Step 4 TAKING ACTION
Following an in depth assessment of their income and expenditure, clients who seek money advice from PayPlan are normally recommended a debt solution. Options include Individual Voluntary Arrangement (IVA) or Debt Management Plan (DMP).
Clients are given the facts about the debt solutions they have chosen, as well as the pros and cons of what it will mean to them, if they choose to progress. Once a decision has been made clients are guided by a PayPlan case worker into setting up their solution.
Debt options PayPlan advise and support:
Debt options PayPlan advise and signpost clients to:
OPTIONS FOR NEGATIVE SURPLUS
There are some circumstances where it is not possible to offer a managed debt solution, especially where clients have negative disposable incomes. In these cases, PayPlan’s advisers support them by recommending alternative options.
Alternative debt options include Bankruptcy, Debt Relief Orders (DROs) or a Self-Managed debt solution, which involves liaising with creditors direct to make arrangements for reduced or token payments, set at an affordable level.
Those who opt for Self-Managed debt solutions the support includes referring them to third party support organisations where necessary and giving them the Repayment Arrangement Guide, with step-by-step assistance for setting up an informal self-managed arrangement.
VULNERABLE CLIENT TEAM
PayPlan’s Vulnerable Client Team support clients who are considered to be particularly vulnerable. This may be due to their personal circumstances or vulnerabilities, which are likely to leave them susceptible to detriment.