Atlantic Financial Management

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Atlantic's Debt Management Plan (DMP)

An Atlantic Debt Management Plan or DMP is designed to take the financial pressure off you and your family by allowing us to act as your confidential debt adviser. We aim to negotiate with all of your unsecured creditors where you are in arrears and deliver immediate results. There is no set-up fee, so we are able to notify your creditors of our appointment at the earliest opportunity once you have decided that we are the right company to work with.

A Debt Management Plan is an informal and flexible arrangement that helps you manage your debts and pay them off at a more affordable rate by making reduced monthly payments to your unsecured creditors using a licensed Debt Management Company (DMC), such as Atlantic Financial Management. We are also licensed to provide credit information services, to assist the assessment of your credit rating and credit file before your DMP starts and through the lifetime of your DMP with Atlantic. We are a member of DEMSA, whose code of practice is approved by the Trading Standards Institute.

Access to professional debt advice and customer support at a time to suit you is one of our core aims. We generally find that customers who have decided to take advice want access to this service immediately and confidentially. Discussing your debts can be difficult. We are not judgemental, but we do need to know the events and consequences behind your financial situation. We operate a vulnerable client policy and this can have a bearing on how your creditors will respond with our proposal. Creditors operate to a number of codes of practice and all are required to operate to the Office of Fair Trading (OFT) Debt Collection Guidance.

Other Atlantic priorities for your DMP include:

  • Consolidating your unsecured debts into one affordable monthly payment which we distribute from the first month of your DMP
  • Requesting a reduction or freezing of interest & charges, which we are successful with in the majority of cases
  • Obtaining your Experian Credit Report file (two reports if there are two parties to the DMP)
  • Finalising your statement-of-affairs using industry standard ‘trigger figures’ (we are licensed to use the Common Financial Statement)
  • Reviewing any potential PPI reclaims that could impact the outcome of your DMP
  • Allocating you an experienced Personal Case Manager for the duration of your debt solution
  • Stopping your creditors and debt collectors chasing you, offering breathing space whilst the DMP is set up and stopping further enforcement action, though this cannot be guaranteed

Before you start a Debt Management Plan (DMP), we will have undertaken a full review of your household finances, providing professional debt advice to establish your circumstances and the most appropriate debt resolution path that suits your circumstance and preferences. This allows you to make an informed choice. We offer you unlimited access to your Experian Credit Report through CreditExpert whilst we bed your DMP in.

Single or Joint Name

A DMP can be in one name or in joint names depending on the number of financial associations shown on the credit file. At a household level, individual debt solutions may better each of the parties being assessed. This will be clearly explained in the financial assessment. Your creditors will probably want details of your assets, including your home, if you own it. This helps them decide whether the offer we make on your behalf is reasonable or whether they expect any of your assets to be sold so that they get a larger repayment. Our experience is that this is a rare occurrence, especially given the state of the housing market since 2007.

DMP Suitability Statement

A DMP will only be offered following a full assessment by a professional debt adviser and we have taken reasonable steps to verify your current circumstances (e.g. using the credit report) and future financial outlook. Where this assessment indicates that a DMP is a sustainable and appropriate course of action then we will discuss this debt solution alongside any other option that you are eligible for (e.g. an IVA).
A full account will be taken of your preferences at this stage of the process and these are presented to you in the form of a ‘suitability statement’ reflecting the decision process undertaken over the phone. All calls are recorded for training and quality purposes.

The statement-of-affairs is issued with your debt management agreement and your letter of authority for us to act for you. You have the right of a 14 day cooling off period, which is explained in the agreement.
As licensed debt adjusters Atlantic fully manage your Debt Management Plan for you, handling all future contact with your creditors and managing your monthly payments to them, or their appointed debt collector. There are costs involved, as once we have started work on your Debt Management Plan and distributed money to your creditors, we then charge a monthly management fee that is deducted from the disposable income that represents your monthly payment to us. You are provided with a monthly statement that details the creditors we have paid, our fee deduction and details of your next payment to us. We offer a wide range of payment methods based upon your preferences and how frequently you are paid (e.g. weekly, monthly).

Would a DMP work for me?

So, you may now be thinking how would a Debt Management Plan work for me? You now know that it's an agreement negotiated by us between you and the creditors you owe money to. We work out one monthly payment that you can reasonably afford, which will be distributed fairly to all your unsecured creditors. With a DMP you are, in effect, making a new promise to repay your debts in full. Find out how to set up an Atlantic DMP by calling 0845 0 30 30 30 or if you would prefer for us to call you Contact Us now.

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