Debt 
Management Plans can freeze all interest & charges
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What is a Debt Management Plan?
A Debt Management Plan (DMP) is an informal arrangement to repay non-priority debts, such as credit cards, overdrafts and unsecured personal loans, through one affordable monthly payment.
Your payment is based on what you can afford after essential living costs and priority bills. Your DMP provider distributes it between the creditors included in your plan.
There is no fixed repayment period. How long your plan lasts depends on how much you owe, what you can afford to pay and whether creditors agree to freeze interest and charges. You normally repay the included debts in full.
A DMP is not legally binding. Creditors do not have to accept the arrangement or freeze interest and charges, and they may continue contacting you or take action to recover their money. Making reduced payments can also affect your credit rating.
Pros & Cons of Debt Management
Pros
- One affordable payment based on your budget.
- Flexible payments if your circumstances change.
- Provider support with creditors and payments.
- Interest and charges may be frozen, if creditors agree.
- No requirement to sell assets, but no legal protection for them.
Cons
- Creditors can refuse and continue contact or legal action.
- Interest and charges may continue, increasing your costs.
- Repayment may take longer, with debts normally repaid in full.
- Your credit rating can be affected.
- Priority debts need separate arrangements.
- Some providers charge fees, though free DMPs are available.
Customers can get free debt counselling, debt adjusting and providing of credit information services from the MoneyHelper – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from MoneyHelper click here www.moneyhelper.org.uk You can find Government guidance on dealing with your creditors here.
How it works
A simple process to help you find a solution that works for you.
See if You Qualify
complete our online form and speak to one of our friendly advisors to discuss your options
Quick Chat
If this is the right solution for you, we can start the ball rolling whenever you’re ready. We will help along the way until you become debt free!
Your Choice
If an DMP is the best solution for you, we can start the ball rolling whenever you’re ready. We will help along the way until you become debt free!
Become debt free
We will help along the way until you become debt free!
Be part of the success
Our team is based in Manchester and is made up of real people.
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