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Debt Management & Creditors

A Debt Management Plan is a plan to help people to manage and repay their unsecured debts when they encounter financial problems.  A Debt Management Plan involves working out a monthly budget on which the debtor can live with surplus cash being used to pay off debts.

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Debt Management to an IVA

Being in a Debt Management Plan (DMP) should in itself not prevent you from offering proposals for an Individual Voluntary Arrangement (IVA) to your creditors.

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Debt Management FAQ

What is Debt Management?

Debt Management is a simple process to reduce and clear all outstanding debts without obtaining further credit.

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Can my DMP be refused?

The Office of Fair Trading (OFT) in March 2012 published Debt Management (and Credit Repair Services) Guidance OFT366rev in which it addressed the responsibilities of creditors when dealing with third parties such as Debt Management Companies (DMCs) acting on a client’s or debtor’s behalf. This is some of what the OFT had to say in this publication:

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Debt Management or IVA

Deciding what solution to go for is a serious business for the insolvent debtor. The usual choices are Bankruptcy (BCY) – often described as the last resort option, an Individual Voluntary Arrangement (IVA) – seen as a relatively new solution although IVAs have actually been about for almost twenty five years now – and a Debt Management Plan (DMP).

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Do my own Debt Management Plan

Debtors considering entering a Debt Management Plan will usually do it with the advice and assistance of a service provider such as the CCCS, CAB and Payplan or a commercial provider of insolvency services.

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Debt Solutions Compared

Different Debt Solutions and How they work

The contrast between Bankruptcy and a Debt Management Plan is startling in terms of what creditors can expect to receive from borrowers who encounter financial difficulties.

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About Debt Management

How long will a Debt Management Plan last?

The problem with entering into a Debt Management Plan is that it can last a long time. Indeed, that time could be over ten years for more than a quarter of the people going into a Debt Management Plan.

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What is a Debt Management Plan?

A Debt Management Plan is an informal and flexible approach, the purpose of which is to resolve personal debt problems where the debtor has difficulty in repaying debts as they fall due.

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Informal Debt Management

Prior to looking at the worth of Debt Management as a means to fix an individual’s personal debt troubles, it’s worth looking at the way creditors see it. When you look at it, all lenders want is that their monies be paid back in full and on time together with any interest charges that may have built up as well as any penalties that could have been incurred. Put another way, creditors want debtors to pay back their debts as per the terms and conditions of the agreements or contracts under which the funds were loaned or advanced in the beginning. Not a lot to ask, you would think!

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No interest in a DMP

A Debt Management Plan for short is a course of action to pay back your complete debts but at a slower pace and over a longer time frame than you agreed to do in the first place when you acquired your overdrafts or loans or when you entered into your credit agreements by taking out credit cards. Whenever you present a Debt Management Plan to your creditors you are proposing to pay back your financial obligations to them fully although not precisely in accordance with the original terms and conditions of your credit agreements.

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Debt Management Standards

The Office of Fair Trading (OFT) has amended its Debt Management Guidance that covers the standards it is expecting from organisations that furnish debt management advice or deliver credit repair services to people. Businesses include organisations or individuals that don’t charge for their assistance or are non-profit seeking, which include charities. The guidance was originally published in 2001 and was updated in 2008 and it sets out the benchmarks for the industry.

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Debt Management

Anybody with a debt problem ought to have a look at the different choices around before selecting what course of action to plump for. Debt Management often is reckoned to be the poor relation in plethora of unsecured debt remedies. But without doubt, it remains very popular with people coming from a wide variety of backgrounds who have encountered personal financial difficulty. Here are a few of the reasons why it could be your best and indeed only course of action.

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Debt Management Explained

Essential Truths about Debt Management Plans

Anyone who is considering entering a Debt Management Plan should take time to learn about the essential facts of the Debt Management Plan and the way it deals with personal debt problems before taking the plunge.

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DMP Explained

Essential Truths about Debt Management Plans

Anyone who is considering entering a Debt Management Plan should take time to learn about the essential facts and how it deals with personal debt problems before taking the plunge.

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Confidential DMP

Keeping my Debt Management Plan quiet

How Many People are in DMPs?

No official statistics are kept on the number of people who are in Debt Management Plans (DMPs) in the UK. This is partly because it is a voluntary and informal process consisting of an agreement between a debtor and his creditors. The debtor may reach this agreement with or without the help of a third party such as a Debt Management Company or an organization such as CAB or CCCS.

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Pay off debts with a DMP

A Debt Management Plan is a straightforward means which can be used to lower and pay off your entire outstanding unsecured debts without having to acquire any additional funds than what you already have.

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Debt Management or an IVA

Choosing Between Debt Management and an IVA

Deciding what solution to go for is a serious business for the insolvent debtor. The usual choices are Bankruptcy, often described as the last resort option, an Individual Voluntary Arrangement (IVA), seen as a relatively new solution although IVAs have actually been about for over twenty five years now and a Debt Management Plan.

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Debt Freedom

Debt Management as a Stepping Stone to Debt Freedom

Make no mistake about it. Being in a Debt Management Plan is no cakewalk. There are some distinct benefits but there are also some downsides. However, because a Debt Management Plan is quite informal and flexible, you can pull out of it at any time if a better solution to your debt problems presents itself. Entering a Debt Management Plan is a bit like dipping your toe in the waters of insolvency solutions without totally committing yourself to sticking to a rigid financial path. 

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DMP Guide

The trouble with high finance is that it hides its secrets in obscure and confusing language, often making simple matters unnecessarily complex. This is an attempt to keep everything about a Debt Management Plan, a DMP as it is known, short, sweet and simple. You may not like all aspects of DMPs but given that in the UK and Ireland it is the process which is probably most widely used by ordinary people who are struggling to pay their debts as they fall due, it is worth while getting to know its ins and outs.

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info Please note: From time to time we may refer you to other services providers or charities such as the CAB.

Money Advice Service

You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.