Debt Settlement Programs

Cancellation of your debt planning

Debt Mangement Plans (DMPs) are not legal, so you can terminate them if you think they are not working for you. But you may not be able to get a full reimbursement of your charges and you must make sure that you have another way to deal with your debt. If you sign up for a Deposit Memorandum, you should receive information about your right to terminate, a statement as to whether you will receive a reimbursement and whether you will be billed a termination charge.

Failure to receive this information may result in your DCMP vendor violating the terms of its DCA approval. Could you abort a DMMP? DMPs are not legal agreements. That means you can reverse it if necessary. You have a number of good reason to quit, among which are that you are not satisfied with your ISP.

Prior to cancelling your subscription, you need to think about what will next occur. Now how are you gonna handle your debt? You should think about how you will handle your debt afterwards before you terminate your terminating your DMP. If you terminate, the vendor will notify your lenders so they can begin billing you interest and default interest again and expect you to make higher repayments.

You must also take care of your own debtors yourself. Think about other debt resolutions that would help you manage your debt before you proceed and terminate your debt management program. Do you get a reimbursement of the fee? If you can get a reimbursement of dues or dues from your service providers or not, depends on what your arrangement with the service providers says.

Review the General Business Policy thoroughly to see if you can obtain a reimbursement of any of your charges. When you have signed the contract by telephone or on the web, it is considered a remote sales contract that gives you additional permission. Within this period you may terminate your subscription for any reasons and receive a full reimbursement of the fee incurred.

Do you have to owe a cancelation charge? You should have received information about the cancellations from your supplier when you first signed the contract. Those charges should be commensurate. When you believe that your ISP has deceived you, e.g. by making false allegations or omitting important information, you may file a claim and cancel your COMP.

In order to terminate your DTMP, you must go to your ISP and ask them to terminate it. You will notify your lenders that the arrangement has been terminated so that you can count on having to deal with them again yourself.