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Manage your
debts by lowering your repayments

Get out of debt with a
Debt Management Plan (DMP)

A Debt Management Plan (DMP) could be the solution you are looking for to get you back on the right track with your finances again.

As a UK resident you have the right to debt relief through a variety of solutions to help pay off your debts. Debt solutions such as a Debt Management Plan (DMP) can be a positive way to manage problem debt.

Dependant on your circumstances, a Debt Management Plan (DMP) is a flexible solution for people struggling with debt, who cannot or would prefer to not have an Individual Voluntary Arrangement (IVA). Due to its informal nature, it can be the preferred route especially for those where an IVA is not a viable option such as high asset values or employment restrictions stopping insolvency being an option.

Debt Managment Plan (DMP)

After assessing your income and outgoings working out how much you can realistically afford to pay back towards your debts, if we find that an IVA is not a viable option for you, and you wish to seek further advice and help regarding a DMP, then we can pass you over to one of our debt management partners who can help you further with this. 

Are you eligible?

To qualify for an Debt Management Plan, you must:

Have more than one unsecured debt

Owe more than £1,500

Have a regular income

Live in England, Wales or Northern Ireland

Benefits of a DMP

  1. Only pay what you can afford
  2. Single monthly affordable payment
  3. Majority of interest rates and charges frozen
  4. Informal solution so can be ended easily at any time
  5. Better control of your finances

Considerations

  1. By lowering your debt repayments, it will take you longer to clear your debt
  2. Your lenders don’t have to freeze your interest or charges and could still take action against you
  3. A DMP may appear on your credit file for 6 years and your rating will be affected
  4. Most providers charge a fee for providing a DMP. This is included in your monthly payments but will increase the total amount you have to repay.

Want to clear your debts?