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What is a Debt Management Plan?
A Debt Management Plan (also known as a DMP) is an informal arrangement between you and your creditors that enables you to repay your debts at a rate you can afford. When you originally took out your loans and credit cards you agreed to a repayment that was based on how much you borrowed and also an interest rate. If you are now struggling to make the agreed repayments you need to do something to make the monthly payments more manageable. This is where a Debt Management Plan can help.| An Informal agreement that can be stopped at any time as your circumstances change (for better or worse) | ||||
 | Interest & Charges could be frozen if creditors agree | |||
| Creditor pressure eased as they deal with us | |||
| 1 easy monthly payment to cover all unsecured debts | |||
| Creditor pressure stopped as creditors must deal with us | |||
| A debt management company will negotiate with creditors on your behalf, so offers are more likely to be accepted and interest frozen than if you try to do this yourself. | |||
| All interest frozen immediately | |||
| A debt management company will help you prepare your plan, including agreeing the level of your household and personal spending based on guidelines, which can then be used to put your case to the creditors. |
What happens in a Debt Management Plan?
