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- Lower your monthly payments
- Freeze interests and charges
- Stops creditors from contacting you
- Gives you, one affordable monthly payment
- Start to build a brighter future
A Debt Management Plan (DMP) is an agreement between you and your creditors to pay all your debt but a reduced amount each month, based on what you can afford. One of the differences between a DMP and an IVA is the fact you can arrange this without an insolvency practitioner.
If you choose this option, you will pay a licenced debt management company monthly who will then share out an agreed amount of money between your creditors. Although a fee is charged by the debt management company, they will do all of the work.
With a DMP you can amend your payments if your circumstances change. You may have problems with securing credit during a DMP. But once you have completed the plan, you can start rebuilding your credit score.
You cannot use a DMP to pay off priority debts. These include:
- Court fines
- TV licence
- Council tax
- Gas and electricity bills
- Child support and maintenance
- Income tax, national insurance and VAT
- Mortgage, rent and any loans secured against your home
- Hire purchase agreements, if what you’re buying with them is essential
If a DMP isn’t quite right for you, see if an IVA is more suitable.
Check if you qualify
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