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:
If a DMP isn’t quite right for you, see if an IVA is more suitable.
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Thanks to an easy form to fill out and with not too much information, it turned out an IVA is the best option for me. I now have peace of mind and one affordable payment each month.
Once accepted, you make one, affordable payment.
The payment is then distributed to your creditors.
On completion, all debt included is written off.