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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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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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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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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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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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Debt Management Facts

A Debt Management Plan (DMP) is an informal flexible approach for resolving a person’s personal debt problems whereby creditors are repaid in full over a period of time. The rate at which creditors are paid is based on what the person can afford and thus a DMP can last for a long time, depending on the debtor’s personal circumstances. If you engage a Debt Management Company to assist you it can estimate the length of the arrangement, once it has received all your personal information.

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IVA vs DMP

There are many available options for people who are struggling with debt. Debt management comes in many different forms, and can be hugely helpful with troublesome debts. However there are situations in which you need to use the law to protect yourself from bankruptcy, in which case using an IVA may the better option.

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Debt Management to IVA

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

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Interest frozen in a DMP

Debt Management Plans are Voluntary

A Debt Management Plan (DMP) is a plan to repay all of your debt but at a slower rate and over a longer period of time than you agreed to do originally when you took out your loans or when you entered into your credit agreements. In other words you are suggesting to your creditors that you will repay your debts to them but not in accordance with the original terms and conditions.

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Difference between DMP & IVA

From the debtor’s point of view the attraction of an IVA (Individual Voluntary Arrangement) is the length of the sentence, so to speak. In a DMP (Debt Management Plan), the sentence (i.e. the likely duration of the DMP) must seem to many debtors that it is going to last forever – without hope of parole.

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Contact Us


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.