What is a debt management plan? (DMP)
A Debt management plan is an informal debt solution which enables people in debt to consolidate their monthly bills into one low monthly fee.
This is whilst having a representative who is a debt expert to handle all matters relating to the debt on your behalf, this includes dealing with creditors, bailiffs and managing the distribution of funds to your creditors.
Advantages Of A Debt Management Plan
- Informal, flexible arrangement with creditors which keeps the debt managed
- Enables more manageable monthly repayments
- Reduce debts over time
- Often debts owed can be renegotiated but this is not guaranteed
- Easy and fast to setup
- Creditors may agree to freeze charges and interest
Disadvantages Of A Debt Management Plan
Informal debt solution with no legal protection (no interim order or legal injunctions), creditors can still issue CCJs and chase money by law
Can be broken if it is not kept to strictly and creditors can still chase
Creditors are not obligated by law to freeze interest and/or charges
Credit file may still be affected whilst on the debt management plan
How Can I Find Out If I Qualify For A DMP (Debt Management Plan)?
Get in touch with us now for a no obligation, free debt assessment, and we will look into your circumstances with the information you give us and from there carry out a free assessment for you to see if you qualify for a DMP.
How Fast Can A Debt Management Plan Be Set Up?
Usually a debt management plan (DMP) can be set up within 1-3 weeks depending on the client, but we can start helping immediately once we have permission to act on your behalf.
How Much Can I Save Each Month On A DMP?
This will be dependent on your current debt level, the more debt being managed in general means the more money being saved (even more so with an IVA),
Before Debt Management Plan: Susan pays £835 per month out towards a mixture of loans, credit cards, and catalogue fees.
On Debt Management Plan: Susan now pays a more manageable £265 per month as a total figure per month towards her debts
(Vastly reduced debt repayments).
I’d Like To Find Out More About A DMP
To find out more information to assess if a debt management plan is suitable for you, get in touch for a free assessment of your situation and we will look into your debts for you to see if debt management is a good fit.
Do you have more than one debt and need a solution?
- Enter a few simple details
- Choose help online or by phone
- Get your personalised debt solution!
What's your approximate level of debt?
What is your residential status?
How many lenders do you owe money to?
What's your employment status?
What's your average monthly income after tax?
Do you have any assets worth over £1,000?
Please select a contact method
Please enter your details and preferred contact time below to arrange a call-back.
One of our friendly advisers will be in touch to talk about your situation and give you a range of suitable debt solutions to choose from
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It will take about 15 minutes to complete, and we’ll contact you at the end with the debt solutions available to you.
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We’ll add your phone number to our system and the next available adviser will get in touch to help you – please look out for our message on WhatsApp!
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The next available adviser will be in touch to ask a few more questions about your situation and provide you with the debt solutions available to you.