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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.

Debt Management Plan Advantages

DMP Advantages An Informal agreement that can be stopped at any time as your circumstances change (for better or worse)
DMP Advantages Interest & Charges could be frozen if creditors agree
DMP Advantages Creditor pressure eased as they deal with us
DMP Advantages 1 easy monthly payment to cover all unsecured debts
DMP Advantages Creditor pressure stopped as creditors must deal with us
DMP Advantages 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.
DMP Advantages All interest frozen immediately
DMP Advantages 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.


Debt Management Plan Disadvantages

DMP Disadvantages Can remain on credit file for sometime after completion if a default notice has been issued.
DMP Disadvantages If your creditors refuse to freeze or reduce interest this can lead to increased debt level as repayments are less than original contractual payments.
DMP Disadvantages Debts will be repaid over a longer period of time than if contractual payments were made.
DMP Disadvantages You will repay debts until they are paid in full.
DMP Disadvantages Repaying debt over a longer period may increase the total amount to be repaid.
DMP Disadvantages Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.


Debt Management Questions and Answers

What happens in a Debt Management Plan?

Under a Debt Management Plan you look at your monthly income and essential monthly expenditure (house, car, food, clothes etc). After you have paid for all these essential items any money left is called your disposable income. This is what you can offer to all your creditors to settle your debts.

National Debt Relief advise thousands of people on this every month. We can also manage your debt plan for you. Call us to find out more.

Do you qualify for a Debt Management Plan?

The best way to see if you qualify for a Debt Management Plan, or any of our other debt solutions, is to speak to one of our friendly financial experts. All advice is free and we will help you achieve your best possible solution. We strive to help you no matter what your situation. Call us now on 0800 043 5135