Manage your debts by lowering your repayments
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.
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.
To qualify for a Debt Management Plan, you must:
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
