What is your financial review?
When you’re on a Debt Management Plan (DMP), you want to be sure that you’re working towards getting debt free and staying in control of your finances. That’s why we go through your income and expenditure when you set up your plan to make sure you can still cover all of the important things as well.
But we also know that life doesn’t go exactly to plan and things can change. That’s why we schedule in regular reviews of your plan to see if our initial advice is still right for you.
Not sure what this review is? No worries – we’ll take you through why it’s important to complete it and everything else you’ll need to know.
Why do I need a review?
We want to make sure we’re giving you the best advice we can. The best way to do this is to speak to you so you can tell us all about your current financial situation – and we can see how this affects your DMP.
The Financial Conduct Authority (FCA) also need us to do a review with you at least once a year. This is to make sure that you’re on the most suitable solution for your circumstances.
If we can’t arrange a review with you, we might have to close your plan. But don’t panic – we’d never do this unless we’ve made every attempt to get in touch with you.
Do I need to worry?
Of course not! We don’t want you to think of your review as something to be scared of – it’s something that’s for your benefit..
Your review is an opportunity to make sure that your DMP is still affordable for you. So if your bills have got more expensive or cheaper over the last year, your plan payment might need to change.
It also means you can see if your DMP is still the best way for you to clear your debts. It might be that another solution could mean you’ll clear your debts faster or be better suited to you.
How long will it take?
Your review will usually take about 45 minutes to complete. It will be a phone call to go through all of the money you’ve got coming in and everything you’ve got going out – similar to the call when you set up your plan.
That means you will need to set some time aside to make sure we can do your review. It does mean you’ll be able to make sure your plan can continue though – if it’s still the right solution for you. So when it’s done, you won’t have to even think about it until it’s time for your next review.
What do I need to do?
You don’t need to do anything until we get in touch with you – just wait until you hear from us! When it’s time for your review, we’ll contact you. You’ll be able to arrange your review call at a time that’s right for you, so don’t worry that you won’t be around when we ring.
When we contact you, we’ll ask you to make sure you have any relevant documents to hand. This means your wage slips, benefits statements, pension details, bank statements and anything else that gives you a clear figure of what you’re spending and what you’ve got coming in. If you’ve got these ready when we call, it will help to make sure that the review call goes as smoothly as possible.
If you want to have a review sooner than this or a chat with us about any changes, that’s absolutely fine – you can get in touch with us. Our review team are available between 8am and 8pm Monday to Thursday, and between 8am and 5.30pm on Fridays.