Zesty

Debt Management Plans can freeze all interest & charges

Clear options. Real people.
No judgement.

May not be suitable in all circumstances. Fees apply. Your credit rating may be affectedGet a Callback
Start your enquiry online
Understand how creditors may contact you
Explore ways to manage eligible debts
One affordable
monthly payment
Support with creditors
Real people,
no judgement
Confidential help

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.

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected

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.

1

Make an enquiry

complete our online form and speak to one of our friendly advisors to discuss your options

2

Quick Chat

If this is the right solution for you, we can start the ball rolling whenever you’re ready. The next steps depend on your circumstances and the solution chosen. Debts excluded from a solution remain payable.

3

Your Choice

If an DMP is the best solution for you, we can start the ball rolling whenever you’re ready. The next steps depend on your circumstances and the solution chosen. Debts excluded from a solution remain payable.

4

Understand your next steps

The next steps depend on your circumstances and the solution chosen. Debts excluded from a solution remain payable.

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected

Be part of the success

Our team is based in Manchester and is made up of real people.

IVA?

A solution for people with debts over £5,000. An IVA could help you repay eligible debts through affordable payments. Any debt written off depends on your circumstances, creditor approval and successful completion of the IVA.

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected

Debt management

A Debt Management Plan or DMP, is an informal agreement to pay back non-priority debts, reducing your monthly payments to a single affordable amount each month.

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected

Bankruptcy

Bankruptcy is a formal debt solution for people with debts they cannot repay. It’s often viewed as a last resort but can be a great solution for people without the means to repay debts.

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected

Debt Relief Order

A Debt Relief Order (DRO) is an agreement designed to help people who can’t afford to repay their debts, have a debt level of less than £50,000 and don’t own their home. Zesty Money cannot advise on or arrange a DRO; an approved debt adviser must assess your circumstances.

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected