Debt Management

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 this 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 the money out between your creditors. Although a fee is agreed with the debt management company, they will take a huge weight off your shoulders.