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 operate to the standards set down in the Debt Management Protocol.
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:
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.
Creditors are paid a minimum payment of £5 with disbursements calculated on a ‘pro rata’ basis. The estimated duration of the DMP in this example is 10 years and 11 months with total fees payable of £3,812.50.
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.