that they're in a DMP?

    Your client should be aware that they're in a DMP as they arrange it through a debt management company. If they're not aware, but their credit record has one registered in their name, it's possible a creditor has registered it in error.

    Find out some helpful tips on How to spot whether your client is in a Debt Management Plan.

  • What products are available to individuals who are or have been in a DMP?

    We currently offer a Residential DMP product range for purchases and remortgages.

    Individuals in an active DMP or one which has been satisfied in the last 12 months won't be considered for either our standard Residential or any of our Buy to Let products.

  • Will I need to provide a reference or proof of payments for DMPs that have been satisfied?

    Yes, we require proof of payments for active DMPs and those satisfied in the last 12 months.

    Proof of payments will not be needed for DMPs satisfied over 12 months ago.

  • Do you require any additional information to be submitted for a DMP case?

    Yes, when submitting the case on to our application portal, you'll need to confirm if your client is in an active DMP on the Loan Details screen to make sure you see the right products.

    Also, please include all the contractual payments, including those covered by the DMP, in the Commitments section as you would in a standard application. If the DMP will be satisfied on completion, mark them as "to be repaid".

    If your client has satisfied their DMP in the last 12 months then this will be picked up during the soft credit search and the DMP range will be presented.

    In addition to the above, we'll need the following documents to be uploaded to the application:

    • A completed DMP Supplementary Information Sheet - this is a breakdown of the creditors covered by the DMP (only required for active DMPs)
    • A reference letter from the clients' DMP provider on their headed paper (required for active DMPs and those that have been satisfied in the last 12 months).

    We've included a template for the letter to send to the DMP provider with the DMP Supplementary Information Sheet download.

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How to spot whether your client is in a Debt Management Plan

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