One affordable payment in, many creditors paid out
A debt management plan takes one affordable payment from someone and splits it across all their creditors on an agreed share. The payment in has to be dependable and kind, and the distribution out has to be accurate and provable, with client money held correctly in between.
Collect once, distribute to many
The client makes a single monthly payment they can afford, and it has to be timed to their real income because the whole plan depends on that one collection holding.
That payment is then split across every creditor on the plan, by an agreed percentage, so one inbound payment becomes many outbound ones that must each be referenced correctly.
The money in between is the client's, held on their behalf, so it must be segregated and accounted for, and the distribution has to reconcile exactly against what was collected.
The payment mix that fits
Not one rail. The two to four that match how money actually moves here.
Collect the single monthly plan payment on a mandate, timed and retried to the client's real income.
Distribute the agreed shares to each creditor the same day, referenced per creditor and client.
Hold client money segregated between collection and distribution, accounted for per client.
Your flow of funds, orchestrated
The client's single affordable payment collects over Direct Debit, timed to their real income and retried after a miss. It is held in a segregated client account, then distributed to each creditor over Faster Payments on the agreed shares, referenced per creditor and client. One inbound payment reconciles against many outbound distributions on one ledger, so the plan is provable for the client and the creditors alike.
Every book moves money differently. We map your flow of funds and quote one integration across the rails that fit.
Related
Payments for debt advice and DMP providers: FAQs
The single collection is held in a client account and distributed to each creditor over Faster Payments on the agreed shares, referenced so each creditor and the client can reconcile.
It is held segregated between collection and distribution and accounted for per client.
It collects over Direct Debit timed to the client's real income and retried after a miss, so the single payment the whole plan rests on is as reliable as possible.
Tell us how you get paid
Send us the mix of payments you take and make, and we will quote one integration across the rails that fit, priced on your volume.