What is a Debt Management Plan?
A Debt Management Plan (DMP) is an informal agreement between you and your creditors to pay your debts back at a rate you can afford. Start your debt assessment Fees may apply. Your credit rating may be affected & details may be passed on to 3rd parties. T&Cs apply.
Why consider a Debt Management Plan?
Lower monthly repayments
A Debt Management Plan allows you to reduce your monthly payments to a more affordable amount based on your budget.Set up within a month
A Debt Management Plan can be arranged quickly, often within a month, helping you regain control of your finances.Informal and flexible
Unlike formal solutions, a Debt Management Plan is not legally binding, allowing you to adjust payments if your circumstances change.Stops creditor pressure
Once in place, creditors are more likely to stop chasing you for payments, reducing stress and anxiety.Why might an Debt Management Plan not be for me?
Pay debt in full
You remain responsible for repaying your entire debt.No guarantee
There’s no guarantee that creditors will accept any offers made.Creditor contact
Creditors are not required to stop contacting you.Credit rating
It may have an impact on your credit file.Am I eligible for a Debt Management Plan?
To be eligible for a debt management plan, you must meet these criteria:
You can afford to pay a small amount towards your debt per month.
You are unable to pay off your debts within 6 months.
You have enough disposable income to cover your essential living costs.
You need to pay off unsecured, non-priority debts (e.g. credit cards)
You have multiple debts to consolidate into a single monthly payment
Is a DMP right for you?
There’s lots to consider when choosing a debt solution. Speaking to an adviser can help you understand your options and decide whether a DMP is right for your situation.The Debt Advice Service help over 15,000 people in the UK every year
With over 1,900 verified reviews on Trustpilot, see why so many people trust us to help them tackle problem debt. Start your debt assessmentStart your debt assessment today
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Safe, secure & confidentialOur 5 step process
GET STARTED
Answer questions about your financial situation
SPEAK TO AN ADVISER
Chat to one of our team who will talk you through your situation and provide realistic options
LEAVE IT TO US
The team will listen to your goals, find a solution and be with you all the way
TIME TO THINK
There’s no pressure from us to make a quick decision, and we’re here when you’re ready to move forward
TACKLE YOUR DEBTS
We’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further
The Debt Advice Service
We’re here to help you find out what your options are and to talk you through them in plain English.rnrnThe Debt Advice Service will provide you with information on all relevant debt solutions that may be available for you to make an informed choice based on your circumstances. If you wish to pursue a particular debt solution, we’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further.