Debt Management Plan

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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.

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