Atlantic Financial Management

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Atlantic's Debt Management Plan (DMP)

If you're interested in setting up a Debt Management Plan with Atlantic then here's what to do.

Firstly, we need to know about all your income and outgoings. We do this with a document called a statement of affairs, and we can complete this with you over the phone. All our advisers are understanding, discrete and trained to prepare your statement-of-affairs in a common format understood by your creditors.

We will then work out how much money you need for living expenses each month as well as your priority payments, including any arrears. From what's left we'll calculate what you can afford to pay to all your unsecured creditors. We also have a legal support team who can help you deal with any court actions you may be facing, such as county court judgments (CCJs) and any follow-up enforcement (e.g. Charging Orders, Attachment of Earnings, Warrants of Execution).

Once you've agreed with our calculations by signing your statement-of-affairs we make proposals to each of your creditors to arrange your new repayment schedule. We'll also see if they will freeze any interest and charges they're making on your debts - we have a very good record of doing this. This is where we can really make a difference - it's quite common for people to have missed payments or only be paying the minimum contractual payments on credit card debts - and that would take decades to clear these debts.

There are no set-up fees for creating your DMP, but there is a monthly management fee. All you have to do is make your monthly payment to us - from this, we pay each of your creditors and deduct our monthly management fee. We send you a monthly statement so you know exactly who is getting what. We start distributing your payments to us in the first month after receipt of your signed debt management agreement subject to us having cleared funds to allow us to pay your creditors.

We do charge a higher monthly management fee in the first 6 months of the plan because of the level of work required to:

  • negotiate with your creditors
  • confirm your final statement-of-affairs
  • commence payments to creditors in the first month of the plan
  • ensure that your credit report is being properly updated
  • deal with any legal paperwork
  • generally monitor progress and the outcome of our negotiations

After the first 6 months we charge a monthly fee of 18.5% of your calculated disposable with a minimum monthly fee of £27.50.

We aim to identify opportunities to increase your disposable income to reduce the duration of your plan, which involves regular reviews, including the on-going suitability and affordability of the debt solution. Atlantic is able to negotiate Full & Final settlements on some or all of the debts under management during the course of the DMP. This can significantly reduce the duration of the DMP and the level of debt repayable. PPI reclaims are currently one of the most common reasons for significant debt balance reductions.

Any changes in circumstances, positive or negative, will be taken into account with regard to the repayments offered to your creditors and the duration of your DMP.

We offer a wide range of payment methods, including a Prepaid Current Account. And you'll have a Personal Case Manager throughout your DMP who will help you with any queries or advice whenever you need it. We'll also arrange regular reviews with you throughout your plan.

Important points to remember:

  • Any fees applicable will be clearly explained before you commit to any Atlantic debt solution and you have a right to a 14 day cooling off period.
  • Whilst creditors are not obliged to freeze interest & charges, in over 83% of cases the Atlantic are acting upon, they have done so. Where a lender does not freeze interest & charges the amount you owe and the period over which you repay that credit account may increase, though requests to freeze interest & charges will continue once several payments have been made to your DMP
  • Whilst entering into a DMP can adversely affect your credit rating it is our experience that those who approach us already have an impaired credit record. By entering into a DMP you will be showing your creditors that you are taking a responsible attitude to resolving your financial problems and this could help you in the future
  • Rescheduling debts can sometimes lead to an increase in the total sum to be repaid and can extend the debt repayment period, though our experience has shown that for revolving credit (e.g. credit cards), where interest is frozen, that the opposite may be true in a DMP, with the repayment period being substantially shorter when compared to minimum contractual repayments
  • The pros and cons of a DMP can be reviewed in the document 'In debt? Dealing with your creditors'
  • If you are unhappy with our service then you have the right to independent redress through the Financial Ombudsman Service (FOS), which is explained in our complaint policy